According to the Washington Post on Wednesday, President Joe Biden blamed his aides for the country’s 40-year-high inflation.
As per Bloomberg, growing prices will cost American households an extra $5,200 in 2022, or $433 per month. As a result, Biden is allegedly concerned that rising costs are damaging his political standing.
Rather than taking responsibility for the price spikes, Biden is said to have transferred blame on aides for failing to face the cost increases, which were fueled in part by his own fiscal and energy policies.
The Post reported, “Biden has privately grumbled to top White House officials over the administration’s handling of inflation, expressing frustration over the past several months that aides were not doing enough to confront the problem directly.”
Instead of changing fiscal and energy policy, the White House launched a public relations campaign this week to mitigate inflation’s political impact on the Democratic Party.
Rankles Biden? pic.twitter.com/9458gqO6YS
— Paul Bedard (@SecretsBedard) June 1, 2022
As part of the public relations push, Treasury Secretary Janet Yellen revealed at a press conference on Tuesday that she and the president had underestimated inflation’s rise to a 40-year high. In 2021, the White House said that inflation was “transitory.”
“Well, look, I think I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t — at the time didn’t fully understand, but we recognize that now.” Yellen admitted.
In May, the Congressional Budget Office (CBO) forecasted that inflation will continue to wreak havoc on American wages through 2023.
According to a CBS poll conducted in May, 69% of Americans believe Biden’s economy is “bad,” up to six points from April and twenty-three points from April 2021.