Stuart Varney warns of recession as inflation hits 40-year high

Stuart Varney warns of recession as inflation hits 40-year high thumbnail

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FOX Business host Stuart Varney joined “Fox & Friends” to discuss a key inflation report that showed consumer prices have increased 8.5 percent since March 2021, a new 40-year high. Varney warned that as President Biden continues to blame “Putin’s price hike” for the rising costs, the ongoing economic and energy policies could result in a recession. 

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STUART VARNEY: This is going to come as a real shock to anyone under 50 because anyone under 50 has never seen anything like this before. Inflation is now pervasive. It’s throughout everything. It’s not just food and gas, it’s everything going up. 8.5 percent, that’s at the whole level. 

Now President Biden’s going to go out there and blame – today he’s going to Iowa – he’s going to blame this on Putin’s price hike. Previously, he blamed the meat packers, the oil companies, the supply chain problems. He’s blaming everybody else except his own policies. My opinion? We’ve been printing trillions of dollars by the Federal Reserve. Congress has spent trillions of dollars. We have deliberately ended our energy independence and that’s inflationary, and we’ve ended up with food prices going through the roof. What we’ve got is a 40-year high in inflation, a real shock to the political system – we’ve got elections coming in November. And a real shock to the economy because this could produce a recession.

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