Even Obama's Top Economic Advisor Admits: Biden's Spending Spree Is a Recipe for Disaster

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Posted: Apr 29, 2021 4:30 PM
Even Obama's Top Economic Advisor Admits: Biden's Spending Spree Is a Recipe for Disaster

Source: AP Photo/Evan Vucci

The road to socialism is paved with good intentions, but the final destination is never utopia. Instead, it leads straight to hell. 

That's where the United States is headed if President Joe Biden gets his way with trillions of dollars in spending for government programs. Socialists are applauding, calling Biden the most "progressive" president since FDR. Republicans are sounding the alarm and even Obama Democrats are wincing at the prospect. 

During an interview with MSNBC's Morning Joe Thursday, former White House Economic Advisor for President Obama, Steven Rattner, warned Biden's spending spree is a recipe for disaster and that much of the money will be wasted. In other words, massive government spending won't produce promised results, but will impose devastating long term consequences on the country. 

"What I really worry about is the size and magnitude of this," Rattner said. "I worry about inflation. Sure, I worry about the deficit and the debt. But I also worry about the execution job here. This is a massive execution job. The last plan, the jobs plan alone, had 76 different initiatives in it. All have to be created and executed. President Obama's plan got a lot of criticism for some very very small mistakes. The potential for mistakes, failure of execution here is high. And if it fails, if it fails. I think it will set back the cause of progressivism for several more decades."

"Getting it executed, I think, in some ways, is going to be the president’s biggest challenge. He’s got to deliver, not just passage, but actual real results for Americans, and programs that people perceive are working or else we go back to government being the income again," he continued. 

Rattner also argued this kind of spending can't be paid for by solely taxing the "rich." 

This week alone Biden introduced a new $1.8 trillion "American Families Plan." The proposal comes on top of his $1.8 trillion Green New Deal and a $1.9 trillion Wuhan coronavirus relief package.