President Biden has assured the US public that he is fully aware of the ongoing economic crisis affecting households and low-income families, but who and what he thinks is primarily responsible for the rise in inflation has changed over time.
Biden recently made a concerted effort to blame the continued Russian invasion of Ukraine as the main source of economic turmoil in the United States, pointing to upset markets. However, according to Biden, Russia is only the latest in a series of causes for inflation and soaring gas prices.
From pandemic restrictions to supply chain disruptions and the Russian invasion of Ukraine, the Biden administration has been outspoken about the obstacles it believes are preventing it from getting the US economy back on track.
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When Biden took office in 2021, the coronavirus pandemic remained in full swing, many businesses still not fully open.
Efforts to restart economies, including through huge amounts of federal spending, have had unintended consequences, economists say. As consumers felt more encouraged to spend the money they received through government assistance or low-interest loans, and the introduction of vaccines encouraged people to return to restaurants, bars, and shops, increased demand it tested suppliers’ ability to keep up.
Rising inflation has led to rising prices for food, gas and other commodities, prompting many people to choose between digging deeper into their pockets or tightening their belts.
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Prices continued to rise, this time, in large part, because container ships would be blocked in ports and because unloaded goods were waiting for transport trucks, according to the Biden administration. This supply chain crisis has led to mass shortages and delays that have caused another wave of inflation that is longer than expected.
Ronald KleinYou White House Chief of Staff, was criticized online in October after he retweeted a post from a Harvard professor that summarized major economic issues as “high-class issues.”
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At a November press conference, Biden answered a question from a reporter how addressed by Rep. Abigail Spanberger, D-Va., who said, “Nobody elected him FDR, they elected him to be normal and stop the chaos.”
“If we all went out and had lunch together, and I said, ‘We ask whoever is at the next table, no matter what restaurant we’re in, to have us explain the supply chain.’ Do you think they would understand what we are talking about? ” Biden asked.
By the end of the year, the White House was making a victory lap, while Biden had “saved Christmas” thanks to his economic intervention and government spending on social programs.
The Biden administration released an “fact sheet” in December ahead of a meeting advertising what it called the strongest economic growth of any president in his first year in half a century, outlining “aggressive action to bring down the price of goods and gasoline for Americans “.
“From day one, President Biden has focused on reopening the economy and has taken aggressive action to lower the price of goods and gasoline for Americans,” the fact sheet stated. “The President’s Supply Chain Disruption Task Force has made significant progress in alleviating the bottlenecks that are rooted in the global pandemic.”
The paper said the administration is “moving record quantities of goods to keep shelves stocked” in an effort to meet “record demand.”
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As the US economy headed into 2022, with most of the supply chain problems related to the pandemic being resolved, inflation and gas prices continued to rise.
Following the invasion of Ukraine by Russian forces, the administration began to move away from obstacles to international trade and started pointing fingers at Russian President Vladimir Putin.
President Biden was widely criticized on social media this week after he told a reporter he “can’t do much right now” about the surge in gas prices in the United States while it also attributes the blame Russia.
“It will go up,” Biden told a reporter when asked about gas prices on Tuesday. “I can’t do much right now. Russia is responsible.”
Biden’s comment came as US gas prices hit record high.
At a press conference Thursday, Psaki again blamed the Russian invasion of soaring gas prices and economic inflation in the United States, but said experts expect the crisis to be “temporary”.
“We rely on the assessment of the Federal Reserve and external economic analysts who give an estimate of how long it will last,” said PSAKI. “The expectations and their assessment at this point are that they will moderate at the end of the year. There is also no doubt that when a foreign dictator invades a foreign country, and when that foreign dictator is the head of a country that is the third largest oil supplier in the world, which will have an impact.
Fox News’ Kyle Morris, Andrew Mark Miller, Audrey Conklin, and the Associated Press contributed to this report.