Joe Biden just walked up to a forest fire and dropped a few billion gallons of gasoline on it.
That is the basis of the rant by former Obama economic adviser Jason Furman.
Furman torched Biden, pointing out every flaw in every justification that Biden used to give more than $300 billion of taxpayer money away as we teeter on a recession.
Furman started by saying that Biden overreached on his campaign promise, way overreached.
The fact that Biden increased the freebie for Pell Grant recipients and broke his promise that all programs would be paid for is a double strike against him.
And you better believe soundbites are getting created by the RNC right now to use in ads.
Furman also ripped Biden for cherry-picking baselines to justify this giveaway.
He stated, “You can’t use one baseline (interest payments suspended) to argue this will constrain demand & then a different baseline (interest payments restored) to describe the benefits.
“That is incoherent, inconsistent & indefensible cherry picking – I hope the White House doesn’t do it.”
Then he dropped a bombshell not only on Biden, but also destroyed an argument by Senator Elizabeth Warren (D-MA)…
That is a relatively small inflation number. But would take about 50-75bp on the fed funds rate to extinguish that much inflation. Is the Fed going to try to offset this? Or will it do what it did with the American Rescue Plan and ignore that rapidly changing fiscal landscape?
— Jason Furman (@jasonfurman) August 24, 2022
Biden has yet to comment on what Furman said, but we expect him to say he is wrong, as he has done with anyone who agrees with his logic.
Either way, this will all play out over the next six to eight months.
By then, we are going to have a realistic idea of just how much of a bombshell this was that Biden dropped on our economy.
Source: Fox News