Hassett says the U.S. economy is still digesting additional post-pandemic stimulus spending

AT A GLANCE

Hassett said that the U.S. economy is still digesting the impact of the Biden administration's expanded stimulus spending after the pandemic.

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Trump favorite Hassett blasts Biden: The U.S. economy is still paying the price for “massive money printing”

PANews September 30 reported that, according to CNBC reports that Hassett, director of the White House National Economic Council, said that the U.S. economy is still absorbing the impact of COVID--related stimulus spending during the early days of former President Biden’s administration, calling it one of the problems currently facing the United States. In an interview on Tuesday, Hassett said that the scale of the pandemic stimulus measures during Trump’s first term was “just right,” with the goal of filling the economic gap, while the Biden administration subsequently continued expanding spending and directed the funds to other areas. He said that the United States is still recovering from the impact of this additional spending. Hassett said that when Trump’s previous term ended, the U.S. inflation rate was approximately 1.5%, after which inflation rose significantly due to the continuation of pandemic spending and other factors. The Biden administration, in 2021 year,March signed 1900000000000 USD the American Rescue Plan (American Rescue Plan,ARP), which some economists...

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Key points

Hassett, director of the White House National Economic Council, said that the U.S. economy is still digesting the impact of stimulus spending related to the COVID- pandemic during the early part of former President Biden’s term.
Hassett said that the scale of the pandemic stimulus measures during Trump’s first term was “just right,” with the goal of filling the economic gap.
Hassett said that the Biden administration subsequently continued to expand spending and directed the funds to other areas.
Hassett said that at the end of Trump's previous term, the U.S. inflation rate was approximately 1.5%。
The Biden administration in 2021 year March signed 1900000000000 USD the American Rescue Plan.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

This report relays Hassett’s view: he believes that after the Biden administration expanded pandemic-related spending, the U.S. economy and inflation remain affected by this spending.

Why it matters to readers

The report discusses U.S. fiscal spending, inflation, and economic policy, but the provided content does not indicate any new fiscal, monetary, or regulatory measures.

Fiscal spending and inflation can affect the economic environment and may also influence the market’s expectations about future policy.

Risks and unknowns

The original text is truncated at “the American Rescue Plan” and “some economists,” so the subsequent content is unknown.
The report primarily presents Hassett’s view and does not provide a complete response or verification from other perspectives.
The provided content does not specify the magnitude of the current economic impact of the spending.

Hassett says the U.S. economy is still digesting additional post-pandemic stimulus spending

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