Ready for more inflation? A former top Obama economic advisor warns that the $1.7 trillion Omnibus bill is a recipe for a fresh heaping helping of inflation on top of what we already have

American Thinker ^ | 12/26/2022 | Monica Showalter

[SeekAndFind]

Inflation is always and everywhere a monetary phenomenon, as Milton Friedman, the economist and intellectual author of the Reagan Revolution used to explain.

Which means that when Federal Reserve prints out more cash to shell out for bigger and bigger government programs, look out.

Inflation is on the way.

Don't take this from me, this time. It's now what one of President Obama's top economic advisors is now warning as Joe Biden gets ready to sign the $1.7 trillion Omnibus bill passed by Congress, including 18 skeevy Republicans:

On Friday’s broadcast of MSNBC’s “Morning Joe,” Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, stated that fiscal policy, like “the federal budget deficit, as well as various other things that the White House can do, have been mostly going the wrong way.” And the omnibus bill will lead to “more inflation, not less inflation.”

Rattner said, “Well, unfortunately, the policies outside of the Fed’s regime, which are basically what we call fiscal policy, the federal budget deficit, as well as various other things that the White House can do, have been mostly going the wrong way. This omnibus bill that will get passed presumably today, the $1.7 trillion spending bill, does increase the deficit more. It spends more, and all of that actually creates more inflation, not less inflation. The President’s student debt relief plan, whatever you think about the merits of canceling student debt, economists will tell you, it does add to inflation, because it, again, puts more money out in the economy and gives people more to spend.”

This would be the same Rattner who engaged in all kinds of mischief during the Obama years as Obama's "car czar," crafting the automotive industry bailout at what was then seen as an astronomical $82 billion

[MinorityRepublican]

I’ll bet that Osama Obama is glad that The Big Guy is President. It means that *he* is no longer the worst President in history.

After Obamacare, we were able to keep Obama in check. Now no one is stopping Biden.

[MinorityRepublican]

The Fed did start raising too late

Next Fed Reserve meeting is on January 25-26. Another .75 hike. But they need help from Congress. Which isn't happening.

[bitt]

p

[guitar Josh]

CME Fedwatch says we’re probably going to get a .25 basis point hike in early Feb, then again in mid March, then they’ll be done.

[A Navy Vet]

Have any of these experts balanced a checkbook in their lives? It's all financial math gooblygok. Uh, print mo money, spend that money on worthless domestic pet projects, send trillions to a war we should be involved in, and just give away the excess to those who lost their jobs/businesses during the devastating shutdowns.

I've owned 3 different companies since leaving the Navy. Even my non-math background knows how to read a Balance Sheet and a Profit and Loss statement. Why don't any of these Congress critters understand the importance of gross revenue (total tax income) and their obscene spending of the net profit?

[MinorityRepublican]

It's all financial math gooblygok. Uh, print mo money, spend that money on worthless domestic pet projects, send trillions to a war we should be involved in, and just give away the excess to those who lost their jobs/businesses during the devastating shutdowns.

Everyone in the world uses the dollar so we are able to get away with a lot of things. Even there, we are still seeing 10% inflation.