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Biden’s Preposterous Claim 70 Percent of Inflation Jump is ‘Putin’s Price Hike’

April 15, 2022

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5:26 pm

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33 comments

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Economics

CPI data from BLS, PCE data from BEA, chart by Mish

Commodity Prices

CPI and PPI data from the BLS, chart by Mish

Consumer Spending

Retail Sales data from Census Bureau, chart by Mish

Once again you can see the impact of free money.

Putin invaded Russia on February 24, 2022.

Biden’s Preposterous Claim

“What people don’t know is that 70 percent of the increase in inflation was the consequence of Putin’s price hike because of the impact on oil prices. Seventy percent.”

Washington Post Wimps Out

The Washington Post did a Fact Check on Biden’s claim.

This is one of those clever talking points that pose a conundrum when doing the Pinocchio Test. Biden’s math is defensible, especially because his full quote — not the truncated one circulating on Twitter — specifically refers to the impact of oil prices.

We went back and forth over whether some level of Pinocchios was warranted. We were tempted to award Two Pinocchios, essentially half true. We certainly would be more comfortable if Biden had referred specifically to monthly inflation figures. But he did refer to the invasion that began 50 days ago. So we will leave this unrated and let readers decide for themselves.

Mish Rating vs WaPo Rating

Pictures show Biden is delusional, in an alternate universe Fantasyland, or a a bald-faced liar.

Those are your realistic choices, perhaps some combination.

Discussion Points

This post originated at MishTalk.Com.

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33 Comments

Newest

Oldest Most Voted

Dr_Novaxx

4 years ago

Is an honest politician too much to ask? It’s not enough that they launder illegal contributions through Ukraine, then they try to bribe voters by handing out “free” money that winds up generating massive inflation, then blame Russia for it all?

Anon1970

4 years ago

Putin didn’t force American and European politicians to boycott Russian oil and natural gas. Our leaders did that all by themselves and now we are paying the price. The Ukraine – Russia war has also resulted in a drop in agricultural production (especially wheat), and a drop in food exports from Ukraine. I don’t think neo-con Robert Kagan will be missing any meals. But the same cannot be said for millions of people living in poverty around the world.

whirlaway

4 years ago

The DONORcrats don’t (want to) realize that it is their crappy politicians and their pretend-to-go-left-but-keep-going-rightward policies is the reason for their defeat. Since 2016, they have found the Russia boogeyman and will keep using it until almost nobody buys that crap – which could happen by 2024.

FrankieCarbone

4 years ago

Yeah, and it’ll be Putin’s WWIII too when it happens. Poor old Nazified Ukraine, just minding their own business shelling and killing over 16,000 civilians in its break-a-way Republics – which have been historically overwhelmingly Russian in nature, transferred to Ukraine during an administrative move in the 50’s under Khrushchev – and along comes big, bad, evil Russia and intervenes before a 100K+ of the finest NATO trained SS insignia wearing Bandera soldiers get ready for a final slaughter/invasion into the LNR/DPR and upsets the whole apple cart.

Now The Big guy has lost his cash-flow from coked-up Mini-me, Soros has lost all of that rich farmland that he bought up for pennies on the dollar, the oil and gas fields of the Russian side of Ukraine are gone forever, and all of those billions engaging in a fair-and-square regime-changing coup de’ etat in Maidan in 2014 down the drain.

On the flip side though we have a boogeyman to blame for the western economic collapse since COVID didn’t work. So there’s that.

BDR45

4 years ago

Reply to FrankieCarbone

I could not have said this better. Congratulations for attempting to right the ship of Russiaphobic rhetoric and out right lies to the public.

Thank you.

Anon1970

4 years ago

Reply to FrankieCarbone

You can read more background information on the Maidan Revolution of 2014 by googling Robert Parry’s 2015 article on the role Victoria Nuland played at that time.

Dean_70

4 years ago

When we run out of evil leaders to blame we’ll just create more of them.

Maybe we are the nation with the evil leaders?

FrankieCarbone

4 years ago

Reply to Dean_70

When they – The Davos Masters of the Universe – run out of evil leaders who’s people they wantonly slaughter/genocide then they’ll REALLY turn on us.

Someone’s gotta die for their wickedness cause’ they sure aren’t gonna pay the piper.

honestcreditguy

4 years ago

Biden isn’t even running the show…He is a puppet corrupter, he has done nothing in his 50+ years in govt except to free load off taxpayers while making his sons rich off his traitor like dealings…

Only dope sheep would have voted for that idiot….but I have some in my family….what do you do….Soon when everyone is eating cat food to survive his military complex handlers disgusting action in Ukraine, poking a bear to beg for www3 while opening a spigot on our southern border for leeches, murderers and rapists run rampant, while religious non profit orgs. make billions on illegal alien handling……

Biden is the Pale white horse, whats coming will shock the world and humanity with it

FrankieCarbone

4 years ago

Reply to honestcreditguy

Biden is not The Antichrist. Firstly, certain prophecies in Scripture have yet to be fulfilled (See 1 Thessalonians 4:16-18, Revelation 3:10, etc..) . Secondly, The Antichrist is personable, likeable, and is able to unite the whole world after a period of incredible strife, which we have not seen yet (Daniel 12:1-2). Thirdly. no one knows the time of His coming, not even He, nor the angels in Heaven, except The Father (Mark 13:32,Acts 1:7) and He proceeds Antichrist via gathering up His sheep (Matthew 24:30-31). (There is a HUGE difference between the many antichrists and “The Antichrist”). Anyone who claims otherwise is an anti-christ, for there are many antichrists(1 John 2:18-19). Please don’t misrepresent The Word of God and especially do not blaspheme Him by weaponizing His Word. Thanks.

Call_Me

4 years ago

Reply to FrankieCarbone

Pale horseman is death, not the antichrist (presuming that is whom honestcreditguy was alluding to).

Call_Me_Al

Casual_Observer2020

4 years ago

What percentage of increases are due to speculators in derivatives who don’t take delivery of commodities? My estimate is since derivatives were deregulated in 1999 and 2001, upwards of 50% of commodity inflation is due to speculation and not supply and demand.

honestcreditguy

4 years ago

Reply to Casual_Observer2020

that wasn’t hard guess, the shut down of the world in 2020 showed you what specs would do if deliver was only option.

Same thing in gold, without the paper short by cartel MM banks it would be at $4500

Captain Ahab

4 years ago

Reply to Casual_Observer2020

So, let me try to get this right, because my head is spinning… Speculators in derivatives who don’t take delivery of commodities cause inflated prices? Then, if they did take delivery there would be no commodity inflation?

It couldn’t possibly be that a rising tide lifts all boats?

Casual_Observer2020

4 years ago

Reply to Captain Ahab

You missed the point. I said only 50% of commodity inflation is due to speculators. The other 50% is due to other factors. If we went back to regulating derivatives trading prior to the changes in 1999 and 2001, you would see a crash in commodity prices almost overnight.

The rising tide doesn’t lift ALL boats. Some boats sink because of it because they’ve taken on too much water. This would be the smallest boats of the bunch. You can probably image who these proverbial boats are. They tend to be people who can’t afford boats.

Maximus_Minimus

4 years ago

It is the conformation that Putin is the most powerful man in history. He can manipulate elections in fareway countries, move inflation up and down on a whim while the happles issuers of the reserve currency watch helplessly.

I wouldn’t pull fingers with him.

Captain Ahab

4 years ago

Reply to Maximus_Minimus

Rasputin plays finger games?

thimk

4 years ago

The dems favorite scapegoat , Russia (e.g Hunter laptop- Ruskie disinformation , Trump – Ruskie collusion, ) check out 2017 utube .

however Putins incursion into Ukraine didn’t help matters much .

https://www.youtube.com/watch?v=LLINB1uT9G8

Rdog17

4 years ago

Keep up the good fight Mish… it won’t be long until they eat their own. A drubbing in Nov will be a start.

whirlaway

4 years ago

Reply to Rdog17

I predict that the DONORcrat Party will get something like 170-180 seats in the House. And in the Senate, they will be down to a 48-52 minority.

KidHorn

4 years ago

The WaPo is extremely left leaning. Their assessment is par for the course. So why is it OK for a billionaire to own the only major newspaper in the nations capital, but if another owns twitter, It’s a rich person having too much control?

Mr. Purple

4 years ago

Reply to KidHorn

In fairness, did the FCC or SEC rule that Musk can’t purchase Twitter? I must have missed that.

RonJ

4 years ago

Reply to KidHorn

It isn’t that Musk is rich, it is that he is allegedly pro free speech, which doesn’t allow for the controlling of narratives.

The teachers union wants to use NewsGuard in schools, in order to promote the APPROVED narrative to impressionable young minds.

whirlaway

4 years ago

Reply to KidHorn

WaPo is left-leaning?? So, why did they write 16 hit pieces against Bernie Sanders in 16 hours during the 2016 campaign? Was it because Sanders is a right-winger??!!

https://fair.org/home/washington-post-ran-16-negative-stories-on-bernie-sanders-in-16-hours/

Call_Me

4 years ago

Reply to whirlaway

The left/right paradigm is overplayed in national-level U.S. politics. The WaPo can have its tendencies, but still support a corporatist/”establishment” candidate versus one more towards the fringe. Bernie is a visible guy who gets a lot of air time but has little to show for it, similar to Ron Paul back in the day. The documented and alleged shenanigans perpetrated during the 2016 dem primaries primed a whole bunch of college students to (at least temporarily) question the validity of elections.

Call_Me_Al

Nuddernoitall

4 years ago

The classic “Big Lie.” Say it enough times, and with the amplifying support of the media sycophants, there will be many who will believe this. Biden and his ilk can rationally discuss the multi-dimensional intricacies of heading a government to an electorate somewhat lacking in understanding or simply lie. Of course, lying is the proper course to take.

Robbyrob

4 years ago

CNN Slams Libertarian Children’s Books—Causing Sales to Surge

https://fee.org/articles/cnn-slams-libertarian-children-s-books-causing-sales-to-surge/?utm_source=facebook&utm_medium=social&utm_campaign=facebook_zapier&fbclid=IwAR0fWUbohsnl1AmuI4FDTa8CvQvBQNbuESIpi_dTvVNFE5qxfXa1_BpTGMI

Mr. Purple

4 years ago

“Pictures show Biden is delusional, in an alternate universe Fantasyland, or a a bald-faced liar.”

When it gets serious, you have to lie.

Or this old chestnut:

“Why of course the people don’t want war. Why should some poor slob on a farm want to risk his life in a war when the best he can get out of it is to come back to his farm in one piece? Naturally the common people don’t want war: neither in Russia, nor in England, nor for that matter in Germany. That is understood. But after all it is the leaders of a country who determine the policy and it is always a simple matter to drag the people along, whether it is a democracy or fascist dictatorship, or a parliament or a communist dictatorship. Voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked, and denounce the peace makers for lack of patriotism and exposing the country to danger. It works the same in any country.” — You Know Who

BowserB46

4 years ago

Reply to Mr. Purple

Why is it that the Democrat party, which claims to be the party of peace unlike the Republicans, is ALWAYS the party in power when America goes to war. Always. I could list them, but just consider the worst.

Kennedy-Johnson and Vietnam. 2.5 million American military went to Vietnam, and at one time there were 500,000 there. 500,000! 58,000 killed (of which 60% were under 21 and 30% were married). 300,000 wounded. 75,000 severely disabled. 6,000 with lost limbs. 700,000 with PTSD. Today, the surviving veterans are dying at a rate 1/3 faster than other Americans of the same age. Did we stop the advance of Communism in southeast Asia? Or even in Vietnam? Now we have another minority class in America, with a huge percentage who vote but do not speak English, and we buy furniture and appliances made in Vietnam, a Communist country.

It’s time for the U.S. to get out of NATO and get out of the UN. Neither have been beneficial to America and only cost us money and lives. The organizations, especially the UN, are anti-American and just want our money. Biden desperately wants a war and he wants America in it. It will be the great distraction he’s counting on to keep control of congress in November. I would rather see D.C. nuked by Putin than to see us join another foreign war.

vanderlyn

4 years ago

Reply to BowserB46

if you are still hung up on D v R differences, you sir, have been HAD. not a snot’s worth of difference.

Call_Me

4 years ago

Reply to vanderlyn

Of course there are differences 🙂

https://www.youtube.com/watch?v=cIgSTjzrmRg

Call_Me_Al

RonJ

4 years ago

Washington Post: “But he did refer to the invasion that began 50 days ago. So we will leave this unrated and let readers decide for themselves.”

That is not a fact check.

Politically approved fact checkers are propagandists, to begin with. Steve Kirsch recorded his interview by an AP fact checker who seemed barely out of college.

honestcreditguy

4 years ago

Reply to RonJ

factcheckers are the guys still pumping gas in Oregon….its their second job….

they know about as much as a fungi

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Biden’s Preposterous Claim 70 Percent of Inflation Jump is ‘Putin’s Price Hike’

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