Yellen: Inflation Here To Stay And Not Biden’s Fault
High prices may be here to stay, and we shouldn’t blame President Joe Biden for the staggering cost of living in 2024. That’s the word from Treasury Secretary Janet Yellen, who told the Senate Banking Committee on Thursday that wanting to see prices go down is wishful thinking.
The cabinet member was asked by Sen. John Kennedy (R-LA) if the public may expect prices to drop in the near future.
Anyone with any fiscal knowledge knows the inflation crisis was caused by wild, uncontrolled spending by the government!
However, Powell and Treasury Secretary Janet "Dodge Ball" Yellen have never called out Biden and his policies as the root cause to inflation pic.twitter.com/8Lh0dUD5j9
— Fixing America 🇺🇸 (@PhillipDenton) February 10, 2024
The Repubican’s question, “These high prices, caused by ‘Bidenomics,’ are here to stay — aren’t they?” The response he and the American people received was more than telling.
Yellen immediately denied the burden on U.S. consumers is a symptom of misdeeds by the Biden White House. “We suffered a pandemic that resulted in severe dislocations.”
Kennedy persisted and asked if the astronomical level of prices for nearly all everyday goods are here to stay. In a moment of honesty, Yellen admitted she did not expect costs to shrink anytime soon.
A readily clear timeline is available for anyone who cares to look at the evidence of Biden’s economic mismanagement. The Democrat rammed through several large spending bills after his inauguration, one of which was the gargantuan American Rescue Plan.
This $1.9 trillion boondoggle cleared Congress in March 2021 with the expressed purpose of stimulating economic recovery from the pandemic. It predictably managed to do the exact opposite.
From a February rate of 2.6%, inflation soared to 5% in just three months. It rose to 5.4% by September and then topped out at a staggering 9.1% by June 2022.
But for Yellen, inflation is offset by higher wages. She told Kennedy and the committee that “some prices will be higher than they were before the pandemic, and will stay higher.”
She added, however, that “wages have risen considerably, and the pace of price increases has now receded over the past six months.”
Even though inflation has indeed leveled off, prices are still exorbitantly high. Yellen’s belief that they will stay high was seconded by Federal Reserve Chair Jerome Powell.
In an interview that aired on “60 Minutes” last weekend, the Fed chief said that prices will rise and fall as usual. “But we don’t expect to see a decline in the overall price level. That doesn’t tend to happen in economies, except in very negative circumstances.”
Even Biden’s cronies are now forced to admit that the high prices spurred by Bidenomics are here to stay.