Harvard Economist: Dem Spending Helped Cause Inflation, Fed ‘Didn’t Want to Get in the Way’ of Biden, Likely We’ll Have ‘Deep Recession’

On Tuesday’s broadcast of the Fox Business Network’s “Fox Business Tonight,” Professor of Economics at Harvard University and former International Monetary Fund Chief Economist Ken Rogoff stated that Democrats “spent too much too late” after the coronavirus pandemic and that’s one of the reasons for high inflation and the Federal Reserve “waited too long because they didn’t want to get in the way of the Biden administration’s growth plan,” and now we have a “very high” probability of a recession and the odds are “more than 50% that it’s going to be a deep recession.”

Rogoff responded to claims by Democrats that they’re the fiscally responsible party by stating, “I don’t want to draw a broad generalization, but there’s no question that, after the pandemic, they spent too much too late, and it’s one of the reasons — it’s not the only reason — that we have so much inflation. And now that the Federal Reserve, which also waited too long because they didn’t want to get in the way of the Biden administration’s growth plan, they waited too long to raise interest rates, they’re now backpedaling furiously raising interest rates. And I think the odds of a recession are very high. Not — I can’t say 100% about anything, but very high, and I would say more than 50% that it’s going to be a deep recession.”

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