On Thursday, MSNBC economic commentator and former Obama adviser Steven Lawrence Rattner chastised President Biden for claiming that Russian President Vladimir Putin’s war in Ukraine is to blame for the country’s increasing inflation.
‘This is Biden’s inflation, and he must accept responsibility for it,’ says Steven Lawrence Rattner.
In a statement released on the same day, Biden reacted to the Labor Department’s shocking consumer price index report, attempting to blame Putin for the 7.9% increase in consumer prices over the previous year.
“Today’s inflation report serves as a warning that price rises are straining Americans’ finances, and families are beginning to feel the effects of Putin’s price hike,” the statement stated. “A spike in gas and energy costs this month contributed significantly to inflation as markets reacted to Putin’s assertive tactics.”
“As I’ve said from the beginning, there will be costs at home as we impose severe sanctions in response to Putin’s unjustified war, but Americans can rest assured that the penalties we’re placing on Putin and his cronies are far more destructive than the losses we’re enduring.”
In a tweet on Thursday, Rattner slammed Biden’s words, pointing out that the administration’s sanctions on Russia, which were implemented last month, would only account for a small portion of the catastrophic inflation statistic that reflects the previous twelve months.
Well, no. These are Feb #’s and only include small Russia effect. This is Biden’s inflation and he needs to own it. https://t.co/WsJjn6picV
— Steven Rattner (@SteveRattner) March 10, 2022
According to the Associated Press, the price increase covered the 12-month period ending in February and did not include the oil and gas price spikes that followed Russia’s invasion of Ukraine at the end of February. According to AAA, average gas prices have risen nearly 62 cents a gallon to $4.32 since then.
Rattner said in a scathing New York Times opinion piece that Biden’s attempt to escape accountability for a situation he caused was “dishonest, simple, and deceptive.”
He wrote at the time, “Blaming inflation on supply lines is like complaining that your sweater is keeping you too warm after you’ve added three logs to the fireplace.”