(Jacob Bruns, Headline USA) Treasury Secretary Janet Yellen acknowledged in an ABC News interview on Sunday that there was no reversing the damage that has been done by Democrats’ inflationary economic policies, Red State reported.
Throughout his term, President Joe Biden has made outlandish claims about inflation, calling it “transitory” and blaming Russia and large corporations. Now, as polls show him trailing former President Donald Trump in his bid for re-election, Biden has insisted that the economy is booming, despite evidence to the contrary.
Biden brags about overall prices (up 17.3% during his presidency) and gas prices (up 30% from when he took office) pic.twitter.com/vHGneMScgk
— RNC Research (@RNCResearch) January 28, 2024
“Inflation’s coming down, it’s now lower in America than any other economy in the world,” he said at a recent campaign event in South Carolina, citing dropping egg prices, chicken prices, and gas prices.
Nonetheless, the president also suggested that “there are still too many corporations in America ripping people off.”
Yellen, however, did not get the memo regarding the latest economic messaging. Instead, she tried to downplay the now-permanent price hikes as old news that voters had grown to accept as the “new normal.”
“Well, I think most Americans know that prices are not likely to fall,” Yellen said, insisting that such objectives were entirely outside of the purview of the nation’s financial institutions.
“It’s not the Fed’s objective to try to push the level of prices back to where they were,” Yellon added.
For years now, the American working class has been ravaged by Biden’s inflationary policies as government spending and the Federal Reserve’s addition of new “money” into the U.S. economy devalue the dollar at rates unseen since the end of the Jimmy Carter administration.
Still, the president and his administration have denied or downplayed inflation’s existence all along the way while attempting to redefine the word “recession” so as to avoid association with the recent economic downturn.
In a now-infamous tweet, for instance, Biden employed the term “Bidenomics” while claiming that inflation was at 0%, despite a 3.2% increase in prices in the quarter to which he was referring.
Inflation was 0% last month – and our economy grew by more than 5% last quarter.
Bidenomics.
— President Biden (@POTUS) December 2, 2023
