Trump ally Hassett slams Biden: US economy still paying the price for "massive money printing"

PANews, September 30 — According to CNBC, White House National Economic Council Director Kevin Hassett said the US economy is still absorbing the effects of COVID-related stimulus spending from early in former President Biden's term, calling it one of the problems the US currently faces.

In an interview on Tuesday, Hassett said the pandemic stimulus measures during Trump's first term were "just right," aimed at filling the economic gap, while the Biden administration subsequently continued to expand spending and directed funds to other areas. He said the US is still shaking off the effects of that additional spending.

Hassett said inflation was about 1.5% at the end of Trump's previous term, then rose markedly due to continued pandemic spending and other factors. The Biden administration signed the $1.9 trillion American Rescue Plan (ARP) in March 2021, which some economists believe exacerbated US inflation, though there is still debate over the extent of its impact. Data shows the US inflation rate approached 9% in the summer of 2022 before gradually easing.