White House press secretary Josh Earnest today dismissed Donald Trump’s charge that President Barack Obama has kept interest rates low for political reasons.
Trump is “somebody who has declared bankruptcy like four times,” said Earnest. “Consider the source of that advice, I guess,” Earnest added as reporters chuckled.
Earnest insisted that the Obama administration was firmly committed to the idea of the Federal Reserve acting independently of politics.
During his Nov. 3 press conference in New York, Trump said that the low interest rates were likely the result of a political calculation.
“They are not raising them because Obama has asked them not to raise them,” Trump said. “He wants to get out of office, because we’re in a bubble, and when those rates are raised, a lot of bad things are going to happen.”