Biden’s Spending Ignited Inflation That Fed Can’t Stop, Doug Burgum Says
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North Dakota Governor and long-shot Republican presidential candidate Doug Burgum said the massive stimulus from the $1.2 trillion infrastructure package that President Joe Biden signed will far outstrip the ability of the US Federal Reserve to curb inflation through higher interest rates.
“The Fed plays an important role. But right now we can keep raising interest rates but with all this Biden infrastructure money coming to the state, I see it as governor,” Burgum told Bloomberg Television’s “Balance of Power” on Thursday. “We could end up with high interest rates that choke the private sector and still don’t solve the inflation problem.”