Joe Biden waved the white flag of defeat when he made this shocking statement

Joe Biden’s problems are piling up with no end in sight.

He knows he’s in way over his head.

And Joe Biden waved the white flag of defeat when he made this shocking statement.

Joe Biden’s Presidency is drowning in a sea of problems created by his own incompetence.

The top problem facing the country is the rampant inflation sparked by Biden’s socialist spending spree.

Inflation is at 40-year highs, with no sign of it letting up any time soon.

Since Biden has no answer for inflation, he’s turned to excuse after excuse to deflect from his failure.

At first, Biden claimed inflation was temporary.

But that lie was quickly disproven.

Now, Biden’s latest excuse is blaming every problem facing the country on Vladimir Putin.

During a White House event with baby formula manufacturers, Biden threw his hands up in the air on inflation.

“The idea we’re going to be able to click a switch, bring down the cost of gasoline is not likely in the near term, nor is it with regard to food​,”​ he told reporters.

Biden is publicly admitting that he has no answers to two of the sectors hit the hardest by inflation.

After trotting out excuse after excuse, he’s finally admitting this problem is here to stay.

Outside of housing and transportation, gas and food are two of the biggest expenses in a family’s budget.

While the inflation rate is at 8.3%, the price of food and gas has blown past that marker.

Gas is at record highs around the country, with the price climbing even higher as summer driving season picks up.

Food has been one of the sectors hit hardest by inflation.

Portions have been shrinking, while the price of common items like eggs, chicken, milk, and ground beef have seen price increases well into the double digits.

Of course, that’s if those items are even on shelves thanks to the lingering supply chain crisis.

Instead of trying to find a real solution to the problem, Biden turned to pushing his failed left-wing agenda as the answer to the high costs crushing Americans.

Biden insisted that despite having no answers for inflation, savings could be found from the $4 trillion Build Back Better bill.

He mentioned savings on childcare and prescription drug costs in the bill.

“We can’t take immediate action, that I’m aware of yet, to figure out how we bring down the price of gasoline back to $3 a gallon, and we can’t do that immediately with regard to food prices either,” the President reiterated.

​”​But we can compensate by providing for other necessary costs for families, by bringing those down. That reduces the inflation for that family​.”

After wasting trillions in stimulus, Biden’s solution to lower costs is spending trillions more for a grab bag of every bad left-wing idea of the last 50 years.

Even though pumping trillions into an economy would make inflation rise to third-world levels, Biden is always looking to push his socialist agenda.

With no answers for inflation, this problem will be a millstone grinding away at Biden’s collapsing approval rating.

Renewed Right will keep you up-to-date on any new developments in this ongoing story.