NYT: Steven Rattner: Dems caused inflation crisis, BBB will make it worse

Steven Rattner, Counselor to the Secretary of the Treasury during the Obama Administration, is out with an op-ed this morning blaming Democrats for the current inflation crisis and arguing that Build Back Better will exacerbate inflation.

Rattner writes “The original sin was the $1.9 trillion American Rescue Plan, passed in March. The bill — almost completely unfunded — sought to counter the effects of the Covid pandemic by focusing on demand-side stimulus rather than on investment. That has contributed materially to today’s inflation levels.”

Rattner continues, “So the administration should come clean with voters about the impact of its spending plans on inflation. Build Back Better can be deemed ‘paid for’ only if one embraces budget gimmicks, like assuming that some of the most important initiatives will be allowed to expire in just a few years. The result: a package that front-loads spending while tax revenues arrive only over a decade. The Committee for a Responsible Federal Budget estimates that the plan would likely add $800 billion or more to the deficit over the next five years, exacerbating inflationary pressures.”

NRCC Comment: “Even Obama’s economic advisors know that Democrats are to blame for the higher prices Americans are paying for just about everything. A vote for Build Back Better is a vote to destroy our economy.” – NRCC Spokesman Mike Berg