In less than a year, Joe Biden’s Presidency has turned into a catastrophe.
Already Democrats are abandoning ship on the failing regime.
And a former Obama official just dropped a truth bomb on him that left him fuming.
Joe Biden promised to lead an economic recovery coming out of the pandemic.
Instead, he’s taken the country back to the days of Jimmy Carter with stagflation.
After flooding the economy with a debt-financed $1.9 trillion left-wing special interest giveaway, known as the American Rescue Plan, inflation has been skyrocketing.
Current inflation numbers are the highest in three decades and rising.
The regime has tried to explain away the problem, calling it “transitory” and a rich person’s problem.
But the American public isn’t buying the regime’s excuses with inflation concerns consistently polling high.
Now out of excuses, even Democrats are starting to turn on the regime’s inflation failures.
Former Obama auto czar Steve Rattner took to the pages of The New York Times to drop a truth bomb about inflation.
Rattner blasted the American Rescue Plan for unleashing inflation into the economy with unfunded stimulus calling it the “original sin.”
He slammed Biden for not heeding his and the advice of other Democrats that his spending plans would lead to runaway inflation.
He took down Biden’s talking point of transitory inflation saying, “enough already about ‘transitory’ inflation . . . Last Wednesday’s terrible Consumer Price Index news shifts our inflation prospects strongly into the ‘embedded’ category.”
“The administration should come clean with voters about the impact of its spending plans on inflation,” he added.
In closing he said “The White House needs to inject some real fiscal discipline into its thinking.”
This is a shocking takedown from a Democrat in the corporate-controlled media’s paper of record.
Rattner was a donor to Biden’s Presidential campaign and a leading Democrat donor going back to Bill Clinton.
But he is just the latest Democrat to sound the alarm on inflation.
Former Clinton Treasury Secretary Larry Summers took to the pages of The Washington Post to warn that inflation could sink the Biden Presidency.
Now that prominent Democrats are sounding the alarm on inflation, this is a problem the regime won’t be able to spin their way out of.
With the fate of Biden’s signature $3.5 trillion dollar “human infrastructure” bill hanging by a thread, this is more bad news for moderate Democrats on the fence.
Stay tuned to Right News Wire for any updates to this ongoing story.