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Carney: The Ukraine Crisis Is not the Cause of Inflation, High Gas Prices, and Supply Chain Issues

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You can see why Joe Biden’s friends want to blame Russia for U.S. inflation.
The American public’s approval of Joe Biden’s handling of the …

You can see why Joe Biden’s friends want to blame Russia for U.S. inflation. The American public’s approval of Joe Biden’s handling of the economy slipped a notch lower in February, according to the latest Gallup poll. It’s like someone has put a neon sign flashing #BIDENFLATION on the White House lawn. Now they’re scrambling everyone, trying to pull the plug. But this strategy of blaming Putin probably will not work for a simple reason: inflation was already soaring. Just 37 percent of Americans said they approve of Biden’s handling of the economy, down from 38 percent in November,46 percent in August, and 54 percent a year ago. Sixty-two percent say they disapprove of Biden’s handling of the economy. Inflation rose sharply last year and has continued to climb this year. In January, the Consumer Price Index hit its fastest pace of inflation in 40 years. Biden and his White House lost the confidence of the public by downplaying inflation and claiming it was likely to fall back down to tolerable levels. The Biden administration also attempted to pin the blame on inflation on corporate greed, a scapegoating that attracted the mockery of economists and fell flat with the American public who doubted that corporations had suddenly experienced a surge in greed after Biden’s election.

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