"Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same, or one day we will spend our sunset years telling our children and our children's children what it was once like in the United States where men were free." - President Ronald Reagan
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.
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.