Democrat Rep. Tim Ryan (OH), during a debate on Monday night, touted the so-called “Inflation Reduction” Act as helping Americans, while even liberal economists say Democrat spending worsened inflation.
When asked about supporting the so-called “Inflation Reduction” Act, even though economists have been against spending more, Ryan, during the debate, touted the legislation by saying it was an “opportunity” to reduce inflation.
He noted that, eventually, it would also lead to tax cuts for working people and that the legislation is “not a gimmick” and “it’s an actual economic tool to help relieve some of the pressure.”
However, despite what Ryan said, economists, even liberal economists, have spoken out against the massive level of government spending done by the Democrats, which has fueled the inflation crisis causing suffering for Americans.
Larry Summers, a Harvard professor — who also served as the director of the National Economic Council under President Barack Obama and the Treasury Secretary under President Bill Clinton — said in November 2021 that Biden’s spending “a tremendous wall of money” that “set off” inflation that “spirals.”
Jason Furman, a Harvard professor — who served as Chairman of the Council of Economic Advisers under President Barack Obama and on the Council of Economic Advisers and the National Economic Council under President Bill Clinton — said in May 2021 that the spending packages are “too big” and noted that he did not “know any economist that was recommending something the size of what was done.”
Asset manager Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, wrote last November in an opinion piece for the New York Times that the amount of spending the Democrats have done “contributed materially to today’s inflation.”
Biden’s Treasury Secretary Janet Yellen said last December that the Democrats’ spending “boosted demand,” which was one proponent of inflation.