Yellen on Inflation and Supply Bottlenecks: ‘I Was Wrong’

Yellen on Inflation and Supply Bottlenecks: ‘I Was Wrong’

June 1, 2022

Tuesday on CNN’s Situation Room, Treasury Secretary Janet Yellen admitted that she “was wrong” about inflation and that while “unanticipated and large shocks to the economy” are a part of the reason, she also “didn’t fully understand” supply bottlenecks that have hurt the economy.

Reacting to clips of her downplaying the inflation threat in 2021, Yellen said, “I think 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 have boosted energy and food prices, and supply bottlenecks that have affected our economy badly that I didn’t — at the time, didn’t fully understand.”

Fact check: the Biden administration itself is responsible for those “unanticipated and large shocks to the economy.”

“But we recognize that now the Federal Reserve is taking the steps that it needs to take. It’s up to them to decide what to do,” she continued. “And for our part, President Biden is focused on supplementing what the Fed does with actions we can take to lower the cost that Americans face for important expenditures they have in their budgets… He realizes, we all realize what an important and huge burden inflation is placing on American households.”

It’s questionable as to whether the mentally decrepit Biden does realize it, but more importantly, does he care? Or is crashing the economy his administration’s intention?

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