As the presidency of Joe Biden continues to plumb new depths of failure, a key adviser to former President Barack Obama isn’t holding back on what he believes was one of the current commander in chief’s most egregious economic policy errors, as the Washington Examiner reports.
Steven Rattner, economic expert and former official in the Obama Treasury Department, recently took to the op-ed page of the New York Times to blast skyrocketing inflation levels in which he believes Biden’s decision-making has played a catastrophic role.
In Rattner’s view, Biden’s push for massive amounts of so-called stimulus spending early in his presidency is largely to blame for the inflation that has brought financial hardship to millions of Americans.
Suggesting that the only way out of the current economic conundrum is by accepting some difficult realities in the near term, Rattner declared that this “is the price we pay for poor economic policies delivered by the White House, by Congress and by the Federal Reserve.”
Describing the American Rescue Plan passed not long after Biden took office as “an extraordinary policy mistake,” Rattner also placed blame on the Federal Reserve, saying that it “overestimated the amount of support the economy needed and pumped trillions of dollars into the system.”
Aside from the broader systemic fallout from the excessive stimulus, as the Examiner’s Brad Polumbo pointed out, Biden’s massive COVID relief bill ended up doing little in terms of addressing the impact of the virus itself.
Liberal “fact-check” site PolitiFact even had to admit that less than one-tenth of the bill’s appropriations went toward truly pandemic-related needs, with just 1% going toward the supposedly all-important cause of vaccines.
Rattner is not the only Obama-era adviser to take aim at Biden’s misguided management of the economy, with Harvard’s Larry Summers – who also served as Treasury secretary under President Bill Clinton – recently making the media rounds to remind the country that his warnings about impending inflation stemming from the administration’s profligate spending have all, unfortunately, been borne out.
Even so, apparently unwilling to heed the alarms sounded by multiple Obama alums, Senate Democrats are reportedly plotting to make yet another effort in the coming days and weeks to pass a re-tooled version of Biden’s extravagantly expensive Build Back Better plan, devastating economic consequences be damned.