Biden’s Treasury Secretary Confesses
Not good folks.
During her most interview with CNBC, President Biden’s Treasury Secretary Janet Yellen admitted that she believes Americans will have to put up with inflation for “a while longer.”
Yellen went on to call the American economy remarkably resilient even with all of the supply chain issues, pandemic, and geopolitical conflicts such as the war in Ukraine.
Maybe President Biden should have done his job better so Americans didn’t have to see first hand how “remarkably resilient” the U.S. actually was.
In transcript provided by Breitbart, Yellen explained, “The stock market — I don’t take as a reflection of the underlying strength of the economy. I think the U.S. economy has been remarkably resilient. And when you think of all the shocks that have afflicted the U.S. and the global economy, the pandemic, now the war, Russia’s war in Ukraine, commodity price increases, supply chain issues, the U.S. labor market is doing extremely well. And frankly, I take that as the strongest indication of how the economy is doing, and we have continued to create jobs and are back above pre-pandemic levels in terms of output. So, I think the U.S. economy has been very resilient in the face of an enormous set of shocks.”
Then when asked if she believes inflation has peaked and when we will start to see it decline, Yellen responded, “Well, it may have peaked, but, look, you know, inflation has been high. And I think the shocks emanating from this unjustified attack on Ukraine will prolong inflationary pressures. So, the outlook is uncertain. As you know, the Fed is taking steps to bring inflation down, but I think we will have to put up with high inflation for a while longer.
