The Secretary of the US Treasury admitted to Americans this week she was “wrong” about the “path” inflation would take under the Biden administration.
“I think I was wrong then about the path that inflation would take,” said Janet Yellen.
“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, but we recognize that now,” she explained.
Watch Yellen’s admission above.
“The Trump administration… enacted three separate coronavirus-relief packages at a total cost of more than $2 trillion.”
https://www.heritage.org/budget-and-spending/commentary/how-big-the-covid-19-cares-act-relief-bill
“[Biden’s] $1.9 trillion COVID relief package includes money to expand health care, extend unemployment benefits and help reopen schools. Small businesses will get another infusion of assistance and renters will get a lifeline to stay in their homes.”
https://www.usatoday.com/in-depth/news/2021/03/10/covid-19-stimulus-bill-joe-bidens-plan-explained-6-graphics/4601454001/
Inflation is on the increase around the world. Food and energy prices are hitting record highs ALL OVER. The rise has been driven in large part by heightened consumer demand after the pandemic and also the Russian invasion of Ukraine. High oil prices may be the biggest factor, and oil execs have said they are NOT going to provide more oil supply any time soon. Ask yourself: who benefits from high gas prices? Does the biden administration benefit from high inflation and high energy prices? Of course not. And if the president had the power to lower these, he would. But the fact remains that we live in a global economy, and a free market where prices are set by supply and demand.
https://www.cbsnews.com/news/oil-production-prices-us-companies-wont-increase-2022-dallas-fed-survey/
If you still don’t understand that this is a GLOBAL issue, then I don’t know how to help you.
“The Trump administration… enacted three separate coronavirus-relief packages at a total cost of more than $2 trillion.”
https://www.heritage.org/budget-and-spending/commentary/how-big-the-covid-19-cares-act-relief-bill
“[Biden’s] $1.9 trillion COVID relief package includes money to expand health care, extend unemployment benefits and help reopen schools. Small businesses will get another infusion of assistance and renters will get a lifeline to stay in their homes.”
https://www.usatoday.com/in-depth/news/2021/03/10/covid-19-stimulus-bill-joe-bidens-plan-explained-6-graphics/4601454001/
She should resign!