(NewsBroadcast.com) – President Joe Biden has advertised his infrastructure plan, commonly called the Build Back Better Act, as a way to bring America out of the coronavirus pandemic and spur on a new wave of innovation in the United States. However, many Americans are skeptical such a bill will actually help out the country, and two former Obama-era officials even went on national television to warn about what the bill may do.
During an interview with David Westin on Bloomberg Television’s “Wall Street Week”, Former Treasury Secretary Lawrence Summers admitted that the current administration started “excessive inflation caused by overheating of the economy.” He emphasized that inflation won’t stay just between the typical 2% and 3%, but it will likely be 4% or higher for years to come. He also noted that it is definitely not “transitory” like Biden and the Federal Reserve said it would be.
The Daily Wire shared their own report on the interview:
Obama Economists Warn: Biden’s Build Back Better Will Make Inflation Worse; Stimulus Caused Inflation https://t.co/idQ23bJV14 pic.twitter.com/Pg8oDWnGvL
— Daily Wire (@realDailyWire) December 13, 2021
Former presidential advisor Steven Rattner echoed that sentiment, stating his belief the Build Back Better bill will continue to raise inflation. He also pointed out that the legislation will add “$150 to $200 billion a year to the deficit.”
Right now, the Senate needs every single Democrat to vote in favor of the bill to pass, something they don’t have since Sen. Joe Manchin (D-WV) pushes back against some of the bill’s more progessive policies and its overall price tag. However, once they appease him, the $1.7 trillion bill will likely pass and boost inflation, debt, and the size of the government for years to come.
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