Now we know the inflation call may also have been coming from inside the White House, writes James Pethokoukis. RestoringAmerica
to highlight how the Biden administration's policies have contributed to a growing economic crisisseriously back in early 2021 you might think that only hyperpartisan right-wing cranks thought there were significant economic risks to the $1.9 trillion American Rescue Plan. That, even though Congress had passed a $900 billion COVID-19 relief bill just a few months earlier.
Correction: “hyperpartisan right-wing cranks” and economist Larry Summers, former Treasury secretary under former President Clinton and a top economic adviser. He called the ARP “the least responsible macroeconomic policy we’ve had in the last 40 years” due to its inflationary potential. And got blasted for it. Summers was obviously just a behind-the-times, inflation-obsessed neoliberal ignorant of the deficits-don’t-matter, free-spending-for-all new economics of Modern Monetary Theory.
” brouhaha when the budget director for the new Reagan administration expressed his doubts about the new president’s supply-side theory of economics in a magazine interview. Back then, it looked like Reaganomics wasn’t working. And right now, it looks like Bidenomics has helped cause an economy-rattling inflation surge that could lead to a recession and huge GOP gains in November and beyond.
Of course, many on EconTwitter remain reluctant to blame the supersized ARP for playing a role in rising prices. Yellen would apparently disagree. As would many other economists who also expressed their inflation concerns last year.First, take the amount of goods and services the economy could produce at a sustainable pace if all available workers were on the job and all economic resource were being used at capacity.
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