The first step in solving a problem is recognizing that you were wrong. The second step is dealing with the consequences of your mistakes.
At least Joe Biden’s Treasury Secretary can admit she totally flubbed the inflation debacle, resulting in a stagnant economy, skyrocketing consumer prices, and rapidly decreasing quality of life for average Americans.
However, now that Janet Yellen admitted she was wrong, it’s time to do the right thing and resign in grace. Do we think that will happen? Not a chance.
The United States Treasury Secretary Janet Yellen appeared on CNN to discuss the mistakes she made regarding the nature of inflation as Americans grip the harrowing reality of another recession.
“I think I was wrong then about the path that inflation would take,” Yellen told CNN’s Wolf Blitzer on Thursday.
In 2021, Yellen predicted inflation would be a “small risk” in an effort to downplay the looming financial crisis for the sole purpose of saving her Party from political backlash.
Treasury Secretary Janet Yellen defended Biden's Covid relief package, saying the benefits for the economy far outweigh any concerns of inflation.
"Is there a risk of inflation? I think there's a small risk. And I think it's manageable," Yellen said. https://t.co/qspNXLXA7h pic.twitter.com/kV6N1qvrM6
— POLITICO (@politico) March 15, 2021
When Blitzer asked if it was a mistake to “downplay” the risk of inflation, Yellen responded that unforeseen factors such as a new strain of COVID-19 and Russia’s invasion of Ukraine complicated her earlier predictions.
CNN's Wolf Blitzer: "Was it a mistake, Madame Secretary, to downplay this inflation risk? Did that contribute to the problems we're all seeing right now?"
Treasury Secretary Janet Yellen: "Well, look, I think I was wrong then about the path that inflation would take." pic.twitter.com/9reuP2cij7
— Curtis Houck (@CurtisHouck) May 31, 2022
As Yellen downplayed the risk of inflation, Democrat-controlled houses of Congress proceeded to pass trillions upon trillions in federal spending, which severely escalated the crisis.
As it stands, the Biden administration has overseen the highest rates of inflation this country has seen since the Carter administration.
The Consumer Price Index hit 8.3% in April 2022 compared to 4.2% in 2021.
Yellen said she believed the Federal Reserve could curb inflation by increasing interest rates and shrinking its stockpile of treasury bonds.
Additionally, she had the gall to propose even more federal oversight by urging Congress to increase the use of renewable energy in the hopes that would lower utility bills for Americans.
The liberal regime is desperate to maintain its stronghold on power and will do so while smiling in the faces of struggling Americans. The solution is simple: GET OUT OF THE WAY.
Allow private industry to flourish unencumbered by federal bureaucratic red tape.
Author: Robert Bogart
