Biden claims ‘inflation is basically the fault of Putin,’ not Democratic spending

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PHILADELPHIA – President Biden on Friday mentioned skyrocketing inflation “is largely the fault of” Russian President Vladimir Putin, even if inflation started rising properly earlier than Putin’s invasion of Ukraine. 

Economists have mentioned that Democrats’ $1.9 trillion spending invoice final yr helped fuel the inflation surge.  

Biden addressed the Home Democrats at their member retreat in Philadelphia the place he touched on the rising inflation throughout the US, laying the blame of inflation at Putin’s ft amid his warfare in Ukraine in addition to the COVID-19 pandemic.

Biden said Friday that

Biden mentioned Friday that “inflation is largely the fault of Putin.” 
(Chip Somodevilla/Getty Pictures)

FORMER OBAMA ADVISER: BLAME BIDEN, NOT RUSSIA, FOR INFLATION RATES

“A second big reason for inflation is Vladimir Putin,” Biden mentioned. “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.”

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“Make no mistake, inflation is largely the fault of Putin,” Biden additionally mentioned.

Putin’s warfare in Ukraine despatched rising gas costs even increased, however inflation was a political drawback for Biden properly earlier than the Russian invasion. 

Economists from throughout the political spectrum have pointed to Democratic spending as a driving issue behind inflation. 

Protesters gather outside the Hilton hotel housing the House Democrats' member retreat as President Biden addresses the conference.

Protesters collect outdoors the Hilton resort housing the Home Democrats’ member retreat as President Biden addresses the convention.

Steven Rattner, a former Treasury Division official underneath the Obama administration, beforehand mentioned the spending in President Biden’s American Rescue Plan was the “original sin” that prompted 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 mentioned in November 2021. “That has contributed materially to today’s inflation levels.”

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Day by day Publish Digital’s Timothy Nerozzi contributed reporting.

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