(Molly Bruns, Headline USA) The Biden administration is once again attempting to push the “Putin’s price hike” excuse for rising inflation rates—but this time, President Biden’s account tweeted the disinformation trope just after the Federal Reserve chairman admitted that Russia is not to blame.
Fed Chair Jerome Powell declared that Russia’s invasion of Ukraine is not to blame for rising consumer prices, according to the Daily Mail.
I’m doing everything I can to blunt the Putin Price Hike and bring down the cost of gas and food.
I led the world to coordinate the largest release from global oil reserves in history, and I’m working to get 20 million tons of grain out of Ukraine to help bring down prices.
— President Biden (@POTUS) June 22, 2022
“I’m doing everything I can to blunt the Putin Price Hike and bring down the cost of gas and food,” Biden wrote in a tweet, continuing to pat himself on the back for his “achievements.”
“I led the world to coordinate the largest release from global oil reserves in history, and I’m working to get 20 million tons of grain out of Ukraine to help bring down prices.”
However, earlier that day, Powell publicly acknowledged that inflation was “certainly high” before the invasion of Ukraine.
“Would you say that the war in Ukraine is the primary driver of inflation in America?” Senator Bill Hagerty, R-La., asked Powell.
“No. Inflation was high before, certainly before the war in Ukraine broke out,” the Fed chair said.
Continuing, Powell explained that U.S. inflation rates were more complicated than simply Putin’s influence.
“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,” he said.
“Ours is more about demand. I would say that for most of the others, theirs is more about energy prices and things like that.”
