Congress just passed a massive $1.7 trillion dollar Omnibus spending bill and it wasn’t just Democrats. Republicans helped them do this for some reason.
The bill faces criticism from all sides.
Even Steve Rattner, who served as a financial adviser in the Obama administration has said it will likely make inflation even worse.
He made the comments on MSNBC’s Morning Joe.
Breitbart News reports:
Fmr. Obama Treasury Counselor Rattner: Omnibus, Like Most Fiscal Policy, ‘Going the Wrong Way’ on Inflation and Will Make It Worse
On Friday’s broadcast of MSNBC’s “Morning Joe,” Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, stated that fiscal policy, like “the federal budget deficit, as well as various other things that the White House can do, have been mostly going the wrong way.” And the omnibus bill will lead to “more inflation, not less inflation.”
Rattner said, “Well, unfortunately, the policies outside of the Fed’s regime, which are basically what we call fiscal policy, the federal budget deficit, as well as various other things that the White House can do, have been mostly going the wrong way.
This omnibus bill that will get passed presumably today, the $1.7 trillion spending bill, does increase the deficit more. It spends more, and all of that actually creates more inflation, not less inflation.
The President’s student debt relief plan, whatever you think about the merits of canceling student debt, economists will tell you, it does add to inflation, because it, again, puts more money out in the economy and gives people more to spend.”
We are headed towards a financial cliff and even Rattner knows it.
Our debt is unsustainable and people across the country are struggling to afford basic things like gas and food.
At what point will the Biden administration reverse course and embrace sanity?