Hassett Claims U.S. Economy Still Paying Off Biden-Era Debt from Money Printing

Kevin Hassett, the director of the U.S. National Economic Council, stated that the U.S. economy is still digesting the effects of pandemic-related fiscal stimulus during former President Biden's tenure, attributing some of the pressures of high inflation to large-scale spending policies. Hassett pointed out in a program that the U.S. is still struggling to shake off the impacts of spending during the pandemic, believing that the goal of fiscal support was to fill economic gaps, but subsequent spending exceeded the actual needs of the economy. He mentioned that the pandemic stimulus policies during Trump's first term aimed to fill gaps rather than increase spending. Hassett claimed that the Biden administration's continued maintenance of pandemic-era spending levels and allocation of funds to other areas is one of the significant factors leading to subsequent economic issues. This statement comes as the U.S. approaches the late stages of the midterm election cycle, with inflation, cost of living, and economic performance becoming focal points of debate between the two parties. Officials from the Trump administration have recently emphasized the connection between current economic issues and the policies of the previous administration.

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