Treasury Secretary Janet Yellen expressed regret over her earlier claim that inflation was “transitory” in 2021. This statement comes after nearly three years of consistent inflation under the Biden administration, which has left many Americans feeling the financial strain.
Yellen’s initial assessment of inflation as transitory was based on the belief that pandemic-induced price surges would be temporary. However, as the global economy continued to grapple with the effects of the pandemic and other geopolitical factors, inflation proved to be more persistent than initially anticipated.
The Biden administration’s economic policies have been under scrutiny as inflation has remained a persistent issue. Critics argue that the administration’s focus on large-scale spending programs and expansion of the money supply has contributed to the inflationary pressures.
TREASURY SEC. JANET YELLEN (3+ years later): “I regret saying [inflation] was transitory.” pic.twitter.com/grdATNkgJx
— Republican National Committee Research (@Republican National CommitteeResearch) March 13, 2024
In response to the ongoing inflation, the Federal Reserve has implemented a series of interest rate hikes in an attempt to tame the higher prices. However, a growing number of economists are doubtful that historically high inflation will be going away anytime soon.
As the United States faces “unacceptable levels of inflation,” according to Yellen, there is a growing need for Congress to take action to ease the cost burdens that households are experiencing. Yellen has specifically pointed to federal programs that would lower prescription drug costs, invest in clean energy and affordable housing, and help families with child care expenses and medical costs.
While Yellen’s admission of regret is a step towards acknowledging the severity of the inflation issue, it remains to be seen how the Biden administration and Congress will work together to address the problem and provide relief to American households.
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Author: Vincent Dela Cruz
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