Biden’s Own Fed Chair Throws Him Under the Bus on 1 of Biggest Inflation Lies Ever
President Joe Biden and his fellow Democrats have been attempting to blame sky-high inflation on Russian President Vladimir Putin for most of 2022.
However, a new video has effectively exposed this excuse as a lie.
On Thursday, The Washington Free Beacon shared a video of prominent Democrats blaming inflation in the United States on decisions made by Putin on the other side of the world.
Those who spouted this excuse included Biden, former White House Press Secretary Jen Psaki, current White House Press Secretary Karine Jean-Pierre, Energy Secretary Jennifer Granholm, Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo.
The damming part of the video comes at the end in a video clip taken from a Senate Banking Committee hearing on Wednesday.
“Would you say that the war in Ukraine is the primary driver of inflation in America?” Republican Sen. Bill Hagerty of Tennessee asked U.S. Federal Reserve Chair Jerome Powell.
Powell’s response flew directly in the face of the excuse Democrats have been pushing.
“No, inflation was high before, certainly before the war in Ukraine broke out,” Powell said.
Is Biden to blame for inflation?
Yes: 99% (2775 Votes)
No: 1% (16 Votes)
As the chair of the Federal Reserve, Powell’s job is to artificially adjust interest rates in an attempt to boost the value of the economy.
In artificially adjusting the value of the currency, one could argue Powell’s job is inherently dishonest. Even so, he was unwilling to accept the lie many Democrats have been pushing about the economy.
According to the Examiner, inflation was at 1.4 percent at the start of Biden’s presidency in January 2021.
By the time Russia invaded Ukraine in February 2022, inflation had already risen to 7.9 percent, the highest in the last 40 years.
The Biden administration has particularly sought to blame Putin for the rise in gas prices, which have skyrocketed under Biden.
According to Fox Business, the average price for a gallon of gas in America when Biden took office on Jan. 20, 2021 was $2.39. On June 4, it reached $4.81, meaning the price had officially doubled under Biden.
On Feb. 24, 2022, the day Russia invaded Ukraine, AAA reported gas had reached $3.54 per gallon in the U.S. This means even before Russia invaded Ukraine, gas prices rose $1.15 under Biden.
The average price peaked at $5.02 on June 14, according to AAA data. As of Sunday, it was $4.90 per gallon, still more than double the price on the day Biden took office.
Americans aren’t buying Biden’s excuses, and neither is Federal Reserve Chair Jerome Powell. That is not a good sign for Biden and the Democrats.