MSNBC’s Ali Velshi went on Saturday to Detroit to give local insight into the upcoming midterms. Velshi was also able to discuss the economy in a prime spot and declare that it is “very foolish” to blame President Biden or Democrats for high inflation.
Velshi began his monologue acknowledging that he may speculate about the end to democracy, but most people don’t care as much about that. “The point is that high inflation is bad. It’s really terrible. It’s not Joe Biden’s fault.
Velshi gave a preview of what was to follow in his plea to viewers. He stated, “It is not an American problem. It is not worse in America than in other modern economies. That is the problem. This is a purely American issue that many Republican politicians and candidates love to paint. They love to blame the current administration. They love to blame Democrats for inflation.”
After specifically condemning Nevada GOP nominee Adam Laxalt on that point and playing a Fox video of him, Velshi declared, “Adam Laxalt, not the first Republican, to blame the Biden Administration on inflation. This reasoning is particularly foolish. Although you might not like the exact approach of the Federal Reserve or the Biden Administration to inflation, the problem is global and not created by the White House.
Velshi mocked the notion that Biden was to blame for the current state-of-the-art. Velshi said, “Inflation is the Netherlands at an annual rate 14.5% in September, mainly because of rising energy and housing prices. I wonder if President Biden has been interfering with the Dutch energy policy.”
The Dutch are responsible for their bad energy policies, not the Dutch. After citing Britain’s current inflation, energy and political mess, Velshi continued his sarcastic criticism of GOP claims: “Does Joe Biden have any hand in that?” I’ll keep going down that list. Germany’s inflation rate is 10 percent. The E.U., 9.9 per cent. Spain and Italy, 8.9 %. Percent Mexico, 8.7 per cent. Joe Biden should be the president. Take a look at all the inflation he and Democrats cause. ”
Velshi declared that there are “100 countries with higher inflation rates”. He sought to explain why. “Countries with high prices and struggling to make ends meet have a few commonalities.” The lingering effects and consequences of the Russian invasion in Ukraine. Let me tell you, Joe Biden was the one who caused all this global chaos.
Velshi also mentioned that many other economies are also facing the consequences of bad policies. However, Velshi insists viewers can trust him because he is an economist. I am the first one to criticize bad policies. I understand that the Fed waited too long to raise rates, but this Republican criticism of Democrats about high inflation doesn’t add up.
One wonders if Velshi monitors his own network, as James Clyburn, Majority Whip, admitted earlier in the week that “all of us knew” this would be true when he created the recovery program. Prices tend to rise when you invest more money in the economy.
That talking point is gone.
Chase sponsored this segment.
Here’s a transcript from the October 22 broadcast:
MSNBC Velshi
10/22/2022
9:18 AM ET
ALI VELSHI : High inflation is bad. It’s really terrible. It’s not Joe Biden’s fault. It is not a problem that is unique to America, and it is not worse than in other modern economies. This is the problem. This is a popular issue that many Republican candidates and politicians love to portray as being purely American.
They love to blame the current administration. They love to blame Democrats for inflation. One Republican Senate candidate from Nevada has made it his entire platform. Adam Laxalt is a prominent election denier who is running on the belief that President Biden’s policies are responsible for high inflation.
His opponent, the incumbent Senate Catherine Cortez Masto is also to blame, as she supports them. Laxalt claims that children are being forced to drink water rather than juice, and that President Biden is responsible.
ADAM LAXALT: They know that the energy policies of Senator Catherine Cortez Masto and the Biden administration are destroying our state.
DANA PERINO : Okay.
LAXALT: A mom said the other day that she had to stop buying juice and that her children had to switch to drinking water. These are decisions that Nevada families are having to make right now due to all of this reckless spending and these terrible energy policies.
VELSHI – Adam Laxalt isn’t the only Republican to blame the Biden Administration on inflation. This reasoning is particularly foolish. Although you might not like the exact approach of the Federal Reserve or the Biden Administration to inflation, the problem is global and not created by the White House.
Let’s take a look at the September inflation rates around the globe. Inflation rates in Turkey and Argentina are exceedingly high, which is a rare case to be sure. The Turkish lira has been declining for some time. This is something that isn’t happening in the United States. Cash in Argentina is almost worthless against the American dollar, which is very strong against other major currencies around the world.
Let’s now look at economies that are more normal. The Netherlands experienced an annual inflation rate of 14.5% in September. This is primarily due to rising housing and energy costs. I wonder if President Biden has been influencing the Dutch energy policies. The inflation rate in the United Kingdom was 10.1%, which is the highest level of inflation in 40 years. After 44 days, the prime minister was forced to resign due to a disastrous tax cut package.
Officials have warned residents to be prepared for a difficult winter. National Grid, a utility company, warned earlier in the month that there could be three-hour power outages this winter if the U.K. does not have the gas supplies it needs.
Is Joe Biden involved in this? I’ll keep going down that list. Germany’s inflation rate is 10 percent. The E.U., 9.9 per cent. Spain and Italy, 8.9 %. Percent Mexico, 8.7 per cent. Joe Biden must be the President of the World.
Take a look at all the inflation he and Democrats cause. The American inflation rate is 8.2%. Although it is high, it’s still lower than the U.K., Mexico, the entire E.U. and the Netherlands. It is possible to see that there are 100 countries with higher inflation rates than America if you open it up for the rest of the world.
There are a few commonalities between countries that are struggling with rising prices. The lingering effects and consequences of the Russian invasion in Ukraine, including supply chain problems, coronavirus pandemic, and continued supply chain problems. Let me tell you, guest Joe Biden was able to cause all this global chaos on his own.
I am an economist. I am the first one to criticize bad policies. I understand that The Fed waited too long to raise rates, but the Republican criticism of Democrats about high inflation is not valid.
None of them have offered a solution, despite their repeated attempts. Many Republicans claim that the Inflation Reduction Act is the root cause for our economic problems. They have publicly and privately praised the funding from the bill they voted against, which they incorrectly claim caused the inflation. That makes sense. A president might say, “Come on man!”
