As Arin says, Rattner committed chartcrime here. But there's a larger issue 1/
https://twitter.com/arindube/status/1462890602685775879
What the data actually show is that the US, which has done more fiscal stimulus than Europe, also has higher inflation. More careful people than Rattner have cited this as evidence that fiscal did it. But with only 2 data points, need to observe that other things are going on 2/
Europe came in to this with lower inflation than we did — ECB was less successful at achieving a 2% target. This baseline effect accounts for part of the difference 3/
Beyond that, BIS estimates that bottleneck effects bigger here than in Europe. Maybe US cost-cutting more intense, smaller margins for error? 4/
Chart 5/ 
Most striking — and a point that hasn't gotten nearly enough attention: no European Great Resignation. Labor force participation back to prepandemic levels 6/
That's huge. What explains it? Could be European reliance on job retention schemes rather than unemployment insurance. Could be that European work conditions for low-paid workers were better to begin with 7/
The US-euro comparison is very important. But jumping on it and saying it must be fiscal policy is bad economics 8/
And gotta say, today's fiscal hawks are showing some of the same symptoms as austerians a decade ago: sloppy analyses that confirm their priors, inventing new models on the fly to justify their stories, etc.. Think before posting 9/
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