Jen Psaki: Build Back Better Spending Bill will 'Reduce Inflation'

Jen Psaki is citing radical left economists who openly fight for global socialism. She also claimed that the bill will “reduce the deficit”.

White House Press Secretary Jen Psaki claimed last week that seventeen Nobel Laureates said Biden’s massive bankruptcy legislation would “reduce inflation.” Psaki released the powerful, but blatantly false statement in relation to Biden’s “Build Back Better” spending bill.

Note that there is a group of highly partisan “Nobel Laureate” economists that are regularly trotted out to push radical left policies, as explained below. Sadly, the vast majority of them are well-paid professors, pushing their warped ideology on unsuspecting students.

“The [Build Back Better] plan the House is finalizing…is fully paid for, will reduce the deficit, and brings down costs for health care, child care, elder care, and housing,” Psaki gushed. “Experts agree,” she continued, “[S]eventeen Nobel Prize-winning economists have said it will reduce inflation.”

Psaki’s outright lie is particularly offensive for three reasons:

  • Psaki is citing radical left economists who openly fight for global socialism.
  • The actual statement by the “Nobel Laureates” is easy to find, and acknowledges that inflation would result from the “Build Back Better” legislation. The leftist loons just believe that socialism is worth it.
  • Americans do not expect the media to scrutinize the left. But according to Legistorm, there are 3,678 Republican staffers in Congress. It is not a stretch to believe that they enjoy great salaries and benefits provided by taxpayers. Why are they not researching these lies?

The Nobel Laureates signed a statement in September supporting Joe Biden’s “Build Back Better” spending bill. But they did not say the bill would “reduce inflation”. In fact, the so-called economists acknowledge the inevitable inflation that would result in the bill’s passage.

They just don’t care.

Notably, many of the same Nobel Laureates also endorsed Joe Biden for President last September, praising his economic policies as well as his coronavirus policies.

Cass Sunstein (left), Richard Thaler (center) and Daniel Kahneman (right)

Here is their letter verbatim:

We the undersigned express our support for the economic principles and policies of Joe Biden.

While each of us has different views on the particulars of various economic policies, we believe that Biden’s overall economic agenda will improve our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness and be vastly superior to the counterproductive economic policies of Donald Trump.

Throughout the coronavirus crisis, Biden has recognized that science-based, public health solutions are critical not only to saving lives, but to any viable strategy to restore economic confidence, recovery, and jobs.

Similarly, on issue after issue, Biden’s economic agenda will do far more than Donald Trump’s to increase the economic strength and well-being of our nation and its people. Simply put, Biden’s policies will result in economic growth that is faster, more robust, and more equitable.

After reading the letter, it is clear that these Nobel Laureates are highly partisan.

Joseph Stiglitz
Stiglitz Book

Joseph Stiglitz won his Nobel Prize with Treasury Secretary Janet Yellen’s husband George Akerlof and Michael Spence in 2001. As reported at RAIR Foundation USA, Janet Yellen is promoting Biden’s scheme to snoop on bank accounts with over $600.

Joseph Stiglitz praises the Build Back Better Spending Bill, describing it as a “transformative economic agenda.” He says the concern over inflation is “short sighted”.

He says in part:

With the investments being financed by tax increases, the inflationary impacts will be at most negligible

Stiglitz, like his fellow signatories, is a hard left radical seeking to dismantle America’s free market and replace it with socialism. This is not hyperbole.

A powerful 2011 article about Stiglitz from Aaron Klein at WND explains in part:

Besides accepting funding from the controversial billionaire [George Soros], Stiglitz has engaged in numerous projects with Soros and sits on the boards of Soros organizations, including one openly seeking to remake the world’s economy.

Stiglitz is a leading proponent of more government regulation of the economy.

He previously chaired the Commission on Global Financial Issues of Socialists International, the world’s largest socialist organization.

A leftist review of Stiglitz’s book “People, Power, and Profits: Progressive Capitalism for an Age of Discontent,” gushes that Stiglitz warns of the “predictable dangers of free market fundamentalism.”

Many of the same economists who support Biden’s bankruptcy bill previously signed a statement demanding a “Global Carbon Tax”. Still others signed a statement opposing a balanced budget amendment. These agenda-driven globalists do not represent America and Jen Psaki knows it.

The Radical ‘Economic Policy Institute’

The September statement Jen Psaki inaccurately cites was organized by the highly partisan Economic Policy Institute (EPI). The EPI has multiple ties to America’s largest Marxist organization, the Democratic Socialists of America, as well as the blandly-named but influential far-left group called the “Institute for Policy Studies.”

Long time President Lawrence Mishel – and now Fellow – of EPI has been a card carrying member of DSA. When Mishel left EPI in 2017, another radical left loon, Thea Lee, took his place. The two have a history together, addressing the Democratic Socialists of America in a forum way back in 1993 titled “The Economy, Stupid: A Left Response to Clintonomics.”

Thea Lee was not president of the EPI for long, as she was hired by Biden’s U.S. Labor Department to “lead the agency’s International Labor Affairs Bureau (ILAB).”

Reuters forgot to mention her DSA connections.

EPI Board members include highly partisan figures such as Attorney General of Minnesota Keith Ellison, Democratic National Committee chair Thomas Perez, president of the American Federation of Teachers, Randi Weingarten and Robert Reich, former Labor Secretary who is currently a professor at the University of California, Berkeley.

The one organization with resources in America that could effectively tackle these lies is the Republican party. This author hopes they start calling out the socialists that have infiltrated the democrat party before it is too late.

Read Selected Articles at RAIR Foundation USA:

Renee Nal

Renee Nal is an investigative journalist and documentary film producer.

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