BREAKING: Former Obama Administration Treasury official predicts Biden and Democrats will lose the midterm elections

Before the 2022 midterm elections, a former Obama administration official had some bad news for President Joe Biden and the Democratic Party. Former Treasury Department official Steve Rattner warned in an interview with MSNBC’s “Morning Joe” show on Wednesday that the current high rates of inflation — the highest in more than four decades — would not abate before the November elections, harming Democrats.

“Inflation is here to stay,” he said, adding that it will be “the defining issue” in the midterm elections, which will be “very difficult” for Democrats.

Co-host Mika Brzezinski opened the program by voicing her concerns about inflation and Democrats’ “hanging hat” on solving the problem. “I’m not sure one person, one nation, one party can solve this problem with everything that’s going on in the globe,” she said, before claiming that Biden had been traversing the country to hear from Americans about the issue and wondering whether it was “here to stay.”

“Inflation is here to stay,” Rattner answered, claiming that it was “the defining issue in the midterm elections,” as well as the Democrats’ ability to maintain control of the House and Senate.

According to Fox News, Rattner argued that inflation may have peaked earlier in the spring, citing charts issued by the Federal Reserve that show the shift in inflation rates over time, including a minor fall from March to April.

However, he emphasized that gas prices have a significant influence on inflation, citing record highs in March when inflation reached a 40-year high, but a tiny drop in April when the inflation rate fell. He went on to say that if gas costs were not included in, the April inflation rate would have been 0.4 percent higher than the whopping 8.3 percent reported.

“Look, the president has been blaming everybody but himself and the Democrats for inflation,” Rattner said, adding that the only thing working in Biden’s favor is that inflation appears to be a “global phenomena.” Former Obama-Biden government official explains what he believes are the causes of the substantial price increase. “We’ve placed ourselves in a lot of pain with too much stimulus, too enormous budget deficits, too much bond-buying by the Federal Reserve, too much money printing by the Federal Reserve, and that’s what’s coming home to roost,” Rattner continued.

“And look, that’s the number one issue, and Democrats are going to have a rough time with it,” he remarked. Some Democrats are criticizing Biden for the high amounts of inflation that have occurred under his presidency. “Let me be clear: inflation is a tax,” Sen. Joe Manchin (D-W. Va.) stated last month as inflation indexes soared. “As prices continue to rise, hard-earned salaries and financial reserves vanish quicker each month, while the agony and aggravation of paying more on everyday products looms over us all, especially among those who can least afford it.”

“Gas is up 48 percent, beef is up 16 percent, chicken and milk are up 13 percent, and essentials like coffee and eggs are up 11 percent,” the senator added in a news statement. “How long will this last?” Acting as though inflation is a new phenomenon is a disservice to the American people.

“The Federal Reserve and the Administration failed to act quickly enough, and today’s data is a snapshot in time of the effects that are being felt across the country,” Manchin concluded. “Instead of taking significant action, our elected officials and the Federal Reserve continue to respond with half-measures and verbal gaffes, looking for someone to blame.”

He said, “The American people deserve the facts about why record inflation is occurring and what must be done to manage it.” “Let’s face it: we can’t spend our way to a balanced, thriving economy while adding to our $30 trillion national debt.” To get inflation under control, the Federal Reserve will have to intervene more aggressively after waiting far too long.”

Many experts, former Trump administration employees, and even former President Trump himself predicted that inflation would rise under now-President Biden last year, while the mainstream media and other left-leaning sites mocked these predictions at the time.

“It requires the administration and Congress, Democrats and Republicans alike, to embrace an all-of-the-above energy strategy because it is the only way to reduce the high cost of gas and electricity while combating climate change,” Manching said. “The United States of America is prepared to be energy independent of Russia and other terror-supporting countries while simultaneously working to combat global climate change and break our reliance on China for crucial mineral supplies,” he concluded.