{"id":1306237,"date":"2022-02-17T11:38:03","date_gmt":"2022-02-17T16:38:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1306237"},"modified":"2022-02-17T11:38:08","modified_gmt":"2022-02-17T16:38:08","slug":"obama-treasury-official-blames-federal-spending-for-inflation-crisis","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/obama-treasury-official-blames-federal-spending-for-inflation-crisis\/","title":{"rendered":"Obama Treasury Official Blames Federal Spending For Inflation Crisis"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fobama-treasury-official-blames-federal-spending-for-inflation-crisis%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1306237&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Former Obama administration economic official Steven Rattner pushed back on President Joe Biden\u2019s explanation of the causes of the inflation crisis in an op-ed Thursday for The New York Times, blaming the federal government\u2019s enthusiastic spending.<\/p>\n<p>Referring to an <a href=\"https:\/\/www.youtube.com\/watch?v=D94yt3ditog\" target=\"_blank\" rel=\"noopener noreferrer\">interview<\/a> with NBC\u2019s Lester Holt, in which the president attributed record inflation to supply chain dysfunction, Rattner <a href=\"https:\/\/www.nytimes.com\/2022\/02\/17\/opinion\/inflation-supply-chain.html\" target=\"_blank\" rel=\"noopener noreferrer\">characterized<\/a> Biden\u2019s comments as \u201csimplistic and misleading.\u201d<\/p>\n<p>\u201cBlaming inflation on supply lines is like complaining about your sweater keeping you too warm after you\u2019ve added several logs to the fireplace,\u201d Rattner, who served as counselor to the U.S. treasury secretary under former President Barack Obama, wrote. <strong><a href=\"https:\/\/dailycaller.com\/2022\/01\/24\/hot-mic-catches-biden-calling-peter-doocy-a-stupid-son-of-a-btch\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Hot Mic Catches Biden Calling Peter Doocy \u2018A Stupid Son-Of-A-B*tch\u2019)<\/a><\/strong><\/p>\n<p>The Consumer Price Index (CPI), one of the most-used metrics for tracking inflation, <a href=\"https:\/\/dailycaller.com\/2022\/02\/10\/showering-itself-with-praise-republicans-slam-biden-admin-over-failure-to-address-another-month-of-record-high-inflation\/\" target=\"_blank\" rel=\"noopener noreferrer\">reached<\/a> a 40-year high as of January, with the prices of energy and food products particularly impacted. Rattner attributed the cause of inflation to a spike in consumer spending due, in large part, to large injections of federal cash into the economy.<\/p>\n<div id=\"attachment_7368940\" class=\"wp-caption alignnone\">\n<p id=\"caption-attachment-7368940\" class=\"wp-caption-text\">President Joe Biden delivers remarks on his administration\u2019s efforts to increase manufacturing on Tuesday. (Anna Moneymaker\/Getty Images)<\/p>\n<\/div>\n<p>\u201cThe bulk of our supply problems are the product of an overstimulated economy, not the cause of it,\u201d Rattner wrote. \u201cSure, there have been some Covid-related challenges, such as health-related worker shortages in factories and among transportation workers. But most of our supply problems have been homegrown: Americans have resumed spending freely, and along the way, they have been creating shortages akin to those in a shopping mall on Black Friday.\u201d<\/p>\n<p>\u201cAll that consumption has resulted from vast amounts of government rescue aid (including three rounds of stimulus checks) and substantial underspending by consumers during the lockdown phase of the Covid crisis,\u201d Rattner wrote.<\/p>\n<p>Rattner urged the Biden administration to change tack in how it approaches the ongoing inflation crisis.<\/p>\n<p>\u201cThe Biden administration needs to shift its approach,\u201d Rattner wrote. \u201cIn particular, with the economy steaming along, it should make deficit reduction as important as its other initiatives.\u201d<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Obama administration economic official Steven Rattner pushed back on President Joe Biden\u2019s explanation of the causes of the inflation crisis in an op-ed Thursday for The New York Times, &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1306237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1306237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1306237"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1306237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1306237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1306237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1306237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}