Despite the reality that inflation began growing far before Vladimir Putin's invasion of Ukraine, President Joe Biden declared on Friday that it is "primarily the fault of" the Russian President.
Economists believe that the Democrats' $1.9 trillion spending bill from last year contributed to the rise in inflation. Biden spoke to House Democrats at their annual member conference in Philadelphia when he discussed growing inflation in the United States, blaming it on Putin's conflict in Ukraine and the COVID-19 pandemic.
Biden Administration Uses Putin's Invasion as Scapegoat
Putin's campaign in Ukraine drove up fuel costs even more although Biden had been concerned about inflation well before the Russian incursion. Democratic spending has been cited by economists across the political spectrum as a driving force behind inflation, Fox News reported.
President Biden's American Rescue Plan, according to Steven Rattner, a former Treasury Department official during the Obama administration, was the "original sin" that generated inflation.
The price of fuel increased by 38% over the previous year, according to the Bureau of Labor Statistics; and most observers expect inflation to worsen after Biden ordered an embargo on Russian oil, natural gas, and coal imports on Tuesday in reaction to Putin's invasion of Ukraine.
According to AAA, the national average price of a gallon of gas jumped to $4.318 on Thursday, up from $4.252 on Wednesday, $3.477 last month, and $2.815 a year ago.
In a report by the NY Post, Republicans alleged that the Biden administration was to blame for rising costs by adopting irresponsible spending policies. Republican National Committee Chairwoman Ronna McDaniel termed the administration's "effort to divert accountability" an "insult to every American" in an emailed statement.
Republicans Criticize Joe Biden's Policies
The president stated on Thursday that he is "working to bring down everyday prices," citing the release of millions of barrels of oil from US strategic reserves as an example. Many lawmakers, however, do not feel that will be sufficient, citing the administration's prior economic policies as an example.
Rep. Dan Bishop (R-NC) tweeted, "Built Back Broke," alluding to the Biden administration's "Build Back Better" goal. Sen. Marsha Blackburn (R-Tenn.) criticized Biden for failing to propose any solutions to the problem.
Inflation is outpacing most Americans' income gains in the previous year, making it more difficult for them to finance basics like food, gas, and rent.
Consequently, as the important midterm elections approach, inflation has emerged as a significant electoral concern for Biden and congressional Democrats. In surveys, small company owners say it's their top economic issue as well.
In his comments, Biden emphasized the labor market's impressive recovery, citing recent unemployment figures indicating that jobless claims have returned to pre-pandemic levels.
Biden bragged about his decision to unleash 60 million barrels of oil from strategic reserves although it had little effect on crude oil prices. He also bragged about his plan to produce things in the United States, which he believes would lower prices.
Despite Biden's assurances that his policies aren't too responsible for rising costs, Republican opponents have been quick to blame his administration and Democrats in Congress, according to Daily Mail.
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