Inflation in America just hit 9.1%, the highest in four decades. The narrative surrounding the crisis has been long and winding.
First, inflation concerns were dismissed. Then, when the numbers started to creep, the administration and Treasury said that the inflation was temporary. Shortly after, inflation was undeniable, and U.S. officials said it was no longer temporary. Some media outlets even claimed inflation would benefit the ‘too-hot’ economy.
The same shape-shifting narrative is happening for recession claims too. While most mainstream outlets claim the country isn’t in one, it sure feels like it for most Americans feeling the pain.
The Biden Administration isn’t taking responsibility, nor did they try to get ahead of the problem. Instead, they’re shifting blame. Biden calls the high gas prices and inflation ‘Putin’s price hike.’
"Putin's invasion of Ukraine has driven up gas prices and food prices all over the world," Biden said. "So everything is going up. We saw it in today's inflation data. Seventy percent of the increase in prices in March came from Putin's price hike in gasoline.” Read more.
Big picture. The current administration has been unwilling to get ahead of these crises. Some see it as a political play where Biden can’t afford to take the blame for the disastrous economy. Others see it as general incompetence. Regardless of the why—at this point, both Republicans and Democrats alike agree on Biden’s failure.