Another Obama Economist Calls Out Biden Over “Misleading” Americans On Inflation
Even former economists for Barack Obama won’t cover up for Joe Biden.
Larry Summers, who ran the National Economic Council for President Obama, and Jason Furman, who chaired President Obama’s Council of Economic Advisers have both issued warnings about how Biden is handling the inflation crisis.
Senate Minority Leader Mitch McConnell pointed this out on the Senate floor.
Partial Transcript from McConnell’s speech:
“Larry Summers, who was Treasury Secretary for President Clinton and ran the National Economic Council for President Obama, warned Democrats a year ago this week that Democrats’ far-left plans could trigger, ‘inflationary pressures of a kind we have not seen in a generation.’
“Jason Furman, who chaired President Obama’s Council of Economic Advisers, said the same thing. He said the Democrats’ spending binge was, ‘definitely too big for the moment… I don’t know any economist that was recommending something the size of what was done.’
A third former Obama administration official has now called out Biden.
He blasted Biden’s talking points on inflation saying they were “simplistic and misleading.”
Former Obama administration Treasury official Steven Rattner is the latest high-profile Democrat to hit at the Biden administration’s handling of the U.S. economy.
In a “guest essay” for the New York Times on Thursday, Rattner criticized the president for the “talking points on inflation” he provided during a recent interview with NBC’s Lester Holt.
During the interview, President Joe Biden told Holt that “the reason for the inflation is the supply chains were cut off.”
“Well, no,” Rattner responds. “That’s both simplistic and misleading.”
The Wall Street executive in the essay also argues the Biden administration misunderstands the trials of the U.S. economy as Americans continue to contend with inflation in all sectors. He debunks Biden’s talking points and zeroes in on what he thinks the administration needs to be doing to bolster (instead of depress) the economy. (Hint: stop spending).
Inflation under Biden continues to hurt everyday Americans.
In January it hit 9.7%.
Breaking: US January Producer Price Index (PPI) Inflation Number Hits 9.7% versus 9.1% Expected
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