Obama Economic Adviser Warns Against Biden’s ‘Massive’ Spending Plans: The Potential for ‘Failure of Execution’ is High

Former White House economic adviser Steven Rattner warned Thursday against what he said were President Joe Biden’s “massive” spending plans.

“Sure, I worry about inflation,” Rattner said in an interview on MSNBC’s Morning Joe. “Sure, I worry about the deficit and the debt. But I also worry about the execution job here. This is a massive execution job. 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.

“And if it fails … I think it will set back the cause of progressivism for several more decades,” he added. “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 income again.”

Biden on Wednesday proposed a $1.8 trillion spending plan that came in addition to the $2.3 trillion infrastructure plan he proposed in March. Rattner said he did not expect certain tax rates to increase to the extent Biden proposed, which he said could lead to funding deficits.

“The corporate tax rate will probably not go all the way to 28 [percent], it will go to 25,” Rattner said. “The increases in taxes in this 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.”

Watch above via MSNBC.

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