Former Obama advisor Steven Rattner has set the record straight after President Biden attempted to blame Russia for today’s Labor Department report.
Inflation reached 7.9% in February, which Biden attempted to attribute to “an increase in gas and energy prices as markets reacted to Putin’s aggressive actions.”
He continued, “As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war, but Americans can know this: The costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing.” (RELATED: ‘Out of Control’ Inflation Shatters Another Record)
However, the timing of Russia’s invasion and America’s sanctions mean the February data wasn’t much, if at all, impacted by the Russia-Ukraine war.
Rattner noted as much in a short but effective tweet.
Mediaite’s Leia Idliby notes:
Rattner’s tweet highlights the fact that Biden did not impose sanctions on Russia until the last week of February, meaning that Putin’s war is only partially responsible for the surges Americans have faced for the past year.
According to a Thursday report from the Labor Department, consumer inflation jumped 7.9 percent over the past year.
“The increase reported Thursday by the Labor Department reflected the 12 months ending in February and didn’t include the oil and gas price surges that followed Russia’s invasion of Ukraine on Feb. 24,” ABC News reported. “Since then, average gas prices nationally have jumped about 62 cents a gallon to $4.32, according to AAA.”
Rattner’s tweet also comes after the White House shared a video of press secretary Jen Psaki explaining that Biden’s ban on Russian oil has largely contributed to the rise in gas prices, as the United States is attempting to become “energy independent.”
So, what do you think? Will the White House’s spin on inflation and gas prices help Democrats in the midterm elections or will most voters see through the latest ruse? As always, tell us below!
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They are a bunch of fools and liars. Striving to be energy independent. We were energy independent until that fool who thinks he is president shut off the drilling. He does what he is told but who is telling him. That would be a good question. Those words came out of his mouth when he said they told me not to take questions.
For God’s sake Joe, just put this country back the way you found it.