A top economic adviser to former president Barack Obama criticized President Joe Biden on Thursday for not taking responsibility for inflation.
In response to an ABC News article that quoted Biden blaming "high inflation rates in part on Russian sanctions," Steven Rattner countered that the spike is "Biden's inflation."
"Well, no," Rattner tweeted, referring to Biden's account of high inflation. "These are Feb #'s and only include small Russia effect. This is Biden's inflation and he needs to own it."
Well, no. These are Feb #'s and only include small Russia effect. This is Biden's inflation and he needs to own it. https://t.co/WsJjn6picV
— Steven Rattner (@SteveRattner) March 10, 2022
Inflation hit a new 40-year high in the United States on Thursday, with the consumer price index climbing to 7.9 percent. It has steadily increased since Biden's inauguration, spurred on by federal stimulus spending, ongoing supply chain disruptions, COVID restrictions on businesses, and a depressed labor market. The economic hardship has been felt most in the energy sector, where gas prices have surged to record levels. On Thursday, the national average for one gallon of regular unleaded gasoline cost $4.32.
According to a January Gallup poll, 79 percent of Americans expect inflation to persist for six months or more.