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National News See other National News Articles Title: Biden Unleashes Pure Rage on Americans: 'I'm Sick' of Them Blaming Inflation on Me! Biden Unleashes Pure Rage on Americans: 'I'm Sick' of Them Blaming Inflation on Me! By Elizabeth Stauffer March 12, 2022 at 8:15am Addressing House Democrats at their Philadelphia retreat on Friday, Biden unleashed his anger on Americans who attribute our record-high inflation rate to his administration’s excessive spending. “I’m sick of this stuff,” he railed, with his hands pointing toward his neck to show he’s had it up to “here” with being blamed for the sharp rise in inflation that began shortly after the passage of the American Rescue Plan, a $1.9 trillion COVID-19 relief bill, last March. “We have to talk about it,” he said, “because the American people think the reason for inflation is government spending more money. Simply not true!” The American people need to understand, Biden told the group, that the inflation which began nearly one year ago was caused by Russian President Vladimir Putin’s invasion of Ukraine that began two and a half weeks ago. He also blamed the pandemic. “From the moment he [Putin] put his over 150,000 troops on the Ukrainian border, the price of gasoline in January went up 75 cents, and Putin began amassing troops along the border,” he said, according to Fox News. “Make no mistake, inflation is largely the fault of Putin.” Biden is correct that the price of gasoline increased as Putin began his troop buildup at the Ukrainian border and skyrocketed when his invasion began. What he fails to mention is the steep run-up that preceded the “Putin price hike.” According to U.S. Energy Information Administration data, the average retail price of a gallon of gas in the U.S. (all grades, all formulations) in January 2021 was $2.42. By December, the price had soared to $3.41, nearly $1 per gallon or an increase of 41 percent. This represents the “Biden price hike.” On March 10, the EIA estimated the average retail price of a gallon of regular gas in the U.S. to be $4.33, a gain of 92 cents per gallon or 27 percent from year-end 2021. This represents the “Putin price hike.” Biden’s attempt to pin overall inflation on the Russian president falls short as well. The Consumer Price Index reported on Thursday by the Bureau of Labor Statistics showed a year-over-year rise of 7.9 percent. He appears to have forgotten that prices had already increased by 7.5 percent in the year ended December 2021. Economists on both sides of the aisle have attributed the U.S.’ rampant inflation to the Biden Administration’s reckless spending. In a November 2021 op-ed published by The New York Times, Steven Rattner, who served as an adviser to former President Barack Obama, argued: “The original sin was the $1.9 trillion American Rescue Plan.” “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 wrote. “That has contributed materially to today’s inflation levels.” This administration’s reckless policies have inflicted major financial pain on American consumers. Since the Russian invasion of Ukraine, Putin has become public enemy number one which, Biden believes, makes it easy to blame him for all of America’s woes. Unfortunately for Biden, we remember all too well his administration’s year of living dangerously, and no one’s buying his “Putin price hike” canard. In a November 2021 op-ed published by The New York Times, Steven Rattner, who served as an adviser to former President Barack Obama, argued: “The original sin was the $1.9 trillion American Rescue Plan.” “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 wrote. “That has contributed materially to today’s inflation levels.” This administration’s reckless policies have inflicted major financial pain on American consumers. Since the Russian invasion of Ukraine, Putin has become public enemy number one which, Biden believes, makes it easy to blame him for all of America’s woes. Unfortunately for Biden, we remember all too well his administration’s year of living dangerously, and no one’s buying his “Putin price hike” canard. Poster Comment: Putin is on the right track by taking out the biological research facilities and protecting the nuclear sites. But the Russians are finding out much to their chagrin the Ukrainians are good fighters. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 4.
#4. To: BTP Holdings (#0)
A lot of spending occurred under Trump, especially in 2020 with the lockdowns and all, and a silver lining of Trump losing a second term is that he wouldn't be blamed for the inflation that probably would be happening now anyway. Certainly not as much, as a lot of the higher prices is due to oil, but higher prices due to tighter supply isn't actually even inflation. But Putin might just win this economic war against him if the US economy implodes due to the sanctions against Russia. The energy crunch wouldn't cause it. It would just be the catalyst bringing the unstable dollar down to the ground.
#5. To: Pinguinite (#4)
(Edited)
Nikolai Kondratiev was a Soviet economist. He predicted the U.S. would emerge from its depression in the 30s. When he was shown to be right, Stalin sentenced him to hard labor. That was layer changed to death. See Kondratiev Wave in Wikipedia for more info and a graph. ;)
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