MSNBC Economic Analyst and Former Obama Advisor Says It Isn’t Russia, ‘This is Biden’s Inflation’

Leia IdlibyMar 10th, 2022, 2:52 pm
 

Steve Rattner MSNBC

Former Obama economic adviser Steven Rattner has criticized President Joe Biden for blaming high inflation rates in the United States on Russia’s invasion of Ukraine.

“A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions,” Biden said on Thursday.

“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.”

Rattner, who had previously condemned Biden for blaming the rise in inflation on the supply chain crisis, responded to the President’s remarks in a Thursday tweet:

“Well, no. These are [Feb. numbers] and only include small Russia effect,” he wrote. “This is Biden’s inflation and he needs to own it.”

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.”

 

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