Former Congressional Budget Office Director Doug Holtz-Eakin says he's 'very concerned' the Biden administration will pass legislation that won't 'deliver' to Americans.
. And by the way, they've already spent money that offsets that. They passed the $300 billion deficit finance CHIPS and Science Act. They passed an up to $600 billion increase in veterans benefits in the PACT Act. They have continued to do what Congress does: spend and borrow. And this bill will have zero impact on the inflation outlook.
As Democrats anticipate President Biden's signing of the Inflation Reduction Act, former CBO Director Douglas Holtz-Eakin warns it will have"zero impact" on the inflation outlook on"Cavuto: Coast to Coast" Tuesday, August 16, 2022. If I was in the White House, I'd be very concerned. We have labor force participation rate that hasn't gotten back to the February 2020 level before the pandemic. So there are about 3.5 million workers, fewer than otherwise would be. Productivity growth has been, and so it's workers and productivity that deliver increases in output, increases in the standard of living.
And then this administration is doing none of those things. And so I'd be very concerned that even if inflation has peaked and the Fed can conquer it, that what comes out the other side is an economy that's just not going to deliver for the American people.
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