A former economic adviser under the Obama administration is discussing President Joe Biden’s spending plans.
As MSNBC points out, Biden’s plans such as the American Rescue Plan, American Jobs Plan, and American Families Plan, totals $5.95 trillion between spending, tax cuts, and credits. In comparison, former President Barack Obama’s 2009 stimulus totaled roughly $800 billion.
Steven Rattner shared during Thursday’s appearance on MSNBC’s “Morning Joe” that he worries about inflation and “the deficit and the debt. But I also worry about the execution job here.”
“This is a massive execution job,” he continued. “The last plan, the jobs plan alone, had 76 different initiatives in it. All have to be created and executed. … The potential for mistakes, failure of execution here is high.”
He then warned that “if it fails, I think it will set back the cause of progressivism for several more decades.” Rattner continued:
“Getting it executed, I think, in some ways, is going to be the president’s biggest challenge. He’s got to deliver, not just passage, but actual real results for Americans, and programs that people perceive are working or else we go back to government being the enemy again.”
Watch his comments below:
Steve Rattner warns: If Biden’s budget blowout fails, it will set back progressivism “decades” pic.twitter.com/ystECtfHkp
— Tom Elliott (@tomselliott) April 29, 2021
Rattner also predicted “the corporate tax rate will probably not go all the way to 28 [percent], it will go to 25.”
“The increases in taxes in this bill are going to be popular, and certainly increasing capital gains rates toward or near income will be popular. I don’t think it will get all the way to the 42 or 43 percent the president is proposing, so there will be a gap between the revenues and the expenses,” he added.
