Biden Gives Most Absurd Explanation of Inflation Ever

On Monday, Joe Biden again blamed Russian President Vladimir Putin and the COVID-19 pandemic for the rising inflation in America.

While praising his own administration, Biden noted he had “nothing to do” regarding the persisting pricing crisis.

Biden Gave Absurd Explanation of Inflation

Speaking to the National League of Cities Congressional Cities Conference, the president acknowledged the misery of Americans who are suffering from rising inflation.

However, he stated this is “the way the global economy works.” Last week, Biden solely put the blame of inflation on Putin; this time, he also emphasized the impacts of the pandemic on the economy.

According to him, if a chip manufacturing factory is closed in Taiwan, it results in a “ripple effect” all over the globe. This increases the prices in every corner of the world.

Furthermore, he added the supply chain of America is dependent on many countries; so the accumulative effect of the global disturbance was high, which resulted in inflation.

Labeling Putin the “second big reason” of inflation, Biden mentioned the Russian president moved his forces on the Ukrainian borders.

Biden Called Inflation a “Devil Like Never Before” 

As Biden got criticized for distributing free money among people using massive social spending policies, the president defended his American Rescue Plan, stating it is not the reason for the inflation. 

With inflation hitting a 40-year high in February, Biden noted, “something incredible is happening” and the United States of America is “seeing a revival like never before.”

According to the recently published Bureau of Labor Statistics, a significant increase of 7.9 percent was seen in the annual Consumer Price Index, while gas prices rose by 6.6 percent in February.

Biden banned Russian oil imports hesitantly, claiming that it would hit Americans’ pockets hard. However, the current president of the United States ignored the key demand of oil experts to increase domestic oil production of the country.

Biden warned that the ban would cost American families big time.

Two of the measures in which many lawmakers are emphasizing include lifting up oil and gas leases on federal lands and reinstating the Keystone XL pipeline, which could ease burdens on Americans.

Meanwhile, Russia is also pulling up its socks to disturb the supply market of wheat and sugar.

On Monday, the country banned grains for ex-Soviet nations. Russia majorly competes with Ukraine and the European Union in the wheat export market and is the largest exporter of wheat worldwide.

Although the ban is temporary, it is likely to impact the prices of basic food commodities globally.

According to the government official, the country has taken this measure to protect the needs of its own people, as the western world hit the country hard with sanctions.