Biden’s Inflation Evasion

After Repeatedly Saying Rising Prices Were Temporary, Biden Is Now Desperately Trying To Deflect Blame For The Highest Inflation In 40 Years

BIDEN CAN’T EVADE RESPONSIBILITY FOR HIGH PRICES

• Americans and economists agree: Biden’s failed agenda is to blame for the highest inflation in decades.
  • According to a recent ABC News/Ipsos poll, 69 percent of Americans give Biden a thumbs down for his response to inflation, with just 29 percent approving.
  • 75 percent of Americans describe the economy as “not so good” or “poor.”
• On Biden’s watch, the Consumer Price Index surged by 7.5 percentcompared to last year – exceeding economists’ expectations and marking the largest annual increase in 40 years.
• Biden refuses to take responsibility for inflation, instead blaming high prices on “corporate greed” and the supply chain.
  • The truth is that Biden’s own economists behind closed doors admit that Biden’s “greed” argument is not true.
  • Obama’s former chief economist Jason Furman said “corporate greed is a bad theory of inflation.”
  • Obama’s former Treasury advisor Steve Rattner called Biden’s claims about the supply chain “dishonest,” instead blaming inflation on rampant government spending and the Federal Reserve.
• Instead of reversing course, Biden continues to downplay and dismiss the hurt of American families forced to pay more for nearly everything.

BIDEN’S BLAME GAME ON RISING PRICES ISN’T NEW

• For nearly a year, Biden dismissed and shifted blame for rising inflation.
  • In June, Biden downplayed Americans’ concerns about rising prices, saying inflation was going to “pop up a little bit then go back down.”
  • In July, Biden said price increases were “expected to be temporary,” there is “nobody suggesting there’s unchecked inflation on the way,” and that “it’s highly unlikely that it’s going to be long-term inflation that’s going to get out of hand.”
  • In August, the Biden administration tried to deflect blame away from Biden’s anti-energy agenda for historic gas price increases by calling for an investigation into “illegal activity” within the U.S. gas industry.
  • In September, Biden blamed the meat industry for high prices.

ECONOMISTS KNOW BIDEN IS TO BLAME FOR HIGH PRICES

• As Biden fails to take responsibility, even liberal economists know that he is to blame.
  • Former Obama economic adviser and Clinton Treasury Secretary Larry Summers said inflation indicators were “flashing red alarm,” laying the blame on Biden’s partisan $1.9 trillion stimulus bill.
  • Former IMF chief economist Olivier Blanchard warned that the stimulus could “overheat the economy so badly as to be counterproductive.”
  • Former president of the Federal Reserve Bank of New York Bill Dudley cautioned that the combination of post-pandemic demand and federal stimulus would lead to a “nasty” spike in inflation.
  • Obama’s chair of the Council of Economic Advisers Jason Furman talked about the damage of Biden’s stimulus package, calling it “too big.”
  • Treasury Secretary Janet Yellen even admitted the $1.9 trillion created inflationary pressure.

ECONOMISTS AGREE, BIDEN’S “BUILD BACK BROKE” AGENDA WILL ADD FUEL TO THE FIRE

• On top of his failed policies, Biden wants to further fuel inflation by passing his radical “Build Back Broke” agenda.
  • Biden continues to push his “Build Back Broke” agenda, falsely claiming that it will not add to inflation, is “fully paid for,” and will not raise taxes on middle-class families.
• Economists across the aisle aren’t buying what Biden is trying to “sell” and know that his radical plan will lead to even more inflation.
  • Manhattan Institute senior economist Brian Riedl said the bill would “fuel inflation.”
  • U.S. Chamber of Commerce Senior Economist Curtis Dubay said the bill will “undoubtedly worsen“ inflation.
  • The Committee for a Responsible Federal Budget’s Marc Goldwein said, “I expect inflationary pressures” from “Build Back Broke.”
  • Former Obama economic advisor Steven Rattner said, “The administration should come clean with voters about the impact of its spending plans on inflation.”
  • Former CBO Director Doug Elmendorf said Biden’s radical agenda “will tend to push up” inflation.
  • Former CBO Director Douglas Holtz-Eakin said “Build Back Broke” will create “some additional pressure on inflation.”
  • Bank of America’s Ethan Harris said Biden’s plan will “create even more price pressure.”