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Chair of Federal Reserve debunks Biden: ‘Inflation was high before, certainly before the war in Ukraine broke out’

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As recently as Monday the White House and Biden administration still has the audacity to blame inflation and high gas prices on Russian President Putin and his invasion of Ukraine.

However, while testifying Wednesday before the Senate Banking Committee, Chair of the Federal Reserve Jerome Powell debunked the administration’s false blame.

The White House tweeted “with the biggest single driver of inflation being Putin’s war against Ukraine, @POTUS has taken action to blunt the impact of Putin’s Price Hike for families.”

No matter how many times the the White House clicks together its red sparkly shoes and says “Putin”, the fact remains that inflation, the supply chain and prices we’re hurting the American people long before Putin began his conquest of Ukraine.

During his testimony, Republican Tennessee Senator Bill Hagerty asked Powell if “Putin’s price hike” was to blame.

“I realize there are a number of factors that play a role in the historic inflation that we’re experiencing: supply chain disruptions, regulations that constrain supply, we’ve got rising inflation expectations and excessive fiscal spending, but the problem hasn’t sprung out of nowhere,” Hagerty said.

 

“In January of 2021, inflation was at 1.4%. By December of 2021, it had risen to 7% — a fivefold increase.”

 

“Since the war in Ukraine began in late February, the rate of inflation has risen incrementally another 1.6% to a current level of 8.6%,” he continued. “Given how inflation has escalated over the past 18 months, would you say that the war in Ukraine is the primary driver of inflation in America?”

“No,” Powell said. “Inflation was high before, certainly before the war in Ukraine broke out.”

 

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Economy

Growing IRS is Biggest Police State Expansion in History

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The Democrats’ new reconciliation bill is “going to be the largest expansion of the domestic police state in American history” reports The Federalist. The Federal Government “already collects $4.1 trillion every year—or $12,300 for every citizen” yet believes it “needs 80 new battalions of new IRS cops.”

The job posting itself listed prerequisites for agents who can “Carry a firearm and be willing to use deadly force, if necessary.” White House Press Secretary Karine Jean-Pierre promised that the IRS wouldn’t engage in new audits of anyone making under $400,000, an attempt at saying, essentially, the middle class is ‘safe.’

Connecticut’s Chris Murphy also said that the bill was passed to stop an “epidemic of tax cheating amongst the millionaires and billionaires” and promised that “audit rates won’t increase for anyone making under $400K.”

“This is a lie” adds The Federalist. “Nothing in the bill that Democrats passed through the Senate limits audits. Murphy, along with every other Democrat in the Senate, voted against a Republican amendment that would have prevented new agents from auditing individuals and small businesses with less than $400,000 of taxable income.”

The IRS doesn’t simply collect taxes, it also enforces speech codes. The Federalist reminds readers:

This is what empowered Lois Lerner to target conservatives groups – “crazies and “a—holes” — who used words like “Tea Party” or “patriots” in their names. But, even at the time, leftists at The New York Times editorial board praised the IRS for going after conservative groups because they did not “primarily” engage in “social welfare,” and so did not deserve an exemption under Section 501(c)(4) of the tax code. Has anything in the evolution of the Democratic Party given you confidence that such power would not be abused or that an engorged IRS would be immune from political pressure?

Wrestling with a insanely complex tax code — nearly 8 million words — costs Americans billions every year. Rather than flattening and simplifying this astonishingly convoluted code, which not only would have saved citizens but the government money, Democrats decided we needed up to another 87,000 people to enforce it.

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