McCarthy slams Biden for 'America-last energy policies' as inflation hits new 40-year high in February
House Republican leader says Biden administration should 'look in the mirror' on inflation
FOX Business Flash top headlines for March 10
Here are your FOX Business Flash top headlines for March 10.
FIRST ON FOX: House Republican Leader Kevin McCarthy criticized President Biden for his "America-last energy policies" as inflation hit a fresh 40-year high in February, largely driven by higher gas prices, saying "no one is buying Democrats' desperate excuses for inflation, but everyone is paying for them."
The consumer price index climbed 7.9% on an annual basis, according to data released on Thursday by the Bureau of Labor Statistics. Month over month, according to the data, inflation rose 0.8%.
The year-over-year reading is in line with estimates and compares with an annual 7.5% jump in January, marking the fastest increase since February 1982, when inflation hit 7.6%.
INFLATION RISES 7.9% IN FEBRUARY, A NEW 40-YEAR HIGH
"The Biden administration will certainly be scrambling to spin today’s disastrous inflation numbers, but they should simply look in the mirror," McCarthy, R-Calif., told FOX Business. "Exactly one year ago, Democrats rammed through an unnecessary and wasteful $2 trillion bill to fund liberal pet projects."
House Minority Leader Kevin McCarthy of California listens as Rep. Tom Cole, R-Okla., closes his eyes as President Biden delivers his first State of the Union address to a joint session of Congress, at the Capitol in Washington, Tuesday, March 1, 202 (AP Photo/J. Scott Applewhite, Pool / AP Newsroom)
"Predictably," McCarthy said, "this reckless spending binge supercharged inflation."
McCarthy said that "for the third consecutive month, Americans are facing the highest inflation rate in 40 years."
Inflation 'out of control' at a time when the economy 'is headed towards a recession': Kevin Hassett
Former Chairman of the Council of Economic Advisers Kevin Hassett weighs in on the Labor Department's inflation report for February, noting that 'wages aren't keeping up with prices,' which means 'real incomes are going down.'
"They are also paying the highest gas prices in the history of this nation because of President Biden’s America-last energy policies," McCarthy said.
Gas jumped 6.6% in February and accounted for almost a third of price hikes, according to the Bureau of Labor Statistics data released Thursday. Food prices, in comparison, rose by 1%.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The February data does not include the Russia-Ukraine conflict, which has pushed prices at the pump to $4.31 as of today, according to AAA, a record high.
"These higher costs are eating away at wages, salaries and savings," McCarthy said. "In just one year of one-party rule, Democrats have spiked inflation, weakened our position in the world, and saddled American families with financial hardships with no relief in sight."
RUSSIA INVADES UKRAINE: LIVE UPDATES
McCarthy added: "No one is buying Democrats’ desperate excuses for inflation, but everyone is paying for them."
Biden on Tuesday announced a ban on all imports of Russian oil, gas and energy to the United States, targeting the "main artery" of Russia's economy amid Russian President Vladimir Putin’s war on Ukraine, but warned that the ban would cost American families.
President Biden speaks in the Roosevelt Room of the White House in Washington, Tuesday, March 8, 2022. (Oliver Contreras/Sipa/Bloomberg via Getty Images / Getty Images)
Russian oil exports account for about one-third of Europe’s oil imports, however, Russian exports are just under 10% of U.S. overall imports.
The White House, though, is blaming Putin for the record-high gas prices in the U.S., even coining the surge as the "#PutinPriceHike" and vowing that Biden will do everything he can to shield Americans from "pain at the pump."
Russian President Vladimir Putin attends a flag-raising ceremony via a video link at a state residence outside Moscow. (ALEXEY NIKOLSKY/SPUTNIK/AFP via Getty Images / Getty Images)
Biden was asked Tuesday if he had a message for the American people on gas prices.
CLICK HERE TO READ MORE ON FOX BUSINESS
"They’re going to go up," he said.
When asked what is he going to do about it, Biden replied: "Can’t do much right now. Russia is responsible."