President Biden recently said that skyrocketing inflation was “largely due to” Russian President Vladimir Putin. This despite the fact inflation had been rising since long before Putin invaded Ukraine. Economists believe that the inflation surge was fueled by Democrats’ $1.9 trillion spending bill.
Biden addressed the House Democrats in Philadelphia at their member retreat. He touched on rising inflation in the US and laid the blame for it at Putin during his war in Ukraine.
Biden stated Friday that Putin is responsible for the inflation.
Biden stated that Vladimir Putin was the second major reason for inflation. “The price of gasoline rose 75 cents from the time he deployed his more than one hundred fifty thousand troops to the Ukrainian border in January. Then, Putin began amassing troops at the border.”
Biden stated that “Make no mistake, inflation is largely Putin’s fault.”
Putin’s war against Ukraine caused rising fuel prices to soar, but inflation was a political issue for Biden long before the Russian invasion.
Economists across all political parties have pointed out that inflation is driven by Democratic spending.
Steven Rattner was a former official at the Treasury Department under the Obama administration and previously stated that the spending in President Biden’s American Rescue Plan was the original sin that led to inflation.
The $1.9 trillion American Rescue Plan was passed in March. It was the original sin. Rattner stated in November 2021 that the bill, which was almost entirely unfunded, sought to counter the COVID pandemic’s effects by focusing more on demand-side stimulation than on investment. It has significantly contributed to the current inflation levels.”