Joe Biden is sacrificing his high-level cabinet members in order to save his presidency.
Barely a week after he ordered Treasury Secretary Janet Yellen to tank her own career by admitting she lied about inflation, Biden is sending her out once more to do his dirty work.
Last week the Federal Reserve hiked interest rates and raised concerns that an economic downfall could be looming as a result of Biden’s unprecedented inflationary spending.
Though the economy is predicted to worsen, Yellen, during an appearance on ABC’s This Week, maintained that it is “natural” to expect a transition after rapid growth.
According to Yellen, a recession is not “at all inevitable” despite multiple economists’ predictions, including Larry Summers, who served as Obama’s chief economic adviser.
“I expect the economy to slow,” Yellen admitted when pressed on the economic data.
There’s been a major change recently in the way Americans spend their money amid this period of Bidenflation. Consumer spending is down across the board and Americans are choosing not to pay for basic services like hair cuts and oil changes. Additionally, the labor market has faced a serious downturn as well.
This, however, is not a cause for concern for Janet Yellen.
Treasury Sec. Janet Yellen tells @GStephanopoulos that a recession isn't “inevitable," but says inflation is "unacceptably high."
— This Week (@ThisWeekABC) June 19, 2022
Pressed about whether her position was “too optimistic” after conceding earlier this week to being “wrong about the path of inflation” last year, Yellen admitted that “inflation is really unacceptably high.”
Yellen proceeded to repeat White House talking points on inflation, claiming that the U.S. isn’t the only first-world country suffering from inflation.
“It’s important to recognize that the United States is certainly not the only advanced economy suffering from high inflation. We see it in U.K., we see it in France, Germany, Italy.”
Yellen’s comments come as top economists anticipate the economy will fall into a recession by sometime next year.
Economists predict that the probability of recession is at 44% in the next 12 months, according to a survey by the Wall Street Journal published Sunday. The probability of a recession is rising due to higher borrowing costs, the pace of inflation, supply chain problems, and more.
Just about the only thing Joe Biden and his cadre of globalists are willing to be honest about is their intention to radically transform the U.S. economy.
We’re no longer living in a country that celebrates commerce, business, and innovation — unless the federal government is involved. We’re definitely taking a few pages out of Communist China’s book, and that couldn’t be more terrifying.
Author: Sebastian Hayworth