President Biden’s massive government spending caused inflation that led to the collapse of a big bank, by shrinking the value of its long-term loans and bonds. Silicon Valley Bank collapsed last week, in the second-biggest bank failure in American history.
As Obama adviser Steven Rattner noted in the New York Times in 2021, Biden spent “an unprecedented amount” of taxpayer money, which resulted in “too much money chasing too few goods.” This led to a rapid increase in inflation, according to economists like Bill Clinton’s Treasury Secretary, Larry Summers.
