Obama’s Fed Chairman Ben Bernanke is now warning that stagflation is coming under Joe Biden.
Bernanke is the latest in a line of former Obama officials to issue warnings about where the economy is headed under Biden.
This may be the worst one so far however, because of what Bernanke is predicting. This is not good.
The Washington Free Beacon reports:
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Even Obama’s Fed Chairman Predicts Biden Stagflation
Former Federal Reserve chairman Ben Bernanke, who served under former presidents George W. Bush and Barack Obama, says the United States is likely in for 1970s-style “stagflation” under President Joe Biden, the New York Times reported Monday.
Bernanke, the Fed’s chairman during the Great Recession that began in 2008, said he hopes Chairman Jerome Powell can reduce inflation without taking the extreme measures of the 1970s or causing a recession.
“Even under the benign scenario,” however, the country will probably go through “a period in the next year or two where growth is low, unemployment is at least up a little bit, and inflation is still high,” Bernanke predicted. “So you could call that stagflation.”
Bernanke is not the only Obama administration official to predict worsening inflation under Biden. Former Obama economic adviser Steven Rattner in March called rising costs “Biden’s inflation.” Former Treasury secretary Lawrence Summers, who served as Obama’s director of the National Economic Council, has warned for at least a year about Biden’s economic policies, blaming the president’s American Rescue Plan for skyrocketing inflation and blasting Biden’s plan to cancel student loans.
Bernanke also criticized Biden’s plan to cancel hundreds of billions of dollars in loans, calling the idea “very unfair.”
Is anyone in Washington listening?
Biden is a disaster. The sooner he is voted out of office, the better.
Cross posted from American Lookout.