President Biden’s economic policies have been so disastrous even economists who have worked with him have started criticizing his agenda and warning about worsening inflation.
The Biden Administration has often cited the economic forecasts of Moody’s Analytics Chief Economist Mark Zandi as favorable to the President’s $5 trillion tax-and-spend bill – and minimized his analysis showing the bill could worsen inflation (as AEI’s Matt Weidenger writes, Zandi himself claimed these fears were “likely overdone” and Zandi’s statements were often passed along by the White House).
But Zandi is now warning of prices rising even further:
“The economic backdrop is as dark as it has been since the start of the administration. […] It’s just a very, very dark and deep problem […] There’s nothing more pernicious on the collective psyche than having to pay more. And it’s only set to get worse.”
Steven Rattner, a top Obama-Biden economic recovery czar, described President Biden’s $2 trillion so-called COVID stimulus as “an extraordinary policy mistake” that put our economy at risk of a recession, writing:
“To reduce inflation — and this is the part that’s rarely said aloud — we must reduce demand […] 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. 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.”
Democrats Are Doubling Down on Inflation-Accelerating Policies:
Despite 40-year high inflation, President Biden’s latest budget proposal includes tax hikes that hit working families and Main Street job creators.
President Biden’s tax hike would slash family wages across income levels, while destroying at least 138,000 U.S. jobs.
Americans Received the Largest Pay Cut in 40 Years:
A recent poll found that 62 percent of American families’ incomes can’t keep up with rising prices.
Bracing for higher prices, families are cutting out normal household expenses, with more than 50 percent of Americans planning to dine out less.
More than 70 percent of Main Street businesses are reporting they’re having to raise prices to keep up with inflation.