Obama's top economist says September core price data just shattered one of the Biden's favorite excuses for high inflation: Blame Putin!
Furman said the data also undermined the idea that inflation was rooted in transitory supply shocks.
Although Furman says the view was popular last year, Treasury Secretary Janet Yellen linked the Putinflation and supply shock theory together as recently as this week., Yellen attributed inflation to “a series of shocks that virtually no one could have predicted, including Russia’s invasion of Ukraine, that have pushed up prices and a series of supply challenges that most people did not anticipate, including me.
The supply shock and Putinflation claims would let the Federal Reserve and the Biden administration off the hook for the explosion of inflation. In reality, while the pandemic re-opening and supply shocks played a role in the early months of inflation moving higher last year, the Fed’s keeping interest rates too low and the Biden administration’s “rescue” stimulus bills overheated demand and excess demand became the principle forces driving prices higher.
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