Biden blames Putin, COVID for record-high inflation in US

President Biden on Monday mentioned Russian President Vladimir Putin and the COVID-19 pandemic are in charge for record-high inflation in america and maintained that rising costs have “nothing to do” together with his administration’s insurance policies.

The president spoke Monday on the Nationwide League of Cities Congressional Cities Convention and addressed the rise in U.S. gasoline costs, in addition to on daily basis home goods.

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“We all know that households are nonetheless battling larger costs,” Biden mentioned. “Let’s be completely clear about why costs are excessive now or excessive for 2 causes.” 

The primary, Biden mentioned, is because of “the best way the worldwide financial system works.”

“A manufacturing unit in Taiwan that makes laptop chips shuts all the way down to a COVID outbreak. It causes a ripple impact to decelerate auto-manufacturing,” Biden mentioned. “So, due to the pandemic, we had vital disruption disruptions within the provide chain, and our provide chain is so vital with so many supplies that come from different locations.”

“And now, a second massive motive for inflation is Vladimir Putin,” Biden mentioned. 

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“We have seen the value of gasoline go up over a greenback simply since he put his troops on the border on the border of Ukraine — they went up a greenback and 5 cents,” Biden mentioned.

Russian President Vladimir Putin has signed into regulation laws that might punish journalists with as much as 15 years in jail for reporting so-called “pretend” information about his navy invasion of Ukraine.       
(Yuri Kochetkov/Pool)

“Massive a part of that motive is Putin started amassing troops alongside the border after which crossed. And guess what? The world took discover,” Biden mentioned. “The market anticipated, costs went up, after which Putin invaded.”

He added: “Make no mistake, the present spike in gasoline costs is basically the fault of Vladimir Putin — it has nothing to do with the American Rescue Plan.”

Biden mentioned that “rescuing our financial system didn’t trigger this drawback,” however he vowed to “repair it.”

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“We’re constructing this financial system from the underside up, within the center out, and one thing unbelievable is going on,” he mentioned. “We’re seeing revival like by no means earlier than — the pleasure that comes from stamping merchandise ‘Made in America.’”

In the meantime, inflation hit a recent 40-year excessive in February. The shopper value index climbed 7.9% on an annual foundation, in line with knowledge launched on Thursday by the Bureau of Labor Statistics. Month over month, in line with the information, inflation rose 0.8%.

The year-over-year studying is consistent with estimates and compares with an annual 7.5% leap in January, marking the quickest improve since February 1982, when inflation hit 7.6%.

Fuel jumped 6.6% in February and accounted for nearly a 3rd of value hikes, in line with the Bureau of Labor Statistics knowledge launched Thursday. Meals costs, as compared, rose by 1%.

The February knowledge had been recorded earlier than the beginning of the Russia-Ukraine battle, which has pushed costs on the pump to $4.31 as of right now, in line with AAA, a report excessive. 

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Biden final week introduced a ban on all imports of Russian oil, gasoline and power to america, concentrating on the “most important artery” of Russia’s financial system amid Russian President Vladimir Putin’s conflict on Ukraine. Biden warned that the ban would price American households.

Russian oil exports account for about one-third of Europe’s oil imports, however Russian exports are slightly below 10% of U.S. total imports.

Amid surging gasoline costs, Biden has been dealing with criticism from Republicans, who’ve urged him to elevate his government orders that canceled the Keystone XL pipeline from Canada and froze new oil and gasoline leases on federal lands.

Final week, White Home press secretary Jen Psaki mentioned restarting development of the Keystone XL pipeline was not one of many choices on the desk to alleviate rising prices of gasoline for Individuals.

“If we’re making an attempt to result in extra provide, that doesn’t handle any drawback,” Psaki mentioned. “The pipeline is only a supply mechanism — it’s not an oil discipline, so it doesn’t present extra provide into the system.”

When pressed additional on whether or not restarting the pipeline is one thing the White Home is contemplating, Psaki replied, “There’s no plans for that, and it could not handle any of the issues we’re having at the moment.”

Biden final week mentioned it’s “not true” that his administration is holding again home power manufacturing, warning that gasoline costs will “go up additional” from their present report ranges. And he reiterated his help for presidency spending on renewable power sources and criticized the oil and gasoline business for not taking full benefit of drilling alternatives within the U.S.