Hassett Criticizes Biden: The U.S. Economy Is Still Paying the Price for 'Massive Money Printing'

BlockBeats news, September 29: Kevin Hassett, Director of the U.S. National Economic Council, stated that the U.S. economy is still digesting the impact of pandemic-related fiscal stimulus from former President Biden's tenure, and attributed part of the pressure from the high inflation period to subsequent large-scale spending policies.

Hassett said on a program Tuesday that the U.S. is "still struggling to emerge from" the effects of pandemic-era spending. He argued that the original goal of fiscal support during the pandemic was to fill the economic gap, but the subsequent scale of spending exceeded the economy's actual needs.

"We wanted to fill the gap, but not do more," Hassett said, referring to pandemic stimulus policies during Trump's first term. He then stated that the Biden administration continued to maintain pandemic-era spending levels and directed funds to other areas, which was one of the important factors leading to subsequent problems.

The remarks come as the U.S. enters the later stages of the midterm election cycle, with inflation, cost of living, and economic performance becoming key issues of debate between the two parties. Trump administration officials have recently repeatedly emphasized the connection between current economic problems and the policies of the previous administration.