REVIEW - Biden's Attempt To Blame Inflation On Putin Fails To Sway Experts, Voters

MOSCOW (Pakistan Point News / Sputnik - 23rd April, 2022) As the United States suffers from the worst inflation in decades, neither experts nor voters surveyed by Sputnik are buying President Joe Biden's narrative that Russian President Vladimir Putin is responsible for this predicament.

Earlier in the month, the US Department of Labor announced that US inflation had set a new 40-year record in March after consumer price index had rose 8.5% over last year. At the same time, Freddie Mac home loan agency said the rate paid by American citizens for a fixed 30-year mortgage has hit more than ten-year highs, putting homeownership in the US at its costliest in a generation. Biden has repeatedly blamed Russia's military operation in Ukraine and Putin personally for the current inflation spike, calling it "Putin's price hike."

However, according to Marshall Auerback, a market analyst and research associate at the Levy Economics Institute of Bard College, it is wrong to put the blame on Putin, as the country has been facing unprecedented monetary and fiscal problems for years. The expert also pointed to the current tightness of the US labor market, with unemployment being the lowest in history by some measures.

"To be sure, the most recent rises in inflation have been exacerbated by the Ukrainian conflict, but the trend toward significantly higher inflation has been evident in the US for over a year now, so it's absurd to blame this problem on Putin. Initial unemployment claims are back to where they were in 1968. The labor force has doubled over that time period," Auerback told Sputnik.

When asked if the current trend will persist, the analyst noted that "excluding energy and food, core inflation is showing signs of moderating, but it is still at much higher levels than predicted over a year ago."

Meanwhile, the US population already has to contend with the current economic realities.

"Yes, I have definitely felt the cost of rising inflation when it comes to food and grocery prices. Home ownership in my state was on the rise in 2021, I am unsure of the effect in 2022," a Virginia resident named John told Sputnik.

He predicted that the US will face the consequences of printing 75% of the country's money supply during the COVID-19 pandemic for some time, while also suggesting that, "assuming sanctions against Russia have an end date," there could be some relief once supply chains are restored.

Fairooz Adams from Texas told Sputnik that while inflation has not affected him significantly, he is concerned that it basically erases the pay increase he got at his new job.

"I hope it's transitory, but I'm not sure that Republicans would reduce spending and do much to constrain inflation even if they got in power. They can't do much even if they take Congress and I'm not confident they'll have competent people in charge if they win back the White House in 2024," Adams said.

Speaking about the homeownership situation in his state, the Texan noted that "for young people, it seems unlikely many of us will be in a position to buy houses in the near future."

Financial strategist Montina Vital told Sputnik that rising inflation is making one more conscious about their finances and spending, including when it comes to groceries.

"Eggs have gone up 54 percent in cost. It's crazy and ridiculous. I buy fewer groceries and try to buy less perishables. I went to the store, no lie, and I bought food and vegetables - no meat - and it cost me $100... Bananas used to be .29 cents a pound and now they are .59 cents a pound, while organic bananas are .79 cents a pound. All this has just been in the last two weeks," Vital said, adding that the last time she filled up her gas tank, it cost her $55 instead of the previous $12.

Her experience is echoed by freelance producer Greer Marshall, who complained that when he goes to a supermarket or grocery store, he can only afford "to get the items I eat that day or the day after because I cannot fathom the price of some things."

"The price of grapes is ridiculous. It's like $3 a pound ... I'm not driving the car as much because gasoline costs $5 a gallon," Marshall said.

At the same time, people are skeptical of Biden putting the blame for the current inflation on the Russian president. Virginia resident John said that the US took a very hardline stance on the situation in Ukraine with no benefit to American citizens.

"I also don't know if anyone anticipated how far Europe would go in sanctioning Russia as well, especially when it comes to energy production. Biden is very unpopular at home so I don't think anyone outside of his supporters really believes the Putin line," John suggested.

Adams, for his part, found it hard to imagine who would believe Biden's accusations, but admitted that there could be "partisan-brained people" who are buying it.

"I guess it seems plausible only if you narrow it down to gas prices and maybe that makes transporting stuff more expensive. Sure, but inflation has been very high for a year now. Most of it is from the Biden administration's decisions and only a small portion can be blamed on Putin," Adams explained.