Economy

Former Obama Officials Warned Democrats About Inflation

Written by Vincent Cain

A former economic aide for President Obama, Steven Rattner, slammed Biden in a New York Times essay for getting inflation “so wrong,” while also reminding the Democrats that he and many other experts have warned them that this would happen. Rattner had served as a counselor to the Treasury Department in the Obama administration. 

Prices have gone up 6.2 percent from a year ago, with The U.S. Consumer Price Index at the highest it’s been in 30 years.

According to Federal Election Commission findings, Rattner has donated hundreds of thousands of dollars to Democrats. He asked, “How could an administration loaded with savvy political and economic hands have gotten this critical issue so wrong?”

Rattner said that it started with the $1.9-trillion coronavirus package that President Biden signed this year.

Rattner also stated, “They can’t say they weren’t warned — notably by Larry Summers, a former Treasury secretary and my former boss in the Obama administration, and less notably by many others, including me. We worried that shoveling an unprecedented amount of spending into an economy already on the road to recovery would mean too much money chasing too few goods.”

Rattner also rejected the idea that Biden’s Build Back Better plan will help lighten the problem.

White House national economic director, Brian Deese, said, “By providing affordable child care, affordable elder care, we’re going to help get those people back into the workforce, which will reduce price pressures while also reducing the practical costs that Americans face. That’s the case we’re going to make and that’s the case why delivering right now for the American people is the right thing to do.”

Rattner referred to it as “a package that front-loads spending while tax revenues arrive only over a decade.” Rattner’s criticism of the administration comes after multiple stories on how Thanksgiving and Christmas will be more expensive because of the policies of Joe Biden.  

Photo Cred:  REUTERS/Brendan McDermid