Fear of the midterms is setting in Top Democratic Senator Admits Biden's $1.9 Trillion Fiscal Package Was Too Big Democratic Senator Mark Warner admitted that President Joe Biden's $1.9 trillion pandemic relief package was too big, and that the Federal Reserve took too long to raise interest rates. "Was there too much in the American Rescue Plan on a relative basis? Absolutely," said Warner, who chairs the Senate Intelligence Committee while speaking with Bloomberg Television. Warner said that in retrospect, he and fellow lawmakers were worried about the economy falling apart - but there are now mounting concerns over spending. In a separate Tuesday interview with Bloomberg, Warner also admitted that what became the so-called "Inflation Reduction Act" was "way more than it should have been" before it was whittled down by West Virginia Sen. Joe Manchin. Warner said a bipartisan budget deal including long-term spending and revenue changes to bring down the deficit would be good policy, citing rising federal interest payments as a reason to act. “Is there an appetite? I hope so. Is there any movement on that at all? No,” Warner said. “Neither party has any credibility on this issue.” -Bloomberg Now, inflation is running at a 40-year high - giving Republicans ample ammunition to point the finger at Biden's March 2021 stimulus bill. Warner was quick to point out that more than $3 trillion in pandemic support was passed under Trump. Warner also blames the Fed, saying it "waited too long to start his process" of raising rates. Warner, whose comments were highlighted by Senate Republicans, said that he didn’t think the Democratic spending measures have had much of an impact on inflation and that he didn't regret voting for pandemic relief. Instead, he put much of the blame for the cost-of-living surge on the Federal Reserve, which he said was slow to raise interest rates. -Bloomberg In March, the San Francisco Federal Reserve Bank said that fiscal stimulus during both the Trump and Biden administrations contributed to inflation, but that they likely helped keep the economy afloat. Top Democratic Senator Admits Biden's $1.9 Trillion Fiscal Package Was Too Big | ZeroHedge, October 2022 Marker Warner is admitting things that many on the progressive Left have denied. Right now the high inflation rate is seen as a big issue. Part of that is that the government has been spending too much money and running budget deficits. But the Federal Reserve Bank stubbornly trying to keep interest rates low has also contributed to some of that inflation. Inflation puts pressure on the Central Bank to have to stop trying to keep down interest rates, otherwise it is very costly for them to have to keep lending out more money, and causes more inflation. So it is sort of like a feedback effect.
The right spend and spend Republicans don't have a foot to stand on when it comes to spending, after their last term in power under Trump. Bless their deficit spending hearts!
Republicans were not really "in power" during Trump's second 2 years in office. I believe Trump knew and personally believed on some level that higher spending was not going to be good for the country, but went along with it and embraced it as policy for two reasons. There was an approaching election and he knew his Democrat opponent, Biden, would spend the same amount of money if he won the election. And this is what the voters wanted -- or rather what the media had convinced voters that they wanted. Trump completely knew that if he did not spend that money, the media would bitterly criticize him for it and try to lay blame for economic problems on him, and then that would hurt his chances of winning reelection. So the choice was between that, or handing the decision-making power about spending over to Left leaning people on the Democrat side. The second reason is that the President does not really totally run the country. If he had simply been stubborn and refused to sign on to a larger spending budget, it would have led to a "government shutdown", and Democrats who held a majority in the House and a narrow majority in the Senate at that time would have refused to agree to a much smaller budget. Government involves necessary compromise, and a budget is something that has to be passed. So if Trump had to do something, he might as well have embraced it. This is why I say that Trump was forced, or practically forced, to spend that money. He was forced by the Democrat majority in Congress, forced by the influence of the media, and forced by the voters. An analogy would be like if you were being held in a prisoner of war camp and a commanding guard ordered you to whip and flog another prisoner, and threatened that if you did not, not only would all of the prisoners in your block be deprived of food, but he would whip and flog that prisoner himself anyway, and you knew that he would do it.
Yeah, Trump, I mean Democrat Politicians(Trump is a democrat), love spending other peoples money. It takes two to tango. Democrat Politicians on one end, destroying America, and Trump parading around as a Republican, but really a democrat, destroying it on the other end.
