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A rising number of economist have warned Joe Biden’s policies could turn the U.S. into a Latin American type of economy. On Monday, Former International Monetary Fund Deputy Director Desmond Lachman said Biden’s inflation, money printing and high government spending posed a problem for the U.S. economy. Lachman said Biden’s policies could push the U.S. budget deficit up to 15 percent per year. He warned this was not a sustainable level of deficit spending, which may bankrupt the U.S. Lachman went on to point out such policies lead to devaluation of the national currency and fuel poverty, as seen in many Latin American countries. “What we’ve already got in the pipeline is going to cause inflation,” he asserted. “Now if you can add infrastructure plan and the families plan, and it’s not going to be properly financed with real taxes that restrain spending, then you’re just going to be adding to the inflationary pressures.” Lachman added the federal reserve would have to raise interest rates and halt money printing to curb inflation. However, he said this wouldn’t help solve budget problems.

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