Issues & Insights
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Four Charts Prove Biden Is Lying About Putin And Inflation

As inflation has continued to climb, so have the number of President Joe Biden’s excuses for why he’s not to blame. First, it was a “transitory” effect of the economy rebounding from COVID lockdowns. Then it was the result of supply chain problems because ports didn’t operate 24/7. Then it was due to a lack of competition among beef suppliers. Then it was greed. Now he’s settled on Vladimir Putin.

None of it is true. But the White House is so determined to take advantage of Russia’s invasion of Ukraine it invited TikTok “influencers” to propagandize them. The mainstream press had already fallen in line, delivering stories about why Biden is not at fault. (The New York Times, for example, ran a “fact check” headlined: “Republicans Wrongly Blame Biden for Rising Gas Prices.” An analysis by Fox News found that MSNBC, CNN, and PBS were embracing Biden’s “blame Putin” talking points in their news stories.)

But Biden is to blame. He set off the current inflationary spiral with the $2 trillion “rescue plan” he and his fellow Democrats jammed through at the start of 2021. They claimed the money was desperately needed to get the economy back on track (it wasn’t) and dismissed warnings from even liberal economists that dumping all that money (while paying people not to work) at a time when the economy was rapidly rebounding would spark an inflationary spiral.

Former Obama administration economist Larry Summers rang the warning bell in early 2021, saying that the $2 trillion splurge could “set off inflationary pressures of a kind we have not seen in a generation.” Biden’s top economist, Jared Bernstein, said Summers was “flat-out wrong.” (Bernstein is still employed by this administration, and no one that we know of has issued a public apology to Summers for the vicious attacks hurled against him.)

But lest you doubt that Biden, not Putin, is to blame for the pain at the pump, at used-car lots, at grocery stores, and everywhere else these days, we present four charts below that make it clear that price spirals started long before Russia’s troops moved into Ukraine – and in fact began to accelerate right at the time Biden was signing his “American Rescue Plan” into law.

Take a look and judge for yourself whether Biden is being honest about why inflation, which hasn’t been a problem in four decades, is suddenly reaching into Carter-era heights – just as economists such as Summers predicted.

Source: Bureau of Labor Statistics. Issues & Insights chart.
Source: Bureau of Labor Statistics. Issues & Insights chart.
Source: Bureau of Labor Statistics. Issues & Insights chart.
Source: Bureau of Labor Statistics. Issues & Insights chart.

— Written by the I&I Editorial Board

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I & I Editorial Board

The Issues and Insights Editorial Board has decades of experience in journalism, commentary and public policy.

3 comments

  • “Now he’s settled on Vladimir Putin.”
    President Biden confidently states that [Fill in the Blank] is responsible for [Fill in the Blank]. What does the ever Loyal and Liberal Washington Post say about this? Washington Post March 8, 2022 “Biden campaign pollster celebrated Russia’s invasion of Ukraine as “good news” for the Democrat Party because Russian President Vladimir Putin can be blamed for the record-high gas prices. The good news is we now have a very specific reason for rising gas prices and a specific villain,” (Despicable and Democrat both start with ‘D’.)

    • How fortuitous for the Democrats that Putin decided to invade Ukraine, just now. It is almost as if Biden has some influence on foreign affairs. Or perhaps Putin felt sorry for him, watching him dig himself further into a zombie grave , and decided to give another despot a helping hand.

  • Please note that gas prices started going up rapidly as soon as Biden won the election. This is because everybody knew that Biden was going to constrict the flow of oil in this country, driving prices up.

    What Biden is also being dishonest about is that he’s doing everything he can. He isn’t. What he isn’t telling you is that in March 2020, the US was producing 1,500,000 more barrels of oil per day than it is today. And that production was increasing. If Biden gave a damn about ordinary Americans, he’d do what he could to get us back to that point. But he won’t. He’d rather lie about it and blame someone else.

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