Velshi: ‘Especially Foolish’ To Blame Biden, Democrats For Inflation

News & Politics

MSNBC’s Ali Velshi took his Saturday show on the road to Detroit to get local insights into the upcoming midterms. The setting also provided Velshi with a prime location to talk about the economy and to declare that “is especially foolish” to blame President Biden and Democrats for high inflation.

Velshi began his monologue by acknowledging that while he may speculate about the end of democracy, most people aren’t as concerned with that, “The point is that high inflation is bad. It’s really bad. But it is actually not the fault of Joe Biden or Democrats.” 

Previewing what was to come in his plea to viewers, Velshi declared, “It’s not even a uniquely American problem, and it is not worse in America than it is other modern economies. And that is where the problem lies. Many Republican politicians and candidates love painting this as a purely American issue. They love blaming the current administration. They love blaming Democrats for inflation.”

After specifically condemning Nevada GOP nominee Adam Laxalt on this point and playing a video of him on Fox, Velshi proclaimed, “Adam Laxalt is not the first Republican to blame the Biden Administration for inflation. But this rationale is especially foolish. You might not like precisely how the Biden Administration or the Federal Reserve is handling inflation, but the problem is a global one, not one created by this White House.”

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Velshi proceeded to mock the idea that Biden is to blame for the current state of affairs, “Inflation in the Netherlands at an annual rate of 14.5% in September, mainly due to rising energy and housing costs. I wonder if president Biden’s been meddling with the Dutch energy policies too.”

No, but the Dutch are to blame of their own bad energy policies. After citing Britain’s current inflation, energy, and political mess, Velshi continued with his sarcastic condemnation of GOP claims, “Does Joe Biden have a hand in that too? I’ll keep going down the list. Germany’s inflation rate, 10 percent. The E.U., 9.9 percent. Spain and Italy, 8.9 percent. Percent Mexico, 8.7 percent. Joe Biden must be the president of the world. Look at all of the inflation that he and Democrats are causing everywhere. ”

After declaring that there are “100 economies with higher inflation rates,” Velshi sought to provide an explanation, “Countries struggling with soaring prices have a few things in common. The lingering effects of the coronavirus pandemic, continued supply chain issues, and the consequences of the Russian invasion of Ukraine. Let me, guest Joe Biden managed to single-handedly cause all of this global turmoil too.”

Again, a lot of the other economies Velshi mentioned are also dealing with the consequences of their own bad policies, but Velshi insisted that viewers could trust him, “I’m an economics guy. I am the first to criticize bad policies, and I get that The Fed waited for too long to start raising rates but this Republican criticism of Democrats for high inflation does not add up.”

One wonders if Velshi watches his own network because earlier in the week Majority Whip James Clyburn admitted “all of us knew this would be the case when we put in place this recovery program. Any time you put more money into the economy, prices tend to rise.”

There goes that talking point.

This segment was sponsored by Chase.

Here is a transcript for the October 22 show:

MSNBC Velshi

10/22/2022

9:18 AM ET

ALI VELSHI: The point is that high inflation is bad. It’s really bad. But it is actually not the fault of Joe Biden or Democrats. It’s not even a uniquely American problem, and it is not worse in America than it is other modern economies. And that is where the problem lies. Many Republican politicians and candidates love painting this as a purely American issue. 

They love blaming the current administration. They love blaming Democrats for inflation. One Republican Senate candidate in Nevada has essentially made it his entire platform. Adam Laxalt, a prominent election denier, is campaigning on the idea that our high inflation was caused by President Biden’s policy decisions. 

And that his opponent, the incumbent Senate Catherine Cortez Masto, is also to blame because she supports them. According to Laxalt, kids are being forced to drink water instead of juice and that is President Biden’s fault.

ADAM LAXALT: They understand that these energy policies of the Biden administration and Senator Catherine Cortez Masto is supporting, they’re really crushing our state.

DANA PERINO: Okay.

LAXALT: There was a mom the other day that said that she had to stop buying juice for her children and they had to switch to water to go to school and so these are decisions that Nevada families are making right now thanks to all of this reckless spending, and these terrible energy policies. 

VELSHI: Adam Laxalt is not the first Republican to blame the Biden Administration for inflation. But this rationale is especially foolish. You might not like precisely how the Biden Administration or the Federal Reserve is handling inflation, but the problem is a global one, not one created by this White House. 

Let’s look at inflation rates around the world in the month of September. Turkey and Argentina, unusual cases to be sure, have inflation rates over 83 percent. In Turkey the lira has been weakening over some time. Something that is not happening in the United States. In Argentina, cash is virtually worthless versus the American dollar which is extremely strong against major world currencies. 

Okay, so let’s look at economies that are more, shall we say normal. Inflation in the Netherlands at an annual rate of 14.5% in September, mainly due to rising energy and housing costs. I wonder if president Biden’s been meddling with the Dutch energy policies too. In the United Kingdom, inflation hit a 40 year high at 10.1%. A recent ill-fated package of tax cuts has roiled the British markets and led to the resignation of the prime minister after just 44 days. 

Officials are warning residents to prepare for a tough winter. Earlier in the month, the utility firm National Grid warned that there could be planned three hour power outages this winter if the U.K. doesn’t get the gas supplies that it needs. 

Does Joe Biden have a hand in that too? I’ll keep going down the list. Germany’s inflation rate, 10 percent. The E.U., 9.9 percent. Spain and Italy, 8.9 percent. Percent Mexico, 8.7 percent. Joe Biden must be the president of the world. 

Look at all of the inflation that he and Democrats are causing everywhere. America’s inflation rate is 8.2%. While high, it is lower than that of the Netherlands, the U.K., the entire E.U., and Mexico. When you open it up to the entire world, there are 100 economies with higher inflation rates right now than America. 

Countries struggling with soaring prices have a few things in common. The lingering effects of the coronavirus pandemic, continued supply chain issues, and the consequences of the Russian invasion of Ukraine. Let me, guest Joe Biden managed to single-handedly cause all of this global turmoil too.

I’m an economics guy. I am the first to criticize bad policies, and I get that The Fed waited for too long to start raising rates but this Republican criticism of Democrats for high inflation does not add up. 

And by the way, not a single one of them has offered up a solution. And that Inflation Reduction Act that so many Republicans say is the root cause of our economic problems, many of them have privately and publicly touted the funding from that very bill that they voted against that they incorrectly say caused this inflation. Make that make sense. As a president might say, come on man.

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