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Treasury’s Yellen Cops to Inflation Ignorance

'Since the very beginning, the Biden Admin has been wrong on inflation, which is a direct result of their policy decisions and out-of-control spending... '

(Tony Sifert, Headline USA) Treasury Secretary and former Federal Reserve chairman Janet Yellen — fresh from encouraging poor black women to have more abortions — has admitted that she has been wrong about the seriousness of the inflation problem since President Biden took office.

In March 2021, Yellen appeared on ABC to defend Biden’s $1.9 trillion COVID “relief” package.

“Is there a risk of inflation? I think there’s a small risk,” the former Fed chairman said. “And I think it’s manageable.”

Now, with the inflation rate at 8.3%, and the White House looking to blame the Fed, Yellen has admitted that she was wrong.

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“I think I was wrong then about the path that inflation would take,” Yellen told CNN’s Wolf Blitzer.

Yellen attributed her poor prognostications to “unanticipated and large shocks” to the economy.

“There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t . . . fully understand, but we recognize that now,” Yellen said.

In another example of the Biden admin’s trademark “clean-up campaign” style, a Treasury department spokesman was trotted out to “contextualize” the secretary’s comments by blaming COVID-19 and Russia.

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“The Secretary was pointing out that there have been shocks to the economy . . . including Russia’s decision to invade Ukraine, multiple successive variants of COVID, and lockdowns in China,” the spokesperson said.

While corporate media journalists did their best to salvage Yellen’s clunker, Republican politicians took to Twitter to highlight Yellen’s revealing comments.

“Since the very beginning, the Biden Admin has been wrong on inflation, which is a direct result of their policy decisions and out-of-control spending,” Oklahoma Congresswoman Stephanie Bice wrote.

Rep. Darin LaHood, R-Ill., agreed.

“The Biden Administration has been wrong on inflation since day one, he wrote. “Democrats’ economic agenda pushed consumer costs to record highs.”

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