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Educate yourself
Posted on: July 25, 2025 at 13:36:42 CT
Spanky KU
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Despite warnings from Republicans and even former President Obama’s own economic advisor Larry Summers that the American Rescue Plan would trigger inflation, the Biden Administration and Congressional Democrats rushed through trillions of dollars in spending and fueled the highest inflation in more than half a century.
President Biden rushed through spending in the American Rescue Plan, ignoring both warnings of inflation and data that the economy was growing.
Dr. Douglas Holtz-Eakin, President of the American Action Forum, testified during the hearing that, “the American Rescue Plan – 1.9 trillion dollars in stimulus – was enacted in March of 2021 at a time when the U.S. economy was growing at 6.5 percent. It was plain in the data, things like GDPNow at the Atlanta Fed showed that.” He continued, “It [the ARP] was just much too big, and destined to cause macroeconomic disruptions.”
President Biden rushed through spending in the American Rescue Plan, ignoring both warnings of inflation and data that the economy was growing.
Dr. Douglas Holtz-Eakin, President of the American Action Forum, testified during the hearing that, “the American Rescue Plan – 1.9 trillion dollars in stimulus – was enacted in March of 2021 at a time when the U.S. economy was growing at 6.5 percent. It was plain in the data, things like GDPNow at the Atlanta Fed showed that.” He continued, “It [the ARP] was just much too big, and destined to cause macroeconomic disruptions.”
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Educate yourself - Spanky KU - 7/25 13:36:42