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Biden takes victory lap for millions of new jobs, but insists inflation is ‘largely the fault of Putin’

March 12, 2022 | | Print Article

President Joe Biden spoke at the House Democratic Caucus Issues Conference on Friday and took a victory lap for the success of the American Rescue Plan, millions of new jobs, and GDP growth, while shortages hit corner stores, gas prices reach staggering heights and the threat of World War III hangs over the heads of every American in the nation.

The one thing the president was not responsible for, according to his own estimation, is inflation. Printing and spending trillions of dollars definitely hasn’t led to inflation, and Biden’s really sick of hearing people say it has.

“I’m sick of this stuff,” an angry Joe exclaimed. “We have to talk about it, because the American people think the reason for inflation is the government is spending more money. Simply not true.”

No, of course not. What were Americans thinking?

If you didn’t buy it, it may have been Biden’s delivery.

No, inflation is the fault of the COVID-19 pandemic, which started before Biden took office, and now, it’s Russian President Vladimir Putin’s fault, no matter what those Republicans are saying.

“Make no mistake, inflation is largely the fault of Putin,” Biden stated. “I love — you know, the Republicans are saying it’s ‘Biden’s gas pipeline.’ ‘Biden said he’s going to stop the Keystone Pipeline…’ — and I did — ‘…and that’s the reason prices went up.'”

“Folks, let’s get something straight here: The Keystone Pipeline was two years away,” he continued. “It had been 2 percent finished. Give me a break. Give me a break.”

Biden then claimed there are “over 7,000 permits to dig oil if they want” and the oil companies aren’t pumping it because they are too busy buying back their own stock.

“Rather than spend the profits on the increased price of gasoline, they would rather take those profits and buy back stock –buy back their own stock, rather than take that money and invest it in pumping new oil,” Biden claimed, adding, “Not a joke. Not a joke.”

“So don’t tell me gas prices rose because I’ve slowed down the American energy production,” Biden stated.

What Biden didn’t mention was the effect of his administration’s commitment, along with much of the Western world’s, to clean, green, energy and punishing those who do not share their passion.

In an article for Forbes Advisor entitled, “Why Is The Price Of Oil Rising?” Taylor Tepper writes that “there’s a large push by some of the world’s largest institutional investors, including BlackRock, to steer investment toward companies with low levels of environmental, social and governance (ESG) risk. That’s moved money away from oil and gas producers when those dollars would help increase production.”

“Underinvestment because of ESG is one of the confluence of issues causing the price to increase,” said Jack McIntyre, a portfolio manager at Brandywine Global.

And while the President did vow to “continue to stand up to meet” climate change, calling it one of “the great challenges of our time,” nowhere in his speech did he mention ESG scores or the pressure companies are feeling to comply with green policies, often to the detriment of consumers.

And it is these kinds of half-truths and omissions that paved Biden’s victory lap in a speech that would take hours to properly unpack.

As one user on Twitter wondered, “Where’s Twitter to label Biden’s speech here as ‘misinformation’?”

Great question, Chief.

We’ll wait…

Melissa Fine
Latest posts by Melissa Fine (see all)

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