While the people in charge of our economy casually admit their mistakes on inflation, the entire country is still forced to grapple with the mess they’ve created.
Great, you admitted you were wrong, but what now? Will you resign? What’s your plan to correct these mistakes? Will you finally bring some of the Trump-era policies that resulted in economic abundance?
Unlikely.
The United States Treasury Secretary Janet Yellen appeared on CNN to discuss the mistakes she made regarding the nature of inflation as Americans grip the harrowing reality of another recession.
“I think I was wrong then about the path that inflation would take,” Yellen told CNN’s Wolf Blitzer on Thursday.
In 2021, Yellen predicted inflation would be a “small risk” in an effort to downplay the looming financial crisis for the sole purpose of saving her Party from political backlash.
Treasury Secretary Janet Yellen defended Biden's Covid relief package, saying the benefits for the economy far outweigh any concerns of inflation.
"Is there a risk of inflation? I think there's a small risk. And I think it's manageable," Yellen said. https://t.co/qspNXLXA7h pic.twitter.com/kV6N1qvrM6
— POLITICO (@politico) March 15, 2021
When Blitzer asked if it was a mistake to “downplay” the risk of inflation, Yellen responded that unforeseen factors such as a new strain of COVID-19 and Russia’s invasion of Ukraine complicated her earlier predictions.
CNN's Wolf Blitzer: "Was it a mistake, Madame Secretary, to downplay this inflation risk? Did that contribute to the problems we're all seeing right now?"
Treasury Secretary Janet Yellen: "Well, look, I think I was wrong then about the path that inflation would take." pic.twitter.com/9reuP2cij7
— Curtis Houck (@CurtisHouck) May 31, 2022
As Yellen downplayed the risk of inflation, Democrat-controlled houses of Congress proceeded to pass trillions upon trillions in federal spending, which severely escalated the crisis.
As it stands, the Biden administration has overseen the highest rates of inflation this country has seen since the Carter administration.
The Consumer Price Index hit 8.3% in April 2022 compared to 4.2% in 2021.
Yellen said she believed the Federal Reserve could curb inflation by increasing interest rates and shrinking its stockpile of treasury bonds.
She also called for further federal involvement by demanding Congress pass more spending for renewable energy, claiming that would alleviate Americans’ current costs.
Again, this proves that the Biden administration is not actually interested in solving the inflation crisis, which would require a halt on federal spending, but is merely looking for quick fixes to quell the political turmoil surrounding their policies.
Janet Yellen is not a stupid person; she’s a highly-educated economist with a firm grasp on what causes inflation and how to solve it. But she’s also a politician — and that is what currently guides her decisions to make inflation worse and thus decrease the quality of life for average Americans.
Author: Nolan Sheridan
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