President Biden has blamed the COVID-19 pandemic, corporate greed and Russian President Vladimir Putin, but continues to deny his policies have contributed to record inflation.
of Ukraine has driven up gas prices and food prices all over the world," Biden said. "So everything is going up. We saw it in today's inflation data. Seventy percent of the increase in prices in March came from Putin's price hike in gasoline."
At the time, Biden was primarily blaming the COVID-19 pandemic’s effect on global supply chains and corporate greed for the rising costs. Less than two weeks after the invasion, Biden coined the phrase "Putin price hike" to further cushion the blow from rising inflation and energy prices. In addition to his energy policies, critics have also blamed Biden’s $1.9 trillion American Rescue Plan for the inflation crisis, arguing that the $1,400 stimulus checks sent to Americans overheated the economy. Just before the legislation passed in March 2021, former Obama economic adviser Larry Summers warned the plan could "set off inflationary pressures of a kind we have not seen in a generation.
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