The Biden Administration blame game is not backed up by the facts.
Federal Reserve Chairman Jerome Powell admitted that inflation was high before the Russia-Ukraine war broke out.
Federal Reserve Chairman Jerome Powell on Wednesday broke with President Biden’s repeated attempts to blame Russian President Vladimir Putin’s invasion of Ukraine for the highest inflation in 40 years.
Powell, confirmed last month to a second term as chairman, explained to the Senate Banking Committee that “inflation was high before” the Feb. 24 Russian invasion of Ukraine, which increased global food and energy prices.
No, inflation was high before — certainly before the war in Ukraine broke out,” Powell said.
“I’m glad to hear you say that,” Hagerty replied. “The Biden administration seems to be intent on deflecting blame and as recently as just this past Sunday spread the misinformation that Putin’s invasion of Ukraine is the ‘biggest single driver of inflation.’ I’m glad you agree with me that that is not the truth.”
Q: “Would you say that the war in Ukraine is the primary driver of inflation in America?”
Fed Chair Powell: “No. Inflation was high before, certainly before the war in Ukraine broke out.” pic.twitter.com/hu69s1ELoF
— RNC Research (@RNCResearch) June 22, 2022
The facts show it is the policies of the Biden administration that has caused inflation.
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