Despite the reality that inflation started soaring far before Putin’s invasion of Ukraine, President Biden declared on Friday that it is “primarily the fault of” Russian President Vladimir Putin, Fox News informed.
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 retreat 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 said that the second big reason for the inflation is the Russian President and that the prices of gasoline increased by 75 cents when he started deploying his army near the Ukrainian border, adding that it is largely his fault.
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.
President Biden’s American Rescue Plan, according to Steven Rattner, a former Treasury Department official under the Obama administration, was the “original sin” that generated inflation.
Rattner said that the $1.9 trillion American Rescue Plan, authorized in March, was the initial culprit.
He also stated that the law, which is almost entirely unfunded, aimed to mitigate the consequences of the Covid-19 pandemic by focusing on demand-side stimulation rather than investment which had a massive impact on the current inflation levels.
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