{"id":1369441,"date":"2022-03-10T09:18:19","date_gmt":"2022-03-10T14:18:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1369441"},"modified":"2022-03-10T14:21:03","modified_gmt":"2022-03-10T19:21:03","slug":"biden-now-blames-putin-for-record-setting-inflation-obamas-car-czar-others-say-not-so-fast","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-now-blames-putin-for-record-setting-inflation-obamas-car-czar-others-say-not-so-fast\/","title":{"rendered":"Biden Now Blames Putin For Record-Setting Inflation; Obama\u2019s Car Czar, Others Say, \u2018Not So Fast\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-now-blames-putin-for-record-setting-inflation-obamas-car-czar-others-say-not-so-fast%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1369441&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/03\/Joe-Biden-Vladimir-Putin.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>On Thursday, President Joe Biden blamed decades-high inflation plaguing America on Russian President Vladimir Putin\u2019s recent invasion of Ukraine. Immediately, two notable economists from both ends of the political spectrum explained why Biden is dead-wrong in that assertion.<\/p>\n<p>John Tamny, director of the center for economic freedom at FreedomWorks, told The Daily Wire that the president is confusing \u201crising prices\u201d vs. \u201cinflation\u201d and that the commander-in-chief has many avenues he can use to tackle both. Even former President Barack Obama\u2019s car czar, Steven Rattner, claimed that Biden needed to \u201cown\u201d the inflation and quit blaming Putin.<\/p>\n<p>Fox News <a href=\"https:\/\/www.foxbusiness.com\/economy\/consumer-price-index-inflation-february-2022\">reported<\/a> on Thursday that, \u201c<a href=\"https:\/\/www.foxbusiness.com\/live-news\/stocks-today-3-10-2022\" target=\"_blank\" rel=\"noopener\">Inflation<\/a> hit a fresh 40-year high in February, largely driven by higher gas prices.\u201d Fox added that it was the highest inflation in 40 years:<\/p>\n<div class=\"ad-container desktop ad-h-50 ad-w-300\">\n<blockquote>\n<p><em>The consumer price index climbed 7.9% on an annual basis, according to data released on Thursday by the Bureau of Labor Statistics. Month over month, inflation rose 0.8%.<\/em><\/p>\n<\/blockquote>\n<\/div>\n<blockquote>\n<p><em>The year-over-year reading is in line with estimates and compares with an annual 7.5% jump in January, marking the fastest increase since February 1982, when inflation hit 7.6%.<\/em><\/p>\n<\/blockquote>\n<p>In response, to the economic news, Biden <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/03\/10\/statement-by-president-biden-on-consumer-price-index-in-february\/\">issued a statement<\/a> claiming that the inflation was in due to sanctions and other problems caused by Putin\u2019s war overseas. The president did, however, try to claim credit for the \u201cgood\u201d economic news by saying that the <span class=\"s1\">\u201ceconomic data tells the tale of two recoveries.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cOur jobs recovery remains strong. New unemployment claims remain low, as jobs are created at a record level. The rate of people on unemployment insurance is the lowest since 1970 \u2013 more than 50 years,\u201d he added. \u201cAnd, private sector job growth is strong, boosted by the steps we took in the American Rescue Plan a year ago this week.\u201d\u00a0<\/span><\/p>\n<p>In January, The Daily Wire <a href=\"https:\/\/www.dailywire.com\/news\/the-dollar-drops-as-inflation-rises-heres-what-that-means-for-your-wallet\">reported<\/a> why those numbers are worse than they seem due to things costing more and the dollar stretching less:<\/p>\n<blockquote>\n<p><em>On Wednesday, the Bureau of Labor Statistics reported that in December consumer prices\u00a0<a href=\"https:\/\/www.dailywire.com\/news\/breaking-inflation-rises-7-in-december-over-previous-year-fastest-rise-in-almost-40-years\">rose<\/a>\u00a0by 7% over the previous year \u2014 the highest rate in roughly 40 years. Likewise, \u201creal average hourly earnings\u201d \u2014 which consider the effect of inflation \u2014\u00a0<a href=\"https:\/\/www.dailywire.com\/news\/in-2021-inflation-gave-the-typical-american-a-2-4-pay-cut\">decreased<\/a> by 2.4% from December 2020 to December 2021, starkly cutting the purchasing power of American consumers.<\/em><\/p>\n<\/blockquote>\n<p>Nonetheless, Biden found a new culprit for inflation: Putin.<\/p>\n<p>\u201cAt the same time, today\u2019s inflation report is a reminder that Americans\u2018 budgets are being stretched by price increases and families are starting to feel the impacts of Putin\u2019s price hike,\u201d Biden said in a statement. \u201cA large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin\u2019s aggressive actions.\u201d<\/p>\n<p>\u201cAs I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin\u2019s unprovoked war, but Americans can know this: the costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing,\u201d Biden attempted to reassure Americans.<\/p>\n<p>A keen observer would not inflation had been going up since <em>before\u00a0<\/em>sanctions were put in place. In response, Rattner tweeted, \u201cWell, no. These are Feb #\u2019s and only include small Russia effect. This is Biden\u2019s inflation and he needs to own it.\u201d<\/p>\n<p>As The Washington Examiner <a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/obama-car-czar-blames-biden-not-putin-for-inflation-and-skyrocketing-gas-prices\">reported<\/a>, Rattner was \u201cthe lead adviser on former President Barack Obama\u2019s Task Force on the Auto Industry\u201d:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Well, no. These are Feb #&#8217;s and only include small Russia effect. This is Biden&#8217;s inflation and he needs to own it. <a href=\"https:\/\/t.co\/WsJjn6picV\">https:\/\/t.co\/WsJjn6picV<\/a><\/p>\n<p>\u2014 Steven Rattner (@SteveRattner) <a href=\"https:\/\/twitter.com\/SteveRattner\/status\/1501950599339802633?ref_src=twsrc%5Etfw\">March 10, 2022<\/a><\/p>\n<\/blockquote>\n<p>In addition to that, Tamny said that Biden was fundamentally misunderstanding the problem.<\/p>\n<p>\u201cThere is an ocean of difference between rising prices and inflation. Inflation is a decline in the value of the dollar. If Biden wants to arrest inflation, the answer is simple: communicate through Treasury the importance of a strong dollar.\u201d<\/p>\n<p>\u201cAs for high prices born of global strife, including Ukraine, Biden would be wise to cease using the latter as an excuse to meddle in the markets,\u201d Tamny advised. \u201cIf so, he\u2019ll quickly realize that high prices always and everywhere precede lower prices due to the unchangeable law of supply and demand.\u201d<\/p>\n<p><em>The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire.<\/em><\/p>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a\u00a0<a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Thursday, President Joe Biden blamed decades-high inflation plaguing America on Russian President Vladimir Putin\u2019s recent invasion of Ukraine. Immediately, two notable economists from both ends of the political spectrum<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1369441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1369441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1369441"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1369441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1369441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1369441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1369441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}