“On Feb. 22, 2022, President Joe Biden warned Americans that a Russian invasion of Ukraine and U.S. efforts to thwart or punish it—would come with a price tag. ‘Defending freedom will have costs, for us as well and here at home,’ Biden said. ‘We need to be honest about that.’ His statement came one day before Russian President Vladimir Putin ordered an attack on targets throughout Ukraine, including western parts of the country. Now that war has broken out, the biggest costs for the U.S. will likely be in higher prices—on top of what is already the fastest pace of inflation in 40 years.”