Rove on soaring inflation, Biden admin doubling-down on blame game: 'Are they thinking we're dumb?'

Fox News contributor Karl Rove dissected the inflation record on "America Reports" Friday after the release of the May Consumer Price Index showing inflation at 8.6%. Rove outlined the progression of inflation since President Biden took office and criticized th administration for continuing to blame Vladimir Putin's war in Ukraine.

CHARLES PAYNE ON 40-YEAR INFLATION HIGH: BIDEN ADMIN, FEDERAL RESERVE ‘CREATED A MONSTER’

KARL ROVE: Let's put this back in context a little bit. In January of '21, when Joe Biden comes into office, the inflation rate was 1.4%. That's below the target set by the Federal Reserve. By April, after the passage of the American Rescue Plan, $1.9 trillion of additional spending that even Democratic economists warned might kick off inflation, the inflation rate was 4.16%. Think about that. It nearly tripled in the course of four months. By July, it was 5.3%. By October 5.2%. It sort of moderated a little bit, but still stuck up there higher than it was at the beginning of the year. And then by January, it had grown to 7.48%, April 8.25%, and then 8.582%. [A] 41-year high! 

Now, why did I mark April? I marked April because that's when President Biden said it was transitory when he dismissed the fears about this. And since then, it's nearly doubled. And so we just heard the chairman of his Council of Economic Advisers say this all happened because of Putin. Well, before Putin, we were at 7.48%. Putin invades Ukraine on February 24th. Are these people thinking we're dumb or do they really believe this stuff because the facts spell something entirely different. And it's worse for food in the United States, even more than energy. And our food prices were not being affected this past month or the months before by Ukraine. They're being affected by the general condition of inflation in the United States. 

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