On Wednesday’s broadcast of Bloomberg’s “Balance of Power,” Rep. Mike Turner (R-OH) stated that “the out-of-control spending from the Biden administration” will result in “years-long inflation” because large sums of money from the American Rescue Plan, infrastructure bill, and student loan debt relief plan that haven’t been spent yet but will be spent “over the next several years” and put upward pressure on prices when they finally go into the economy.
Turner said, [relevant remarks begin around 15:35] “Well, what’s been dangerous for the American economy is the out-of-control spending from the Biden administration that has resulted in this what will be years-long inflation that we’re dealing with and these recessionary pressures that are going to result from these increases in interest rates.”
He added, “[W]hat has happened with the Biden administration’s spending, especially with their post-COVID act, there are billions of dollars that are in state legislatures and local governments that have not yet been spent, that are going to be spent over the next several years and certainly provide inflationary pressures. At the same time, you have the infrastructure bill, those billions haven’t been spent, the President’s attempt at setting aside student debt, those would have inflationary pressures.”
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