Fed Chair Contradicts Narrative On Cause Of Inflation, Biden Plays Pass The Buck

Hot on the heels of Jerome Powell, the Chairman for the Federal Reserve, coming out and admitting that Russian President Vladimir Putin and his invasion of Ukraine is indeed not the primary driving force behind the insane spike in inflation in the U.S., President Joe Biden once again decided to play a rousing round of “Pass the Buck” by trying to blame someone else for the whole mess by whining about “Putin’s Price Hike,” on Twitter.

The Daily Wire is reporting that Powell spoke on Wednesday before the Senate Banking Committee where Tennessee Republican Sen. Bill Hagerty asked him, “Would you say that the war in [redacted] is the primary driver of inflation in America?”

“No. Inflation was high before, certainly before the war in [redacted] broke out,” Powell responded.

Our dear president, in an act of desperation to cast the blame for the weight of inflation crushing the country on anyone other than himself, tweeted later in the day, “I’m doing everything I can to blunt the Putin Price Hike and bring down the cost of gas and food.”

To make sure you didn’t miss the part where he blamed Putin for the mess he made, Biden tweeted, “The price of gas is up by almost $2 a gallon since Putin accelerated his military build-up, and those high prices pose a challenge for working families.”

This man is nothing but total cringe, inside and out.

Here are some more details from the Daily Wire report:

Powell pointed out the difference between America’s inflation and other countries’, saying, “If you look at comparable large, advanced economies like ours, you’ll see inflation rates that are quite similar to ours and some cases higher or some cases lower … But there are important differences in the characteristics. Ours is more about demand. I would say that for most of the others, theirs is more about energy prices and things like that.”

In April, Biden ranted, “Putin’s invasion of [redacted] has driven up gas prices and food prices all over the world.”

“[redacted] and Russia are the one and two largest wheat producers in the world. We’re three. They’re shut down. We saw that in yesterday’s inflation data,” he said. “What people don’t know is that 70% of the increase in inflation was the consequence of Putin’s Price Hike because of the impact on oil prices. Seventy percent.”

This whole “pin the blame on the Putin” game has been going on since March 9, when White House communications director Kate Bedingfield posted a tweet saying,For months Putin has been saber-rattling, and for months gas prices have been going up – up 75 cents since he began his military build-up. This is the #PutinPriceHike in action …”

“The Consumer Price Index is currently running at 8.6 percent this May over last – the highest in over 40 years.” The Daily Mail noted.

“Last week, the Fed increased interest rates by 0.75% — the largest incremental rate hike since 1994,” The Daily Wire said. “The central bank already hiked rates by 0.5% in May — the largest such increase since 2000 — after a 0.25% rate hike from near-zero levels in March. Interest rates are now at 1.5% to 1.75%, with more increases likely on the way.”

This story syndicated with permission from michael, Author at Trending Politics

Notice: This article may contain commentary that reflects the author's opinion.

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