I used to work for Michael Blumenthal, I was working for Burroughs Computer Corporation when he became CEO in the early 80s, he engineered the merger with Sperry-Univac and changed the name of the company to Unisys, the demise of both companies was inevitable, but he certainly did not succeed in keeping either company alive.
With respect to his current statements, I agree with, interest rates need to be substantially higher, spending needs to be cut and the energy sector needs to be unleashed, all things the Biden Administration will not support
Blumenthal needs to look at the current national debt levels and try multiplying those by ten percent interest rates.
Tinkering at the edges with the budget is irrelevant—this ship is going down.