The Biden Administration is smashing records! Well, inflation records… the United States is currently experiencing the highest inflation in four years.
The Daily Caller reported, The CPI reached another four-decade high throughout February, with prices increasing nearly 8% on a year-over-year basis, the BLS reported Thursday. Economists surveyed by The Wall Street Journal projected the index to have grown just 7.8%.
“We thought that inflation would come down, especially due to the untangling of the global supply chain, but we don’t know how what’s happening in Ukraine will re-tangle that,” said Chief economist at Naroff Economics.
Each and every time the Administration is asked to explain why inflation has been soaring under their watch excuses are made. Recently Putin has been the scapegoat.
Jen Psaki said “It is accurate that the invasion by President Putin into Ukraine has impacted global inflation,” despite inflation having soared all year, and the invasion of Ukraine has only just begun.
Biden claimed that inflation will rise as a result of sanctions that he knowingly imposed on Russia, “There will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war,” he said, alluding that Putin should be blamed for the rise in prices.
The administration has also blamed Putin for increasing gas prices, despite also using the fact that Russian imports only account for 3% of all crude oil brought in as a defense.
“Democrats didn’t cause this problem. Vladimir Putin did,” Putin’s gas tax has pushed prices higher.” Biden said.
Clearly, if the Administration is telling the truth on both fronts, the 3% of crude oil imported from Russia has an overwhelming effect on the American economy and should be replaced with domestic production. There, however, seems to be no plans for such action.