An Obama-era Treasury Department official has some unsettling news for American consumers: “Inflation is here to stay.”
Steve Rattner made the proclamation during an appearance on MSNBC and predicted it would lead to a “really tough” mid-term election season for Democrats, calling the crisis a “defining issue.”
He also pointed out that it’s a problem that will require a bipartisan fix.
“I’m not sure one person, one country, one party can solve this problem with everything that’s happening around the world,” Rattner said.
In terms of the main cause of inflation, Rattner cited the near-simultaneous rise in gas prices, claiming that both reached new highs in March of this year. He did, however, say that a number of issues are at play, and he publicly chastised President Joe Biden on the subject.
Rattner said in a statement:
“Look, the president has been blaming everything except himself and the Democrats for the inflation. There is a fair amount of self-inflicted pain that we’ve put on ourselves with too much stimulus, too big budget deficits, too much bond buying by the Federal Reserve, too much money printing by the Federal Reserve, and that’s what’s coming home to roost. And look, it’s the number one issue, and it’s going to be a really tough one for Democrats.”
Well, inflation is currently affecting economies all over the globe, not just American residents and they don’t know how to deal with it.
Here are some comments from folks online:
“When Joe is to the left of Ratner, you know the guy is an unreliable RINO opportunist at best…”
“So where does this Leave the people living on a very limited income, Such as social security/Disability?
Bad enough rent and other everything else has gone up. Now like in the middle of the pandemic, no one can afford to drive anywhere. they were going to get that stimulus back one way or another !
But this doesn’t effect the Billionaires. And still they keep throwing ads up asking the people living at the poverty levels to donate money to political causes.”
“What’s ‘odd’ about blaming Covid Relief as a contributor to the current inflation, is that it was necessary Legislation. Secondly, it was also ‘odd’ no one mentions the influence the previous ‘administration’s’ fiscal policy and how that influenced the present tense (short-term memory loss?). Lastly, it’s also ‘odd’ how ‘Loudmouth’ blames China’s draconian measures regarding Covid has also contributed to world inflation. It’s as though the health of a country’s people doesn’t matter.”
“May have peaked?? Really? Then… can us stabilize oil price and crops price ? Not to mention other raw materials”
“I voted for Biden because I like inflation, food shortages, and gaffes! He’s doing a great job!”
“Inflation may have peaked. Sleepy is keeping his fingers crossed.”
““There’s a lot of reason to be hopeful in 2020. -Joe Biden, January 2022”
“The strength we built is inflation. -Joe Biden, May 2022”
Watch it here: Youtube/MSNBC