Fox News contributor Karl Rove dissected the inflation record on “America Reports” Friday after the release of the May Consumer Price Index showing inflation at 8.6%. Rove outlined the progression of inflation since President Biden took office and criticized th administration for continuing to blame Vladimir Putin’s war in Ukraine.
ntext a little bit. In January of ’21, when Joe Biden comes into office, the inflation rate was 1.4%. That’s below the target set by the Federal Reserve. By April, after the passage of the American Rescue Plan, $1.9 trillion of additional spending that even Democratic economists warned might kick off inflation, the inflation rate was 4.16%. Think about that. It nearly tripled in the course of four months. By July, it was 5.3%. By October 5.2%. It sort of moderated a little bit, but still stuck up there higher than it was at the beginning of the year. And then by January, it had grown to 7.48%, April 8.25%, and then 8.582%. [A] 41–year high!
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Article URL : https://www.foxnews.com/media/karl-rove-inflation-biden-administration-blame-game