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Biden Blames Inflation on Putin's Price Hikes

John Galt

Updated: March 11, 2022

get back to price stability
Editor’s Note:

EDITOR'S NOTE: For Biden supporters and haters alike, the president’s position toward inflation can be called “shaky” at best; his seeming grasp of it, more like subpar. Nobody can refute CNBC’s Rick Santelli’s harsh criticism of Biden: "First it was transitory," he said. "Then ‘inflation is good.’ Then we went to corporate greed, now we're at Putin." Excuses, excuses…right? From transitory inflation to Putin’s price hikes. Still, we can’t place total blame for our inflationary woes on Biden, even if you’re not a big fan. Because if you did, then you would neglect the years of loose monetary policy leading up to the inflationary condition we’re facing today; one that’s gone haywire. But notice how the mainstream media’s treatment of the Fed is similar to that of a doctor treating a patient. They fail to even hint at the role that the Fed played in creating the illness it’s now aiming to cure. Sadly, such a concept is too difficult for many Americans to grasp. Perhaps we can blame the Biden administration for its ignorance toward all-matters-economic. But, how’s Biden all that different from most Americans who, sadly, can’t see the big picture? The bottom line is that economic instability is the rule; mass economic ignorance defines the zeitgeist. Fortunately, the “safe-haven” hedge is much simpler to understand. It comes in the form of two physical metals, one yellow and the other white.

'Now we're at Putin,' Santelli said.

CNBC's Rick Santelli analyzed the increase in inflation in the U.S. by questioning President Biden's many explanations for the economic issue that is causing Americans to look twice at their budgets.

"Lets hearken back to all the things we've been through," Santelli, a CNBC Business News editor, said during a "Squawk Box" segment after saying that nothing was "more politicized than inflation." 

"First it was transitory," he said. "Then ‘inflation is good.’ Then we went to corporate greed, now we're at Putin."

putin's price hikes cause high gas prices posted at a full service gas station in Beverly Hills, California, on Nov. 7, 2021.

High gas prices are posted at a full service gas station in Beverly Hills, California, on Nov. 7, 2021. (AP Photo/Damian Dovarganes)


"Listen, it's probably all the above, but no matter how you slice it, it's all about commodities for the most part. And king commodity is energy and most people in the United States are reminded of that, about what, every three to four days when they go fill up their tanks," Santelli continued. 

Inflation hit another 40-year high Thursday as it rose 7.9% in February. Though prices rose in nearly every category of goods, gas jumped 6.6%, which accounts for almost a third of the price increases. Fruit and vegetable prices climbed 2.3%, which is the largest monthly increase since 2010.

Biden put the blame on Russian President Vladimir Putin for inflation, as he has for rising gas prices in recent days. Biden tweeted Thursday that the inflation report was a "reminder that Americans' budgets are being stretched by price increases and families are starting to feel the impacts of Putin's price hike."

Biden reiterated again hours later that a large contributor to inflation was "an increase in gas and energy prices as markets reacted to Putin's aggressive actions." He said he was fighting to bring the prices down. 



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