Ex-Obama Official Breaks with ‘Dishonest’ Biden: Inflation Claims Are ‘Misleading’

A former top official in Barack Obama’s administration has just turned against Joe Biden, blasting the Democrat president as “dishonest” over his “misleading” claims about inflation.

In an op-ed for The New York Times, Steven Rattner slammed Biden for blaming inflation on the supply chain crisis.

Rattner, who served as counselor to the Treasury secretary under then-President Barack Obama, accused Biden of misleading the American people in a piece he titled: “Biden Keeps Blaming the Supply Chain for Inflation. That’s Dishonest.”

“The reason for the inflation is the supply chains were cut off, meaning that the products, for example, automobiles, the lack of computer chips to be able to build those automobiles so they could function, they need those computer chips,” Biden said during a recent interview.

Rattner said Biden’s answer is “both simplistic and misleading.”

He wrote: “Our inflation is not caused by supply problems.

“Blaming inflation on supply lines is like complaining about your sweater keeping you too warm after you’ve added several logs to the fireplace.

“The majority of our supply issues are domestic: Americans have recommenced spending freely and have created shortages that are similar to those at a shopping center on Black Friday.

“All of this consumption was possible due to massive amounts of government aid (including three rounds on stimulus checks) as well as substantial underspending by consumers during lockdown phase of Covid crisis.

“There has also been an unforeseen shift in what consumers are buying: With travel still sluggish and many people still wary of returning to entertainment venues, a hunk of purchasing has moved to goods — particularly ‘durables’ like cars, electronics, and building materials for housing — for which production and distribution capacity is limited.

“It’s a classic economic case of ‘too much money chasing too few goods.’

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Rattner said Biden and the Twitter celebrities he has on staff need to wake up and drop the fantasy that pumping more cash into the system will cool it down.

He said Biden needs to shift from working to pass Build Back Better, a bill no one wanted or even knows about (check the google search traffic for it), and should focus on reducing the deficit instead.

He explained how former President Bill Clinton shifted to great success for the country and his own political future.

“That’s how Bill Clinton pivoted after he took office in 1993,” Rattner said.

“He unexpectedly raised taxes in his budget to address the pressing matter of the federal budget deficit.

“That decision served the country well — and ultimately also served him well.”

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By David Hawkins

David Hawkins is a writer who specializes in political commentary and world affairs. He's been writing professionally since 2014.

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