Biden Admin Treasury Secretary Admits Incompetence – Downplayed Crisis
(ReliableNews.org) – Treasury Secretary Janet Yellen made a shocking admission during a recent interview, revealing she was wrong about inflation. Her remarks came a year after she initially downplayed the crisis.
CNN’s Wolf Blitzer asked Yellen about remarks she made in 2021 about inflation only posing a “small risk” to the American economy and people. The secretary admitted she was “wrong” when she made the comments. She went on to say there were “unanticipated and large shocks to the economy,” that contributed to soaring prices and she “didn’t fully understand” the problem at the time.
.@SecYellen on inflation being transitory: "I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy […] that I, at the time, didn't fully understand." https://t.co/AlrXn4kT0r pic.twitter.com/9tqxo0iA3B
— The Hill (@thehill) June 1, 2022
Yellen and other members of President Joe Biden’s administration downplayed inflation concerns for months even as the American people complained about the soaring costs of goods. In July 2021, the president told reporters the rising prices were “expected to be temporary.” Almost a year later, it’s clear the problem was not temporary. Inflation is up 8.5%, driving up the cost of everything from food to housing. And Yellen wasn’t the only administration official making confessions about inflation this week.
On Wednesday, June 1, Biden told reporters there wasn’t much he could do to bring down gas and food prices in the short term. While it’s true, it’s not great news for Americans who are suffering under the weight of increased costs.
How do you feel about the confessions made by Biden and Yellen?
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