Senate Democratic candidates in key swing states are trying to blame skyrocketing inflation, which peaked at a new 40-year high last month due to the Russia-Ukraine crisis and corporate greed, despite months of warnings by economists that massive government spending has heated up the economy.
According to a new Labor Department report released on Tuesday, the consumer price index rose 8.5% in March, the fastest rise since inflation hit 8.4% in January 1982. The Biden administration continues to blame rising prices on the Russia-Ukraine crisis, rising prices and supply-chain issues, while Republicans blame Biden’s pro-US position on foreign oil markets and his $ 1.9 trillion U.S. recovery plan. For boosting the economy with $ 1,400 incentive tests sent to Americans.
Vulnerable Democrats are now backing down policies in favor of raising gas prices.
Former North Carolina Supreme Court Judge Cherry Beasley, a Democratic Senate candidate for the state of North Carolina, on Friday criticized large corporations for making “record profits” as North Carolinians suffer from rising inflation.
During a campaign event in Hertford County, Beasley said: “Two things we need to keep in mind is that this epidemic certainly created a whole new environment for us around supply chain issues.” Since then, the war with Putin in Ukraine has created a full-blown sense of pressure that is also affecting rising costs. . “
Representative Wall Demings, a Democrat, sen. Marco wanted to sack Rubio, severely criticizing the “big companies” for expelling independent shops and food producers from the market.
“Meanwhile, corporate profiteers have used the pretext of raising prices — not because they want it or because they have the best product, but because they can. This is wrong. They make record profits when working families struggle,” he said. Said in a January press release. “It’s simple: corporate monopolies have caused prices to rise and shelves to be empty.”
Sen. of New Hampshire, one of the Democrats’ senators heading to the midterm elections. Maggie Hassan has repeatedly blamed inflation on issues related to COVID-19 affecting supply chains, while squeezing trillions of dollars into President Biden’s new government spending. But the built-back Better plan failed.
“At the end of the day, this is what we’re asking economists to do.
“As long as there is an epidemic, we are going to see these disruptions in the supply chain, especially around production and transportation,” Hassan said in December. “The economic plan we’m looking at now, the House passed one, the Senate is not going to pass exactly what the House did. It’s a 10 year plan. It’s being paid. It is being paid. Taxes cannot be avoided by millionaires and big corporations.”
Sen. of Arizona. Hassan recently joined other Democrats in this year’s re-election, including Mark Kelly, Nevada’s Catherine Cortez Masto and Georgia’s Rafael Warnock. He tried to reduce prices by proposing a temporary gas tax holiday of 18.4 cents. A gallon of federal tax through the Middle Ages.
Warnock similarly blamed the rise in prices on “the business practices of some of the most influential companies in our economy,” and Cordes Masto, like many Democrats, argued that higher government spending would not increase inflation.
Meanwhile, despite rising inflation before Russia invaded Ukraine in February, the White House has coined the phrase “Putin’s price rise” in an attempt to further shift the blame on the Biden administration.
Former Obama economic adviser Steven Ratner criticized the White House message in a tweet last month, saying Biden should “own” his role in the inflation crisis.
For a year now, economists have been warning that Biden’s U.S. recovery plan could boost the economy. In February last year, Larry Summers, Obama’s former economic adviser, said the plan “could cause inflationary pressures we have not seen in a generation.”
In November, Biden acknowledged that his own law had contributed to the crisis, saying that trigger checks were partly due to consumer demand rather than the supply of goods.
“The paradox is that people now have more money because of the first big law I passed,” Biden said at the time. “It changes people’s lives, but what happens if there is nothing to buy and what happens if you have more money to compete to get it? [goods]? That fact must be taken into account. “
Biden’s own economic advisers also reportedly opposed the idea that corporate greed was an issue. In February, members of the White House Economic Advisory Council pushed back against the administration’s claims that inflation was linked to corporate integration and monopoly power, the Washington Post reported.
The labor sector on Tuesday, excluding more volatile measurements of food and energy, saw so-called core prices rise 6% in January over the previous year – the sharpest increase since December, up 5.5%.
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Following the Department of Labor report, the White House continued to blame Russia for the price increase, authorizing the sale of E15 petrol in the United States this summer in an attempt to expand Americans’ access to affordable fuel supplies.
“The president is committed to doing all he can to alleviate the pain Americans are experiencing at the pump as a result of Putin’s price rise,” the White House said Tuesday.