(My new American Thinker post)
All due respect to Treasury Secretary Janet Yellen, but your inflation quotes are getting annoying. Please stop it Madame Secretary, because this is not good for your reputation or parents budgeting for Christmas.
We recall that back in June she admitted failing to anticipate how long high inflation would continue. Stephen Colbert did not ask her about that, but what do you expect from that show?
In September, she said inflation remained a problem.
Just this week, Fed Chairman Jerome Powell said: "no clear progress toward lower inflation".
Janet please call Jerome, and I don't mean getting an update on the World Cup games. Ask him about inflation.
'The Late Show with Stephen Colbert" is not exactly a place to discuss something serious. During the conversation, the secretary was asked about inflation. And she said:
Yellen argued the administration managed the COVID-19 pandemic so well that consumers felt comfortable to "splurge" on goods.
"So we had a rapid recovery from the pandemic," she said, arguing Biden's policies brought unemployment down from 7% to 3.7%.
"It turned out the pandemic had very special impacts on the economy. Remember, everybody stopped spending on services," she pointed out, as businesses were shut down.
Instead, people spent more money on "grills," "technology" and office equipment as they were working from home.
"They were in their homes for a year or more, they wanted to buy grills and office furniture, they were working from home, they suddenly started splurging on goods, buying technology," she claimed, which led to supply chain "bottlenecks."
Later in the interview, Yellen also blamed Russia for the increase in food and gas prices.
The secretary did not say a word about a surge in federal spending under President Biden or high energy prices as a result of a war on fossil fuels. She did not say that unemployment rates are simply going back to the pre-Biden levels. In other words, the Biden administration inherited an economy in recovery and then screwed everything by blowing trillions of dollars.
She is now blaming inflation on the great Biden economy and how the consumers love it so much that they can't stop spending all of those dollars.
I guess that's why they go on Colbert or "The View" -- to tell us how great they are doing.
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