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

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

Economists have mentioned that Democrats’ $1.9 trillion spending invoice final yr helped gasoline 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 conflict in Ukraine in addition to the COVID-19 pandemic.

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

“A second huge purpose for inflation is Vladimir Putin,” Biden mentioned. “From the second he put his over 100 and fifty thousand troops on the Ukrainian border, the worth of gasoline in January went up 75 cents and Putin started amassing troops alongside the border.”

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

Putin’s conflict in Ukraine despatched rising gasoline costs even greater, however inflation was a political drawback for Biden effectively earlier than the Russian invasion. 

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

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

Steven Rattner, a former Treasury Division official beneath the Obama administration, beforehand mentioned the spending in President Biden’s American Rescue Plan was the “authentic sin” that brought on inflation. 

“The unique sin was the $1.9 trillion American Rescue Plan, handed in March. The invoice – nearly utterly unfunded – sought to counter the results of the COVID pandemic by specializing in demand-side stimulus quite than on funding,” Rattner mentioned in November 2021. “That has contributed materially to in the present day’s inflation ranges.”

Fox Information Digital’s Timothy Nerozzi contributed reporting.