On Friday, during Joe Biden’s retreat at Philadelphia where he addressed the House of Democrats he unleashed that the reason of the skyrocketing inflation “is largely the fault of” Russian President Vladimir Putin and not the administrations’ excessive spending.
He released his anger on Americans who attribute and blamed him for the sharp rise in inflation that began shortly after the passage of the American Rescue Plan, a $1.9 trillion COVID-19 relief bill, last March.
Biden then railed his hands pointing toward his neck to show he’s had it up to “here,” and said, “I’m sick of this stuff.”
Biden added:
“We have to talk about it, because the American people think the reason for inflation is government spending more money. Simply not true!”
Biden: “I’m sick of this stuff … the American people think the reason for inflation is government spending more money. Simply not true!”
— RNC Research (@RNCResearch) March 11, 2022
“As I have said from the start, there will be costs at home as we impose crippling sanctions in response to [Russian President VLADIMIR PUTIN’s unprovoked war, but Americans can know this: The costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing.”
“A second big reason for inflation is Vladimir Putin,” Biden said. “From the moment he put his over one hundred and fifty thousand troops on the Ukrainian border, the price of gasoline in January went up 75 cents and Putin began amassing troops along the border.”
“Make no mistake, inflation is largely the fault of Putin,” Biden also said.
Putin’s war in Ukraine sent rising fuel prices even higher, but inflation was a political problem for Biden well before the Russian invasion.
Economists from across the political spectrum have pointed to Democratic spending as a driving factor behind inflation.
Yes, the price of gasoline increased as Putin began his troop buildup at the Ukrainian border; Biden forgot to mention is the steep run-up that preceded the “Putin price hike.”
According to U.S. Energy Information Administration data:
The average retail price of a gallon of gas in the U.S. (all grades, all formulations) in January 2021 was $2.42. By December, the price had soared to $3.41, nearly $1 per gallon or an increase of 41 percent. This represents the “Biden price hike.”
On March 10, the EIA estimated the average retail price of a gallon of regular gas in the U.S. to be $4.33, a gain of 92 cents per gallon or 27 percent from year-end 2021. This represents the “Putin price hike.”
On Thursday, the Consumer Price Index reported that the Bureau of Labor Statistics showed a year-over-year rise of 7.9 percent. This made the Bureau of Labor Statistics show a year-over-year rise of 7.9 percent.
Steven Rattner, a former Treasury Department official under the Obama administration, previously said the spending in President Biden’s American Rescue Plan was the “original sin” that caused inflation.
“The original sin was the $1.9 trillion American Rescue Plan, passed in March. The bill – almost completely unfunded – sought to counter the effects of the COVID pandemic by focusing on demand-side stimulus rather than on investment,” Rattner said in November 2021. “That has contributed materially to today’s inflation levels.”
No matter how Biden tried to divert the blame to Russia, Americans remember too well that his administration is the main reason for this current economic crisis. Mr. Biden no one is buying your “Putin price hike” canard lies.
Sources: The Western Journal, Politico, Fox News, New York Times
