Biden says 9.1% inflation rate ‘out of date,’ still blames Putin while offering futile 3-step plan that blasts GOP

(Video Credit: Fox Business)

Inflation hit a 40-year-high, coming in at 9.1 percent on Wednesday, and President Joe Biden immediately reacted by claiming the numbers were “out-of-date,” blaming Russia’s Vladimir Putin while pushing a doomed plan to combat rising prices.

The inflation number was much higher than analysts had expected for June and is the highest since 1981, according to the Consumer Price Index.

Biden declared that price increases were “unacceptably high” and then made the claim that the numbers were “out-of-date” due to a purported 30-day decrease in the cost of gas. He asserts that is not reflected in the data. Gas prices are still astronomically higher than when former President Trump was in office.

“While today’s headline inflation reading is unacceptably high, it is also out-of-date. Energy alone comprised nearly half of the monthly increase in inflation,” the president said, adding that the data does not reflect the “full impact” of the decreases in gas prices that are “providing important breathing room for American families.”

In other words, everything is fine.

The president attempted to palm off the bad news on “Putin’s unconscionable aggression” in Ukraine, intimating that it has disrupted global markets and supply chains. Not many Americans are buying that particular excuse anymore. He then turned to his old mainstay and blamed “COVID-related challenges” for the shocking inflation rate.

“Tackling inflation is my top priority – we need to make more progress, more quickly, in getting price increases under control,” Biden proclaimed before listing a three-part inane plan.

First on his list is lowering gas prices which is not feasible unless he allows energy producers in coal, oil, natural gas, and nuclear energy to once again enter the market. Because of Biden’s climate change agenda, he likely won’t do that, and attempting to bully gas station owners is a losing proposition.

Many believe Biden’s release of oil from our Strategic Reserves is dangerous. That oil is meant for a time of emergency or war. He’s mindbogglingly selling some of it to Europe and China while Americans suffer.

Next up is his goal of getting Congress to pass legislation that will lower prices on everyday items like groceries and prescription drugs. That sounds like government intervention into the market and it never ever ends well. See the Great Depression.

“I will urge Congress to act, this month, on legislation to reduce the cost of everyday expenses that are hitting American families, from prescription drugs to utility bills to health insurance premiums and to make more in America,” Biden said.

Finally, he is vowing to stop Republicans from raising taxes on working-class people. Conservatives are against raising taxes and it is the Democrats who are doing that. So, that step is a non-starter since it is sheer gaslighting and deflection.

“I will continue to oppose any efforts by Republicans – as they have proposed during this campaign year — to make things worse by raising taxes on working people, or putting Social Security and Medicare on the chopping block every five years,” he said.

In the White House’s statement, Biden once again claims that inflation is a global issue, but Americans see it as one that was manufactured by the president and his party in this country. It will be a moving force as the Democrats get thrashed in the midterms.

Energy is the primary sector that has led the way in inflation. Gas has soared 59.9 percent, according to the Bureau of Labor Statistics. Fuel oil costs have skyrocketed 98.5 percent. The average cost per gallon for gas nationally is still $4.63, according to AAA. Energy has increased 41.6 percent over the past year which marks the biggest jump since April 1980.

Upon hearing the news of the massive inflation spike, the Dow took a tumble and is currently down over 150 points. Earlier, it dropped more than 300 points on the news.

Meanwhile, Biden is urging Americans to stay calm which is hard to do when they can’t fill their tanks or keep food on the table.

“CPI delivered another shock, and as painful as June’s higher number is, equally as bad is the broadening sources of inflation,” Robert Frick, who is the corporate economist with Navy Federal Credit Union, stated according to Fox News. “Though CPI’s spike is led by energy and food prices, which are largely global problems, prices continue to mount for domestic goods and services, from shelter to autos to apparel.”

Despite the president’s assurances, Bank of America analysts are predicting that the Federal Reserve will move even more aggressively to tame inflation. They are likely to push the U.S. into a recession in order to cool off the economy, according to Fox Business. Some pundits are even predicting an impending depression.

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