UPDATE: President Joe Biden again falsely contradicted Powell during his speech at the White House Wednesday afternoon. He also blamed oil companies for high prices.
Biden to companies that run gas pumps:
— Townhall.com (@townhallcom) June 22, 2022
"This is a time of war. Global peril. Ukraine. These are not normal times. Bring down the price you are charging at the pump to reflect the cost you are paying for the product. Do it now. Do it today." pic.twitter.com/1SCACLd8YO
Testifying in front of the Senate Banking Committee Wednesday, Federal Reserve Chairman Jerome Powell cut down the Biden administration's main argument and explanation for inflation.
"No, inflation was high, certainly before the war in Ukraine broke out," Powell said.
Jerome Powell says that war in Ukraine is NOT the "primary driver" of inflation, despite the Biden administration's claims suggesting otherwise. pic.twitter.com/xvbJpdqlat
— Townhall.com (@townhallcom) June 22, 2022
The comments came just hours before a planned speech at the White House from President Biden. On the official schedule, his remarks are previewed as, "The President delivers remarks on gas prices and Putin’s Price Hike."
The "Putin's price hike" narrative is used by administration officials multiple times per day and has been adopted by Democratic allies on Capitol Hill. The data, however, tells a different story. Inflation is a result of Biden's $1.9 trillion American Rescue Plan, which was passed solely by Democrats in early 2021.
Nothing “changes lives” faster than a national pay cut, courtesy of the American Rescue Plan. https://t.co/t11mseUqYT pic.twitter.com/x9ZRu0CUc4
— Matt Whitlock (@mattdizwhitlock) June 14, 2022
And while President Biden gets pummeled in the polls by inflation, Powell didn't have good news on that front either. Expectations are things will get much worse before they get better.
POWELL: "What we're looking for is compelling evidence that inflation is coming down, and we don't have that." pic.twitter.com/Tdvs98DOON
— Townhall.com (@townhallcom) June 22, 2022
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