The Biden administration continues promoting a nearly $2 trillion spending bill passed with zero Republican support despite criticism that the legislation played a big role in fueling inflation.
President Joe Biden spoke in Cleveland on Wednesday about how funds from the American Rescue Plan will shore up multiemployer pension plans. But the bill has become sharply divisive in economic circles, with some saying it contributed up to half of today's 8.6% inflation."The American Rescue Plan massively overstimulated the economy and caused inflation," said Douglas Holtz-Eakin, president of the conservative think tank American Action Forum.
Current Treasury Secretary Janet Yellen also reportedly urged the Biden White House to scale back the plan by one-third, again over inflation worries. "The multiple employer pension event from yesterday — I thought that bailout was horrible policy, but it's great for the multiple employer pensioners," Goldwein said.
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