(CNSNews.com) - The American Rescue Plan did not contribute to the current inflation that the U.S. is dealing with right now, Sen. Bernie Sanders (I-Vt.) said on Sunday.
Instead, he blamed it on the pandemic, “the break in the supply chain,” the war in Ukraine, and “incredible corporate greed.”
"Inflation right now, as I'm sure you know, Chuck, is an international problem. In Germany, it is 10%. U.K. it is 10%. Canada it is 7%. Inflation globally is caused by the pandemic and the break in supply chains,” the senator told NBC’s “Meet the Press.”
“It is caused by, in my view, the war in Ukraine, obviously, and it is also caused by incredible corporate greed, and I hope everybody understands that when you go to the gas tank, you fill up your car today, the oil companies are making huge profits. The food companies are making huge profits. They– prescription drug, high pharmaceutical industry are making huge profits. We've got to deal with that issue, and Republicans won't, by the way,” he said.
When asked whether the Federal Reserve is currently helping or hurting the situation when it comes to an impending recession, Sanders said, “I think they're hurting the situation. I think it is wrong to be saying that the way we're going to deal with inflation is by lowering wages and increasing unemployment. That is not what we should be doing.
“This inflation thing is a real issue. It is a global issue, but at a time when working families are struggling when the people on top are doing phenomenally well, I don't think you go after working people,” he said.
“So you wouldn't be raising interest rates anymore at this point. The damage has already been done, in your view?” host Chuck Todd asked.
“Yes,” Sanders replied.