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U.S. blames ‘global challenges’ for record inflation – Reuters


The White House insisted on Tuesday that “World challenges” like the conflict in Ukraine, not the policies of President Joe Biden, were responsible for inflation in the United States. Biden’s press secretary, Karine Jean-Pierre, said the economy is doing better than historically and the government and its experts feel in a situation “good position” to start tackling the problem.

“What we are facing right now are global challenges,” Jean-Pierre told ABC Good Morning America in an interview on Tuesday, saying the US economy was in crisis when Biden took office. Only Democrats voted for his US bailout, she said, and “That puts us in a situation where we are in a stronger economic position to deal with inflation.”

Jean-Pierre echoed that remark later in the day, during the White House press briefing dominated by actor Matthew McConaughey’s gun control speech.

“What we’re trying to say, what I’m trying to tell you, is that the economy is doing better than it has been historically,” she told reporters.

Jean-Pierre also doubled down on the White House’s claim that gas prices have risen due to Russian actions in Ukraine, listing other countries where this has also happened – all of which have imposed sanctions on Moscow. .

“I also want to add – because it’s really important for people to understand and point out that similar issues are happening around the world. In the EU gas is $8.15 per gallon. It’s increased by $1.74 In Germany, gas is $8.88 per gallon, up $2.16 In Canada, gasoline is $6.23 per gallon, up $1.93 », she told reporters.

It is a global challenge. It’s something that everyone feels around the world.

Johnny Joey Jones, Fox News contributor and U.S. Navy veteran checked Jean-Pierre, pointing out that American gas prices had risen from $2.09 to $3.30 before the events in Ukraine, “and the embargoes didn’t start when the war started.”

“It’s just hot garbage”, Republican strategist Matt Whitlock commented at Jean-Pierre “best place” claim, call him “word salad.” Whitlock pointed out that the United States has suffered from high inflation for 40 years and faces a looming recession, with Biden not creating a single new job from the 2019 record, simply recovering some lost due to Covid-19 lockdowns. .


Part of Biden’s plan to fight inflation is to give the Federal Reserve “a little space, a certain independence because they have the most impactful tools,” Jean-Pierre told GMA. The Fed’s most recent decision was to raise the base interest rate last month.

On Capitol Hill, however, Treasury Secretary Janet Yellen was making a different argument. The Fed’s monetary policy must be complemented by the “appropriate fiscal stance” to reduce inflation without undermining the labor market, she told the Senate Finance Committee.

“We are currently facing macroeconomic challenges, including unacceptable levels of inflation, as well as the headwinds associated with the disruptions caused by the effect of the pandemic on supply chains, and the effects of disruptions in the supply in oil and food markets resulting from Russia’s war in Ukraine,” Yelen said.


U.S. blames ‘global challenges’ for record inflation – Reuters

The White House has tried for months to blame Russia for skyrocketing gas prices, calling it a [Russian President Vladimir] “Putin’s Price Rise” but polls show most Americans disagree. In April, Biden himself “retrograde” Russia is the second culprit, admitting that Covid-19 lockdowns were the primary cause of inflation.

In a TV interview last week, the Russian president pointed the finger at US central bankers who printed $5.9 trillion in less than two years.

“Apparently the US financial authorities assumed that since the dollar is the global currency, as it once was, it would dissipate throughout the global economy and not be noticeable in the United States. It turned out that was not the case,” says Putin.

U.S. gasoline prices hit a new record high on Tuesday, averaging $4.92 a gallon ($0.769 a liter) for regular fuel, up $0.30 over the week last and $1.87 over the same period last year, according to AAA.




RT

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