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Re: Former Obama Treasury adviser: Biden's $1.9 trillion COVID bill was 'an extraordinary mistake'
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Hillary Clinton Jail Cell
Jul 27, 2022, 4:25:02 PM7/27/22
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In article <rutdg5$rdp$4...@neodome.net>
<governo...@gmail.com> wrote:
"A potential electoral nightmare for Democrats to ponder."
Steven Rattner, former counselor to the Treasury Secretary under
the Obama administration, wrote in a column for The New York
Times Thursday that President Biden's $1.9 trillion American
Rescue Plan "will go down in history as an extraordinary
mistake."
He said the solution to our inflation problem is to reduce
demand by making Americans spend less. Unfortunately, this
"leads to fewer jobs and slower wage growth, historically to the
point where we tip into recession."
"That’s not desirable, but it is the price we pay for poor
economic policies delivered by the White House, by Congress and
by the Federal Reserve," he said. "Those poor policies include
far too much budgetary stimulus as we addressed Covid
challenges. The $1.9 trillion American Rescue Plan passed in the
early days of the Biden administration will go down in history
as an extraordinary policy mistake."
FORMER OBAMA ECONOMIC AIDE: I ‘WARNED’ DEMOCRATS ABOUT
INFLATION, WONDERS HOW BIDEN GOT IT SO WRONG
He also said that the Fed "overestimated" the support the
economy needed.
"Optimists" like those in the Biden administration believe that
the supply and demand disparity "can be addressed on the supply
side of the equation," but Rattner said that this notion was
"fantasy."
"Bringing more Americans into the labor force could moderate the
pace of wage increases but not nearly quickly enough or on the
order of magnitude needed to ease the current worker shortage,"
he continued.
BIDEN BLAMES PUTIN, COVID FOR RECORD-HIGH INFLATION IN US
Rattner said that lawmakers can't do much to prevent a recession
but that the White House should listen to Sen. Joe Manchin, D-
W.Va., and "couple new social programs — however meritorious —
with an equal measure of deficit reduction."
The former treasury official said that while he doesn't think a
recession is "imminent," history has proved otherwise.
"A potential electoral nightmare for Democrats to ponder,"
Rattner concluded.
Inflation hit another record high in March, reaching 8.5% year
over year and increasing 1.2% from February. Biden again put the
blame on Russian President Vladimir Putin, calling it "Putin's
price hike."
"Putin's invasion of Ukraine has driven up gas prices and food
prices all over the world," Biden said during a speech
addressing the numbers on Tuesday. "So everything is going up.
We saw it in today's inflation data. Seventy percent of the
increase in prices in March came from Putin's price hike in
gasoline."
https://www.foxnews.com/media/former-obama-treasury-adviser-
bidens-1-9-trillion-covid-bill-extraordinary-mistake
<governo...@gmail.com> wrote:
"A potential electoral nightmare for Democrats to ponder."
Steven Rattner, former counselor to the Treasury Secretary under
the Obama administration, wrote in a column for The New York
Times Thursday that President Biden's $1.9 trillion American
Rescue Plan "will go down in history as an extraordinary
mistake."
He said the solution to our inflation problem is to reduce
demand by making Americans spend less. Unfortunately, this
"leads to fewer jobs and slower wage growth, historically to the
point where we tip into recession."
"That’s not desirable, but it is the price we pay for poor
economic policies delivered by the White House, by Congress and
by the Federal Reserve," he said. "Those poor policies include
far too much budgetary stimulus as we addressed Covid
challenges. The $1.9 trillion American Rescue Plan passed in the
early days of the Biden administration will go down in history
as an extraordinary policy mistake."
FORMER OBAMA ECONOMIC AIDE: I ‘WARNED’ DEMOCRATS ABOUT
INFLATION, WONDERS HOW BIDEN GOT IT SO WRONG
He also said that the Fed "overestimated" the support the
economy needed.
"Optimists" like those in the Biden administration believe that
the supply and demand disparity "can be addressed on the supply
side of the equation," but Rattner said that this notion was
"fantasy."
"Bringing more Americans into the labor force could moderate the
pace of wage increases but not nearly quickly enough or on the
order of magnitude needed to ease the current worker shortage,"
he continued.
BIDEN BLAMES PUTIN, COVID FOR RECORD-HIGH INFLATION IN US
Rattner said that lawmakers can't do much to prevent a recession
but that the White House should listen to Sen. Joe Manchin, D-
W.Va., and "couple new social programs — however meritorious —
with an equal measure of deficit reduction."
The former treasury official said that while he doesn't think a
recession is "imminent," history has proved otherwise.
"A potential electoral nightmare for Democrats to ponder,"
Rattner concluded.
Inflation hit another record high in March, reaching 8.5% year
over year and increasing 1.2% from February. Biden again put the
blame on Russian President Vladimir Putin, calling it "Putin's
price hike."
"Putin's invasion of Ukraine has driven up gas prices and food
prices all over the world," Biden said during a speech
addressing the numbers on Tuesday. "So everything is going up.
We saw it in today's inflation data. Seventy percent of the
increase in prices in March came from Putin's price hike in
gasoline."
https://www.foxnews.com/media/former-obama-treasury-adviser-
bidens-1-9-trillion-covid-bill-extraordinary-mistake
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