In his remarks this week announcing a U.S. ban on importing Russian oil and gas, Biden warned that this decision “is not without cost here at home.” This “cost” was a big reason the administration was wary of levying these sanctions in the first place. With gas prices already soaring and inflation at a 40-year high, the White House is obviously wary of taking any action that would inflict more financial pain onto Americans. To help cushion the blow politically, Biden dubbed this likely surge in gas prices and inflation “Putin’s price hike.” …
Of course, there’s a limit to how much blame the Russian president can get for our current pain at the pump. …
The war in Ukraine is not of President Biden’s making. But, as the party in charge of Washington, the economic fallout will impact the opinions of him and his party. Putin may be the instigator of the latest round of economic pain, but Democrats, not Putin, are on the ballot this fall. CONTINUED
Amy Walter, Cook Political Report with Amy Walter
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