When inflation first emerged over a year ago, conservatives repeatedly warned it was dangerous. Americans nationwide pointed out the threats of prices and interest rates going up.
Yet, all of this fell on deaf ears from the Biden administration. White House officials claimed inflation was going to be “transitory.” At one point, it was even said that inflation could somehow be good for the economy.
Now, all the warnings that were made about inflation are beginning to come to fruition. As it turns out, more economists than not believe a recession will come soon, largely due to the Federal Reserve boosting interest rates.
Now, US Treasury Secretary Janet Yellen says the economy is about to sink even further, soon enough.
The Latest Warning From Yellen
This past Sunday, ABC News host George Stephanopoulos grilled Yellen about her previous remarks on inflation and core inflation statistics that contradict Biden’s claims that other nations have worse price hikes.
Later in the interview, the news host also asked the treasury secretary about economists’ forecasts of a recession in this country. Yellen all but conceded that this could very well be the case.
Treasury Sec. Janet Yellen tells @GStephanopoulos that a recession isn't “inevitable," but says inflation is "unacceptably high."
— This Week (@ThisWeekABC) June 20, 2022
In the treasury secretary’s own words, she claimed America’s economy is going to “slow.” However, she also downplayed claims of an incoming recession by saying such a turn of events is not “inevitable.”
In additional comments from Yellen, she argued the US economy managed to reach full employment and see a recovery in the labor market.
Finally, the treasury secretary conceded that today’s 8.6% inflation rate is high to an “unacceptable” degree and an issue that Biden needs to solve.
Nothing New From the White House
Even with US core inflation rates outpacing other countries, Biden continues to stick by his narrative regarding the economy.
The president has also blamed inflation on COVID, the war in Ukraine, and supply chain backlogs. What Biden won’t do is acknowledge the role that his spending packages played in increasing prices.
Joe Biden is lying about inflation.
It was on the rise long before Putin invaded Ukraine. pic.twitter.com/K7rbzHDLjn
— RNC Research (@RNCResearch) June 20, 2022
Biden also remains adamant in his refusal to acknowledge that his climate change policies are sending energy prices soaring. This, too, is a factor in the current challenges facing today’s economy.