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Top Dem economist has more bad news for Joe Biden's economy amid inflation crisis

Added 09-15-22 11:17:02am EST - “Economic guru Steve Rattner, who served in the Obama administration, predicted Wednesday the inflation crisis will likely end with a "hard landing."The economic geek-speak refers to a sudden period of economic downturn that often…” - Theblaze.com

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Posted By TheNewsCommenter: From Theblaze.com: “Top Dem economist has more bad news for Joe Biden's economy amid inflation crisis”. Below is an excerpt from the article.

Economic guru Steve Rattner, who served in the Obama administration, predicted Wednesday the inflation crisis will likely end with a "hard landing."

The economic geek-speak refers to a sudden period of economic downturn that often results in a recession. The metaphor, drawn from aviation nomenclature, inherently discounts a total economic crash.

The Bureau of Labor Statistics revealed Tuesday that inflation grew 0.1% from July and 8.3% year over year. Even worse, core inflation — which excludes food and energy costs — grew 0.6% from July.

The numbers prove that inflation is not slowing down despite some indications previously suggesting that it was. The acceleration comes despite President Joe Biden signing into law the Inflation Reduction Act, whose alleged inflationary benefits the White House has been unable to explain.

Speaking on MSNBC's "Morning Joe," Rattner warned the trajectory of the inflation crisis is more economic pain for Americans.

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