When asked about his support for the so-called “Inflation Reduction” Act, even though economists have been against spending more money, Ryan, during the debate, promoted the bill by saying the legislation represented an “opportunity” to reduce inflation.
He said that eventually it will also result in tax reductions for those who work and the law will “not be a gimmick” and “it's an actual economic tool to help relieve some of the pressure.”
But, in spite of the statements of Ryan, economists, even liberal economists, have spoken out against the overwhelming amount of government spending carried out by the Democrats that has contributed to the current crisis of inflation and is causing pain for Americans.
Larry Summers, a Harvard professor who served as Director of the National Economic Council under President Barack Obama and the Treasury Secretary under President Bill Clinton — said in November 2021, that Biden's expenditures had created “a tremendous wall of money” that “set off” inflation that “spirals.”
Jason Furman, a Harvard professor who was Chair of the Council of Economic Advisers under President Barack Obama and on the Council of Economic Advisers under President Bill Clinton — said in May 2021 that the spending plans were “too big” and noted that he didn't “know any economist that was recommending something the size of what was done.”
The asset manager Steve Rattner, who served as the counselor of the Treasury Secretary during the Obama administration, wrote in a November article in The New York Times that the amount of spending that the Democrats have made “contributed materially to today's inflation.”
Biden's Treasury Secretary Janet Yellen said last December that the Democrats' spending “boosted demand,” which was one of the reasons for inflation.