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Republicans knock Biden over inflation blame game as consumer prices soar higher
Former Trump economist: We can end inflation quickly if we have a fiscal response
Former Council of Economics Advisers Chairman Kevin Hassett discusses Fed Chair Powell’s testimony on Capitol Hill, Biden blaming Putin for price hikes, oil executives meeting at the White House and recession risk in the U.S.
FIRST ON FOX: Republican lawmakers took aim at President Biden's rosy outlook laid out in an economic report earlier this year, blaming the White House for policy missteps that helped to stoke the hottest inflation in four decades.
The Joint Economic Committee Republicans on Friday released their own response – a copy of which was first shared with FOX Business – to the Biden administration's 2022 economic report, arguing that Biden dismissed the role that a massive $1.9 trillion stimulus package passed in March 2021 played in fueling the recent consumer price spike.
While the Republican lawmakers agreed that supply chain disruptions and shortages from the COVID-19 pandemic bear some responsibility for the inflation spike, they argued those global factors cannot "fully explain the magnitude of U.S. inflation."
For instance, core prices – which exclude more volatile measurements of food and energy – soared in the U.S. after March 2021, following the passage of Democrats' $1.9 trillion American Rescue Plan. By comparison, inflation in countries that rely on the euro remained flat after that time period.
FORMER OBAMA ECONOMIST WARNS STAGFLATION THREAT LEVEL IS 'HIGHEST IN A LONG TIME'
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