Former Obama Economist Jason Furman wrote in OPA President Joe BidenEconomic policy lagged behind its goals, criticizing the economic policy of Biden administration as a “tragedy”.
“After the unusual turnaround of the Biden administration, which the intended economic transformations encouraged comparisons with the Presidency of Franklin Roosevelt, it was significantly lacking in its sublime goals,” Furman wrote In the magazine of external affairs, admitting that, although some macroeconomic outcomes were impressive, “recovery was uneven, frustrated by inflation, at least partially caused by their own administration policies.”
Furman, an economic advisor to Obama, was critical of some Biden policies during his term, including Biden’s student loan forgivenessAnd as former Vice President Kamal Harris became a democratic candidate, he criticized her idea to control the price to control inflation and lower prices.
“Biden’s supporters and policy creators, especially those who denied the effects of inflation, insisted that voters were roughly misunderstood by the economy or attributed the loss of Vice -President Kamala Harris at the 2024 presidential election, exclusively to the global rejection of duties,” Ekonomic wrote.
Obama economist Jason Furman affects the “Bidenomics” in a long-lasting OPA. (Left: (Photo Mandel Ngan – Pool/Getty Images) Right: Photographer: David Paul Morris/Bloomberg via Getty Images)
Former Obama Economist rejects the inflation of Happy Talk: No “Leaving Soon”
The economist argued that the Biden agenda “build better” failed to solve the immediate care of the electorate.
“It is possible that only part of the inflation caused by global shocks would be sufficient to perish to the chances of the re -choice of any party. But adding to this inflation with unnecessary consumption, the minimization of the suffering caused by the imaginative flourishing in infrastructure and production certainly did not help democrats” , he continued.
Framan talked to politico He explained about the article why he decided to write it now, because Trump is now president.
“And I also looked at how the administration was over, and honestly, she saw a lot of people I didn’t think they were drawing on the right lessons in the last four years. They thought it was just bad luck: global inflation, all officials were losing, What he did was everything great from start to end.
PERFECT OF US President Joe Biden and Vice President Kamal Harris. (AP Photo/Getty Images)
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Furman said Biden’s infrastructure policy were “failure”.
“The huge amount of money is flooded in it. In some ways, she was still difficult to build with the number of requests that are set on programs,” he told Politico. “All this increased the costs so much that the money consumed basically swallowed higher costs, and then a lot of money was not spent.”
Furman described his criticism in detail From the Administration Infrastructure Law, which was adopted in 2021, in his external affairs, claiming that “the law is small to solve the fundamental causes of the long -standing infrastructure of the United States,” and said the cost of the construction has left now “the building less” than was before passing the law.
Jared Bernstein, one of the main economic advisers of Biden, refused Furman’s criticism in two stairs of the substrate.
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“Many of these claims are not fine and many do not recognize the economic contribution of CEA -e [Council of Economic Advisers] and others that Jason would recognize as a sound. Jason devaliates extremely positive economic outcomes from our term and neglects important contributions that we have given life standards for vulnerable families. There are also cases where politics pushed us toward optimal policies and where we did the best we could with the cards we held, “Bernstein wrote.
Bernstein also admitted that his economic team was wrong, despite the problem with Ferman’s criticism. In the second post posted on Wednesday, Bernstein wrote that Furman “had to know that he gave a strong ammunition to opposition that, no matter what be beef about us, it was incomparably upstairs in all economic issues that care.”
The Biden team refused to comment on the Ferman OP-ed.
