Sen. Daines rips Yellen, Democrats on inflation: They 'lit the fire'
Treasury secretary defends pandemic spending amid skyrocketing gas, grocery prices.
The New York Times published a report Wednesday that the Biden White House "struggles to talk about" inflation, citing one expert who called it "a problem from hell" for the president.
"Today’s rapid price increases, the fastest since the 1980s, pose a glaring political liability that looms over every major policy decision the White House makes — leaving Mr. Biden and his colleagues on the defensive as officials discover that there is no good way to talk to voters about inflation," the Times reported.
The Gray Lady acknowledged the Biden administration "has at times splintered internally over how to discuss price increases and has revised its inflation-related message several times as talking points fail to resonate and new data comes in."
It noted how the Biden administration has few options to stop inflation and "bring price increases to heel."
VOTERS WEIGH IN ON THE ECONOMY, GUNS, AND BIDEN'S APPROVAL RATING
New York Times noted how the Biden administration has few options to stop inflation and "bring price increases to heel." (Oliver Contreras-Pool/Getty Images)
Some critics argue Biden intentionally increased gas prices as a reason for the country to transition to green energy. Several Biden administration officials like Treasury Secretary Janet Yellen have suggested higher gas prices puts more urgency for the United States to transition to renewable energy. During a Senate hearing, Yellen said "the critical thing is we become more dependent on the wind and the sun" amid rising gas prices.
"Federal Reserve policy is the nation’s main solution to inflation, but the central bank tempers price gains by making money more expensive to borrow to cool off demand, a slow and potentially painful process for the economy," the Times wrote.
The Wall Street Journal editorial board argued that by nominating Federal Reserve Chairman Jerome Powell to a second term, Biden implicitly endorsed the Fed’s inflation-causing policies.
IS THE US ECONOMY ON THE BRINK OF RECESSION? FED GDP TRACKER SAYS YES
Federal Reserve Chairman Jerome Powell testifies before the House Oversight and Government Reform Committee. (Al Drago/AFP via Getty Images)
Consumer confidence has plummeted, which the Times stated puts the White House in a tough spot as families pay more for everyday goods and the Fed raises rates that could cause the economy to go into a recession.
"The White House has long realized that rising prices could sink Mr. Biden’s support, with that risk telegraphed in a series of confidential memos sent to Mr. Biden last year by one of his lead pollsters, John Anzalone," the Times wrote. "Inflation has only continued to fuel frustration among voters, according to a separate memo compiled by Mr. Anzalone’s team last month, which showed the president’s low approval rating on the economy rivaling only his approach to immigration."
Gas prices across the nation have significantly increased, some doubling in price since Biden took office. (Saul Loeb/AFP via Getty Images)
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Biden and his allies have attempted to blame inflation and high gas prices on Russian President Vladami Putin, calling it the "Putin’s price hike" in order to deflect any political fallout from high prices.