Biden Can't Pin Inflation on Putin

If Biden is looking to spread the blame for inflation evenly, he should look in the mirror.

- By Eric Boehm

HOURS AFTER THE federal government released data showing that inflation hit a 40-year high in March 2022, President Joe Biden said Russian President Vladimir Putin was responsible for 70 percent of the increase in prices.

Biden was partly right: Russia's invasion of Ukraine, which caused much of the world to reduce or stop purchases of Russian oil, contributed to a spike in gasoline prices, which in turn was a major factor in overall inflation in March. But the current bout of inflation-which hit 8.5 percent in March, the worst devaluation of the dollar since the early 1980s-predates Russia's invasion, and the underlying causes go beyond higher gas prices. If Biden is looking to spread the blame evenly, he should look in the mirror.