Advertisement

Fed Chair Blows Up Biden’s Putinflation Narrative

Federal Reserve Chairman Jerome Powell contradicted President Joe Biden on Wednesday, explaining the ongoing inflation crisis is not being driven primarily by Russian President Vladimir Putin.As recently as Monday, the Biden administration called the Ukraine war “the biggest single driver of inflation.“What did Powell say?While Powell testified before the Senate Banking Committee, Sen. Bill Hagerty (R‑Tenn.) asked Powell whether Biden’s narrative — that Putin and the Ukraine war are responsible for America’s inflation crisis — is true.“I realize there are a number of factors that play a role in the historic inflation that we’re experiencing: supply chain disruptions, regulations that constrain supply, we’ve got rising inflation expectations and excessive fiscal spending, But the problem hasn’t sprung out of nowhere,” Hagerty said. “In January of 2021, inflation was at 1.4%. By December of 2021, it had risen to 7% — a fivefold increase. Now, since the war in Ukraine began in late February, the rate of inflation has risen incrementally another 1.6% to a current level of 8.6%. So again, …

U.S. National Debt

The current U.S. national debt:
$30,568,582,029,058
Send this to a friend