Testifying in front of the Senate Banking Committee Wednesday, Federal Reserve Chairman Jerome Powell cut down the Biden administration’s main argument and explanation for inflation.
“No, inflation was high, certainly before the war in Ukraine broke out,” Powell said.
The comments came just hours before a planned speech at the White House from President Biden. On the official schedule, his remarks are previewed as, “The President delivers remarks on gas prices and Putin’s Price Hike.” The “Putin’s price hike” narrative is used by administration officials multiple times per day and has been adopted by Democratic allies on Capitol Hill. The data, however, tells a different story. Inflation is a result of Biden’s $1.9 trillion American Rescue Plan, which was passed…Read more here.