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Fed Reserve Chairman Contradicts Biden…

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(RepublicanWire.org) – Federal Reserve Chairman Jerome Powell on Wednesday appeared to contradict President Biden’s repeated insistence that Russia’s invasion of Ukraine was the primary driver behind inflation in the U.S.

During a Senate Banking Committee hearing, Sen. Bill Hagerty, R-Tenn., got Powell to admit that inflation was high well before Russia’s Feb. 24 invasion of Ukraine. 

Hagerty noted that in December 2021, inflation has risen to 7% – up from 1.4% in January 2021, when President Biden took office. Since Russian tanks rolled across the border of Ukraine, inflation has risen incrementally to its current level of 8.6%. 

With these statistics stated, Hagerty asked Powell if he believed the war in Ukraine was the “primary driver” of inflation as the Biden administration has tried to portray.

Hagerty noted that in December 2021, inflation has risen to 7% – up from 1.4% in January 2021, when President Biden took office. Since Russian tanks rolled across the border of Ukraine, inflation has risen incrementally to its current level of 8.6%. 

With these statistics stated, Hagerty asked Powell if he believed the war in Ukraine was the “primary driver” of inflation as the Biden administration has tried to portray.

“No inflation was high … certainly before the war in Ukraine broke out,” Powell said. 

“I’m glad to hear you say that. The Biden administration seems to be intent on deflecting blame,” Hagerty said, noting that as recently as Sunday, the administration “spread the misinformation that Putin’s invasion of Ukraine was the ‘biggest single driver of inflation.’” 

“I’m glad you agree with me that that is not the truth,” Hagerty told Powell. 

Energy Secretary Jennifer Granholm was asked about Powell’s comments, and her response was to stick to the original spin no matter what — even after being informed about what the Fed chairman said earlier:

Granholm said that “the only way out of the current energy crisis is to diversify fuel sources through clean energy.”

To deflect, Granholm list the cost of gas in other countries. However, at the other end of the spectrum, Venezuelans pay just $0.08 for a gallon of gas, the cheapest prices on the planet. Libya and Iran also pay less than a dollar per gallon of gas, with petrol costing $0.12 and $0.20, respectively.

Individual countries actually have some control over their gas prices via government policies. Since countries and gasoline retailers purchase gas on the open market, the biggest factor driving prices at the pump is the amount of taxes and fees that countries place on gas, or the amount that countries subsidize gas prices.

One of the reasons gasoline costs so much right now is, the Biden administration has waged a war on fossil fuel.  Biden’s unwillingness to reverse course on his administration’s commitment to put the American oil-and-gas industry out of business is at the consumer’s expense.

Samantha is a proud patriot living in central Pennsylvania. She is a mother of three, a lifelong Christian, and the wife of a soldier who is currently defending our country from evil.

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