US Treasury Secretary Janet Yellen Admits She Was Wrong…

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( – This time last year, President Biden and Treasury Sec. Janet Yellen repeatedly downplayed the threat of inflation.

A year ago Yellen said, the Federal Reserve may need to respond to rising prices, leading to a brief panic in the stock market and, later, a clarification from the treasury secretary. “It may be that interest rates will have to rise somewhat to make sure our economy does not overheat.”

She went on to tell the Wall Street Journal that, after the stock market dips, “I don’t think there’s going to be an inflationary problem, but if there is, the Fed can be counted on to address them.”

Yellen finally acknowledged the problem in June saying inflation would rise to 3 percent by the end of the year. But even then she added, “But I personally believe that this represents transitory factors.” But six months later, on December 10, it becomes clear that inflation is at 6.8 percent and it’s not transitory.

On Tuesday, Yellen admitted she had failed to anticipate how long high inflation would continue to plague American consumers as the Biden administration works to contain a mounting political liability.

“I think I was wrong then about the path that inflation would take,” Yellen told CNN’s Wolf Blitzer on “The Situation Room” when asked about her comments from 2021 that inflation posed only a “small risk.”

The President, Yellen said Tuesday, knows “what an important and huge burden inflation is placing on American households.”

Biden said he was committed to fighting inflation as his top priority but then said step #1 in doing that was to acknowledge “the Federal Reserve has a primary responsibility to control inflation.” So between laying this at the feet of the Fed and having his own Treasury Secretary fall on her sword, it’s clear Biden is looking to avoid taking the blame for this personally.

Samantha is a proud patriot living in central Pennsylvania. She is a mother of three, a lifelong Christian, and the wife of a soldier who is currently defending our country from evil.

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