North Dakota Governor and long-shot Republican presidential candidate Doug Burgum said the massive stimulus from the $1.2 trillion infrastructure package that President Joe Biden signed will far outstrip the ability of the US Federal Reserve to curb inflation through higher interest rates.
“The Fed plays an important role. But right now we can keep raising interest rates but with all this Biden infrastructure money coming to the state, I see it as governor,” Burgum told Bloomberg Television’s “Balance of Power” on Thursday. “We could end up with high interest rates that choke the private sector and still don’t solve the inflation problem.”
He declined to follow the lead of rivals like former President Donald Trump and Florida Governor Ron DeSantis in their criticism of Fed Chairman Jay Powell. While Trump told Fox News he wouldn’t reappoint Powell, Burgum refused to speculate about future appointments.The 67-year-old governor was elected to a second term in 2020 with the help of an endorsement from Trump, who said he was “doing a phenomenal job” and was a “true conservative.
Burgum acknowledged that he has the lowest name recognition of any candidate to qualify for the debate, polling at no higher than 1% in national polls. He’s performing better in the early primary states of Iowa and New Hampshire, where his campaign and affiliated super political action committee have spent nearly $11 million on advertisements.
His business experience is one of the key selling points of his campaign. Burgum is perhaps best known for qualifying for the debate after reaching the 40,000-donor threshold with the help of an unusual $20 gift card giveaway with every $1 donated. Burgum said it was an “entrepreneurial way” to meet the debate requirements and that he’d do it again, arguing it’s better to give $20 to supporters than $100 to political consultants.
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