President Biden has repeatedly blamed tangled supply chains for the surging inflation that has seeped into every part of the U.S. economy – but a former Obama administration official on Thursday dismissed that as a “totally dishonest” argument.
In an op-ed for The New York Times, Steven Rattner – who served as counselor to the Treasury secretary under then-President Barack Obama – accused Biden of mischaracterizing the once-in-a-generation inflation spurt that Americans are experiencing.
MOST SMALL BUSINESSES SINCE 1974 ARE HIKING PRICES TO OFFSET INFLATION
“Supply issues are by no means the root cause of our inflation. Blaming inflation on supply lines is like complaining about your sweater keeping you too warm after you’ve added several logs to the fireplace,” Rattner wrote. “The bulk of our supply problems are the product of an overstimulated economy, not the cause of it.”
Rattner was referring to comments that Biden made during an interview last week with NBC News’ Lester Holt, in which the president said pandemic-induced bottlenecks in the global supply chain were the largest driver of soaring consumer prices. Biden pointed to semiconductor shortages, which have continued to delay car manufacturing and have contributed to a 12.2% annual rise in vehicle costs.
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