Biden's $1.9 trillion American Rescue Plan will 'go down in history as an extraordinary policy mistake' that has put the U.S. 'behind the curve' on skyrocketing inflation Obama-era economic advisor Stephen Rattner warned that the U.S. may be on track for a recession just as the race for 2024 kicks off, a conundrum he blames on 'poor economic policy' from President Biden, Congress and the Federal Reserve.
'Mounting evidence suggests a hard landing — in other words, a recession,' the former counselor to the Treasury Secretary wrote in an op-ed for the New York Times. 'We need our economic policymakers to move quickly before the likely damage, already in progress, escalates.'
Rattner said that the Fed needs to take action to raise interest rates 'aggressively, quickly and far more forcefully than markets and many economists expect.'
He added that to curb inflation the U.S. needed to 'reduce demand' by 'forcing Americans to spend less.'