President Biden’s recent announcement of the departure of White House Chief of Staff Ron Klain has now been followed by the resignation of top economic advisor Brian Deese. Despite Biden’s praise of Deese’s role in crafting major pieces of legislation, including the “American Rescue Plan,” economists have criticized the plan for its contribution to the current 40-year-high inflation rate in the US.
In a February 2021 opinion piece, former Clinton Treasury Secretary Larry Summers warned of the inflationary pressures that the American Rescue Plan would unleash, calling it the “least responsible macroeconomic policy we’ve had in the last 40 years.”
This sentiment was echoed by former Obama Treasury Department official Steven Rattner who referred to the plan as the “original sin” leading to the current high inflation rate.
Furthermore, former Trump Director of the National Economic Council Larry Kudlow argues that the high inflation rate is a result of the Biden administration’s tax hikes and environmental restrictions, which suppress the supply side of the economy, combined with their spending increases that boost the demand side of the economy. Kudlow believes the solution to this problem is to spend less and produce more.
It is reported that Biden is likely to replace Deese with Lael Brainard, vice chairwoman of the Federal Reserve, or Wally Adeyemo, the deputy Treasury secretary. However, Fox News takes a critical view of this move, suggesting that these potential replacements are simply continuing the trend of the Biden administration appointing leftist ideologues to important economic positions, despite the clear economic consequences of their policies.
In conclusion, the resignation of Brian Deese from his position as top economic advisor is just the latest example of the disastrous economic policies being pushed by the Biden administration. Despite the president’s claims that Deese helped craft major pieces of legislation, economists and experts have criticized these plans for their contribution to the current 40-year-high inflation rate.
It remains to be seen who Biden will appoint as Deese’s replacement, but Fox News will continue to hold the administration accountable and report on the real-world impacts of their policies on the American people.
