Varney: Another inflation 'bombshell' this morning

In his latest "My Take," FOX Business' Stuart Varney reacted to another inflation "bombshell" Tuesday morning, with consumer prices increasing by more than 8% since last year. Varney says the political and economic climates remind him of the 1970s – ending with a severe recession and the defeat of a sitting Democratic president.

STUART VARNEY: Another inflation bombshell this morning. Consumer prices went up 8% in the last year. That’s a real shock. Anyone under 50 has never seen this before.

President Biden has laid the blame on just about everyone: Meat-packers, oil companies, the supply chain, chip shortages and now Putin. Today, he'll visit Iowa and frequently use the expression, ‘Putin's price hikes.’

That’s a political excuse. It doesn't address the root causes.

INFLATION SURGES 8.5% IN MARCH, HITTING A NEW 40-YEAR HIGH

And those root causes are extraordinary money printing by the Federal Reserve; massive pandemic spending by Congress; the deliberate cut in America’s oil and gas production, ending our energy independence; and, yes, Putin's war, which cut the supply of wheat and corn and raised food prices worldwide.

That’s why inflation has hit us so hard. And the administration is not in a position to do much about it.

Biden still has big spending plans. That’s not going to help. He won't allow us to go get the oil and gas that’s under our feet, and there's little Biden can do about food prices.

This is a political problem: Working people are taking the worst hit, and that’s the Democrat base, or used to be!

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It’s an economic problem: We're facing a recession threat, and that’s not good right before an election.

I keep saying it – this reminds me of the 1970s. That was the last time inflation spiked. It ended with a severe recession, and the landslide defeat of a sitting Democrat president.

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