President Joe Biden has attempted to blame the problem on COVID as Americans continue to struggle with rising prices. Even some Democrats, it appears, are no longer believing that rationale.
A former Obama administration official recently slammed the president for neglecting to address the issue of inflation.
Under former President Barack Obama, Steven Rattner served as a counselor to the Treasury Secretary, and he recently accused Biden of lying about the matter.
Rattner stated on Thursday that supply difficulties are not the core cause of our inflation.
Instead, the former official claimed that the majority of our supply issues are the result of an overheated economy, rather than the cause.
According to him, government spending such as stimulus checks and other forms of government spending have artificially inflated demand beyond what the market can meet.
According to Rattner, it’s a typical economic instance of “too much money chasing too little commodities,” resulting in increased pricing and, given the significant surge in demand, shortages.
According to figures released earlier this month, the consumer price index increased by 7.5 percent in January, the largest increase in the country in four decades.