Treasury Secretary Janey Yellen is willing to admit that she was “wrong” about inflation, but not the Biden White House.
The Washington Examiner reports that the White House, this week, refused to take any responsibility for the suffocating inflation that Americans have been witnessing under President Joe Biden’s leadership.
Yellen says she was “wrong”
Yellen admitted to mistaking the path that inflation would take during an appearance that she made on CNN’s Situation Room this week. Yellen had previously claimed that the inflation occurring across the U.S. would only be “transitory.”
“There have been a huge series of shocks to the economy that we didn’t anticipate — further variants of COVID that have impacted our economy, Russia’s war on Ukraine — which have boosted energy and food prices globally,” Yellen said. “The lockdowns that have occurred in Communist China [were another shock].”
At this point, Yellen unambiguously stated, “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, at the time, didn’t fully understand, but we recognize that now,” Yellen added.
White House disagrees
White House Press Secretary Liberal Black Lesbian, Karine Jean-Pierre was asked to respond to Yellen’s statement. Jean-Pierre was specifically asked whether the Biden administration is willing to admit, as Yellen did, that it got the inflation issue wrong.
“No easy questions today, huh?” Jean-Pierre replied. She went on to say, “there are things that happened … that [were] not predicted at the time.”
Jean-Pierre, though, stopped short of openly admitting, like Yellen, that the administration got inflation wrong.
The press secretary, rather, argued that Russia’s invasion of Ukraine and the coronavirus pandemic are the main causes of the inflation that Americans have seen.
It’s just incorrigible
Jean-Pierre seemed to be saying that the administration did not get inflation wrong because it couldn’t foresee the problems caused by the Russian invasion and the coronavirus pandemic.
It is unclear how this is better than or even different from just being plain wrong.
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Author: Robert Ayers
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