On Friday’s broadcast of MSNBC’s “Morning Joe,” MSNBC Economic Analyst Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, said that President Joe Biden’s explanation for what’s causing inflation is incorrect, “the primary blame for the inflationary pressures” is government spending, and the price of not paying for the spending at the beginning of the Biden administration “in inflation terms is coming home to roost.”

After viewing a clip of Biden’s explanation for inflation, Rattner said, “Well, first of all, Joe, they’re not really all outside factors or things that — a perfect storm or things that just rained down from heaven. This is highly a self-inflicted problem, not just by us, but by the rest of the world. And I say with regret that everything President Biden just said in that news clip that you showed was basically wrong, in terms of what’s causing inflation.”