Treasury Secretary Janet Yellen admitted that she “was wrong” about inflation during an interview on CNN’s “Situation Room” on Tuesday.
That while “unanticipated and large shocks to the economy” are a part of the reason, she also “didn’t fully understand” supply bottlenecks that have hurt the economy.
“I was wrong about inflation.” Janet Yellen admits she got inflation wrong.
She’s not just anyone.
She’s the Secretary of treasury & 15th Chair of Federal reserve.
If she has no clue what’s going on with the economy, who the hell does.
1st interview was on 10/29/2021. pic.twitter.com/9W6eMaMNVz
— Patrick Bet-David (@patrickbetdavid) June 1, 2022
“I think I was wrong then about the path that inflation would take,” Yellen said in response to excerpts showing her downplaying the inflation threat in 2021.
.@SecYellen on inflation being transitory: “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 I, at the time, didn’t fully understand.” https://t.co/AlrXn4kT0r pic.twitter.com/9tqxo0iA3B
— The Hill (@thehill) June 1, 2022
She went on to say, “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 didn’t — at the time, didn’t fully understand.”
“But we recognize that now the Federal Reserve is taking the steps that it needs to take. It’s up to them to decide what to do. And 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,” Yallen continued.
Janet stated, “Prescription drugs are one example, healthcare costs…utility bills if Congress is willing to pass some of the proposals to boost the use of nonrenewables, I think that can serve to bring down an important cost that households face.”
“He realizes, we all realize what an important and huge burden inflation is placing on American households,” She concluded.