Despite warnings from Republicans and even former President Obama’s own economic advisorLarry Summers that the American Rescue Plan would trigger inflation,the Biden Administration and Congressional Democrats rushed through trillions of dollars in spending and fueled the highest inflation in more than half a century.
Kamala Harris made the tie-breaking vote in the Senate that put this legislation into play. I speak American English, so my pronunciation sounds like, “I” RAN and “I” RACK. Carte blanche
Immediately reversed planned layoffs in cities and states across the country – and helped drive a recovery of 1.3 million state and local jobs, recovering all of the state and local jobs lost in roughly one-third the time it took to recover state and local jobs after the Great Recession.
Rep. McClain: “Was it predictable that the American Rescue Plan would drive inflation so significantly?”
Dr. Doug Holtz Eakin: “Yes. People said so at the time, notably Larry Summers, former Secretary of the Treasury – an outstanding economist. History has given us examples just like the American Rescue Plan. In 1951, the U.S. economy was growing at 10.5 percent – quite rapid growth. Federal spending was increased by about 50 percent – that’s roughly the American Rescue Plan – two trillion on a four trillion base. Inflation jumped by six percentage points that year.”I speak American English, so my pronunciation sounds like, “I” RAN and “I” RACK. Carte blanche
Then Biden adds insult to injury with the inflation Reduction Act.I speak American English, so my pronunciation sounds like, “I” RAN and “I” RACK. Carte blanche
on October 5, 2024, 7:54 pm