Biden warned Americans about “Putin’s tax”
Biden said that Americans pay “Putin's tax” on fuel and food. So he commented on the report of the US Department of Labor, according to which consumer prices in the country rose by a record 8.6% in May
Americans are forced to pay the “Putin tax” on fuel and food, US President Joe Biden said in a speech after the release of May data on inflation, which was a record for more than 40 years. “We have never seen anything like Putin’s tax on food and gasoline at once,” — he said.
At the same time, according to him, the United States will be able to fight inflation “from a position of strength, like no other country in the world.” “I understand inflation— this is a real challenge for American families. Today's inflation report confirms what America already knows— Putin's rise in prices is hitting America hard: gas station prices, energy and food prices account for half of the monthly price increase in May, — Biden noted.
So he commented on the report of the US Department of Labor, according to which consumer prices in the country rose by 8.6% in annual terms in May, which is the largest increase since December 1981. “I'm doing everything in my power to blunt Putin's price hike and bring down the cost of gas and food,” summed up the President of the United States.
Since the beginning of the Russian special operation in Ukraine, the rise in consumer prices and energy prices has been observed all over the world. This is due to sanctions pressure on Russia, which supplied world markets with a large amount of oil, gas, fertilizers, grains and other commodities.
US Treasury Secretary Janet Yellen said earlier that inflation in the country would remain high, although the department hopes to reduce it. Slowing down prices should be Washington's number one priority, she said. Yellen also said that she and the head of the Federal Reserve Jerome Powell were mistaken in calling such inflation “transitional”.
In early May, the US Federal Reserve System (FRS) announced the largest interest rate hike since 2000— immediately by 0.5 percentage points, up to a range of 0.75 & ndash; 1% per annum. At the same time, the American regulator pointed out the appropriateness of further tightening of its policy.
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Russian President Vladimir Putin has previously warned of the threat of rising poverty and inflation in the world for the mistakes of Western countries. Western countries have made economic policy mistakes for years and imposed “illegitimate sanctions,” the president said. Such actions, according to him, led to problems in the economy: “A wave of global inflation, the destruction of the usual logistics and production chains, a sharp increase in poverty and food shortages.”
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