President Biden continues to pass the buck for 40-year high inflation as “Putin’s price hike” – even though Americans aren’t buying the blame game.

FACT: We know inflation is not a new problem,  because the Administration has failed to address it for the past year. 

• Before the crisis in Ukraine, the Administration dismissed inflation as “transitory”.
• Then, when it became obvious higher prices were here to stay, the Biden Administration attempted to pass the buck onto everyone but themselves – from American businesses and industries like meatpackers.
• The Administration falsely claimed that inflation is part of a global trend – which has been debunked by the San Francisco Federal Reserve Bank.  
• And reminder: Biden claimed that inflation peaked in December, but it has continued to rise every month afterwards.

FACT: Democrats’ trillions in so-called COVID “stimulus” spending fueled inflation long before Russia invaded Ukraine.

• Democrats’ Economic Policies Fueled the Inflation Fire: A San Francisco Federal Reserve analysis shows that the U.S. is leading the world on inflation due to “sizable fiscal support measures aimed at counteracting the economic collapse due to the COVID-19 pandemic.” 
• Inflation Has Been Skyrocketing Under President Biden: Research from the New York Federal Reserve Bank showed that inflation took off appreciably in 2021.
• Experts Have Been Sounding the Alarm Bells About Inflation: Even Former Obama-Biden Economic Advisor Jason Furman has said that recent inflation rose and will persist due to increased demand from excess savings built by the Democrats’ endless government checks from their $2 trillion so-called COVID “stimulus”. 

READ: San Francisco Federal Reserve Analysis Debunks White House Excuses on Inflation

KEY BACKGROUND:

• Inflation Outpaces Americans’ Wages: Inflation is outpacing wages and Americans are falling behind – paying at least $5,000 a year extra in higher costs from President Biden’s inflation tax.
• Democrats are Doubling Down on Crippling Tax Hikes: President Biden’s tax hikes would be shouldered by Main Street businesses and working families, and destroy at least 138,000 U.S. jobs.
• Rising Recession Risks: Worsening inflation is pushing the U.S. economy further into a wage-price spiral and has economists warning of rising recession risks.