HOURS AFTER THE federal government released data showing that inflation hit a 40-year high in March 2022, President Joe Biden said Russian President Vladimir Putin was responsible for 70 percent of the increase in prices.
Biden was partly right: Russia's invasion of Ukraine, which caused much of the world to reduce or stop purchases of Russian oil, contributed to a spike in gasoline prices, which in turn was a major factor in overall inflation in March. But the current bout of inflation-which hit 8.5 percent in March, the worst devaluation of the dollar since the early 1980s-predates Russia's invasion, and the underlying causes go beyond higher gas prices. If Biden is looking to spread the blame evenly, he should look in the mirror.
This story is from the July 2022 edition of Reason magazine.
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This story is from the July 2022 edition of Reason magazine.
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