Hassett on Biden: The U.S. economy is still paying the price for "massive money printing" to this day.

Director of the U.S. National Economic Council Kevin Hassett said the U.S. economy is still absorbing the impacts of pandemic-related fiscal stimulus implemented during former President Joe Biden’s term, and attributed some of the pressures during the high-inflation period to subsequent large-scale spending policies. Hassett told a program on Tuesday that the U.S. is "still working to shake off" the aftereffects of pandemic-era spending. He noted that fiscal support during the pandemic was originally designed to fill economic gaps, but the scale of subsequent spending exceeded what the economy actually required. "We wanted to fill the gaps, not do more," Hassett said, referring to pandemic stimulus policies during former President Donald Trump’s first term. He added that the Biden administration’s continuation of pandemic-era spending levels and diversion of funds to other areas was one of the key factors contributing to subsequent problems. The remarks come as the U.S. enters the late stage of its midterm election cycle, with inflation, cost of living and economic performance emerging as key issues in partisan debates. Trump administration officials have repeatedly emphasized the link between current economic problems and policies of previous administrations in recent weeks.