THREE YEARS after insisting inflation was transitory, Yellen finally admits she was wrong as inflation continues to persist.
Biden Treasury Secretary Janet Yellen expressed regret for advancing the false talking point that inflation in the U.S. was “transitory.”
After first proclaiming in 2021 that inflation was a “transitory” phenomenon, Yellen finally admitted Wednesday on Fox Business that she was wrong about inflation as it continues to persist in America.
“I regret saying [inflation] was transitory,” Yellen said. “It has come down, but I think transitory means a few weeks to months to most people.”
TREASURY SEC. JANET YELLEN (3+ years later): “I regret saying [inflation] was transitory.” pic.twitter.com/grdATNkgJx
— RNC Research (@RNCResearch) March 13, 2024
Yellen, along with Joe Biden and Federal Reserve Chairman Jerome Powell, insisted in 2021 that inflation was transitory as it was climbing to 9% year over year.
Fast forward three years later, and inflation has decreased to about 3%, still over the Fed’s arbitrary target rate of 2%.
But the devastating effects of inflation have remained, with most goods and services skyrocketing by at least 20% across the board.
SINCE BIDEN TOOK OFFICE:
— SUGAR: Up 44%
— BREAD: Up 30%
— BUTTER: Up 27%
— CHICKEN: Up 26%
— EATING OUT: Up 21%
— FOOD AT HOME: Up 21%
— RENT: Up 20% pic.twitter.com/sbWa8cKyZZ— RNC Research (@RNCResearch) March 13, 2024
Yellen however downplayed those concerns, admitting that although the prices of “some goods” have risen, Joe Biden’s “number one priority” is bringing prices down.
Biden Treasury Secretary Janet Yellen admits Americans “are seeing the costs of some goods that are important to them, like rent, having increased” under Biden — but insists he’s working on it pic.twitter.com/GFhTrQChop
— RNC Research (@RNCResearch) March 13, 2024
She also insisted that inflation is trending in a “favorable” direction downward despite inflation ticking back up over the last few months.
“Is inflation coming back?”
YELLEN: “I wouldn’t expect this to be a smooth path, month-to-month, but the trend is clearly favorable!”
Prices are up 18.6% under Biden — and inflation has been at or above 3% for 35 straight months. pic.twitter.com/I9UpmtQ82r
— RNC Research (@RNCResearch) March 13, 2024
However, the trade deficit, national debt, credit card debt, and government spending continuing to rise at break-neck pace are indicators that inflation will likely continue to track back up in the coming months and years until government spending is reduced or the Fed greatly raises interests rates to discourage rampant borrowing.