Treasury Secretary Janet Yellen in 2021 told the American public that inflation was only “transitory,” something that was here today and gone tomorrow.
Her rosy predictions came despite the pouring of trillions into an already-overheated economy by the White House. The U.S. and the world know how that prophecy played out.
— Sirjinx (@Sirjinx5) December 21, 2022
Now the cabinet member told the Wall Street Journal that the economy under her boss is “resilient,” “strong,” “healthy,” and “robust.” Yellen expressed her belief that under Democratic leadership “the U.S. will be in a uniquely strong position to capitalize on the future.”
Remember, inflation was only “transitory.”
Her most recent comments came on the heels of a “60 Minutes” interview where she predicted that inflation will be lower by the end of 2023. In the absence of an “unanticipated shock,” the treasury secretary anticipated lower prices across the board.
Inflation under Yellen and President Joe Biden has held steady at 40-year highs. And she added that she thinks there is a risk of recession in 2023.
No matter, as she believed that the labor market “will remain quite healthy” and people will have a positive outlook on their “personal economic situation.”
Yellen’s optimistic view on inflation counters what she told the Senate Finance Committee as recently as June. At that point, the secretary advised that “I do expect inflation to remain high.” She then admitted that the administration’s paltry 4.7% forecast must be revised.
Earlier this month, in an appearance on the Stephen Colbert show, Yellen made a startling accusation. While discussing inflation with the comedian, she alleged that Americans and not the Biden administration are at fault for decades-high price increases.
The people, she asserted, “suddenly started splurging on goods, buying technology.” To the Biden administration, it’s Americans themselves who are to blame for skyrocketing prices and not trillions in wasteful spending.
And this is the same person who in November warned U.S. businesses that it’s time to be considering the consequences of China conquering Taiwan.
Unfortunately, this is the level of expertise that the country has come to expect from the current administration. Having Yellen praise an economy riddled with white-hot inflation is in fact predictable considering her pitiful track record.