President Joe Biden's Treasury Secretary finally admitted she was "wrong" about impending inflation - months into an economic crisis that's forcing Americans to pay more for everything from food and gas to cars, rent, and clothing.
Speaking Tuesday, Janet Yellen admitted, "I was wrong" in projecting rising inflation.
"I think I was wrong then about the path that inflation would take," she said, referencing previous remarks she'd made to CN's Wolf Blitzer back in 2021. At the time, Yellen had called inflation a "small risk," saying she didn't "anticipate that inflation is going to be a problem."
Now, after grocery prices have soared more than 10 percent and the average cost of a gallon of gas hovers around $4.60 (or closer to $8 in some California locales), Yellen says she might have misread the (now much more expensive) tea leaves.
"As I mentioned, there have been unanticipated and large shots to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly, that at the time I did not fully understand. But we recognize that now," she continued.
Janet Yellen on inflation being transitory: “I was wrong”..— Benny Johnson (@bennyjohnson) June 1, 2022
What was your first clue?pic.twitter.com/xDVzh0GNsH
But don't worry, Americans. Yellen, whose credibility is already shot full of more holes than Swiss cheese, claims that "the Federal Reserve is taking the steps that it needs to take," and that "it’s up to them to decide what to do."
"For our part, President Biden is focused on supplementing what the Fed does with actions we can take to lower the cost that Americans face for important expenditures they have in their budgets,” she added.
Feel better yet?
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