{"id":33572,"date":"2022-06-02T14:11:01","date_gmt":"2022-06-02T14:11:01","guid":{"rendered":"https:\/\/harchi90.com\/janet-yellens-excuses-as-raging-inflation-slams-america\/"},"modified":"2022-06-02T14:11:01","modified_gmt":"2022-06-02T14:11:01","slug":"janet-yellens-excuses-as-raging-inflation-slams-america","status":"publish","type":"post","link":"https:\/\/harchi90.com\/janet-yellens-excuses-as-raging-inflation-slams-america\/","title":{"rendered":"Janet Yellen&#8217;s excuses as raging inflation slams America"},"content":{"rendered":"<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Stocks continued to tank Wednesday as bond yields soared, implying yet more inflation ahead.  Meanwhile, Treasury Secretary Janet Yellen says she&#8217;s very sorry (but):<\/p>\n<p>&#8220;I was wrong [a year ago] about the path that inflation would take, \u201dshe told CNN on Tuesday.  Then came the excuses: &#8220;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&#8217;t at the time fully understand.&#8221;<\/p>\n<p>That is, she&#8217;s <em>still<\/em> not admitting that President Joe Biden&#8217;s $ 1.9 trillion spring 2021 \u201cCOVID relief\u201d package was all too <em>likely<\/em> to spark soaring inflation.  She&#8217;s pinning the blame on those \u201cunanticipated\u201d shocks.<\/p>\n<p>Yet former Treasury chief Larry Summers (along with some other top Democratic economists) was warning that dumping all that cash into a US economy already recovering from COVID (growth was 1.7% in the last quarter of 2020) risked bringing back inflation unseen since the early &#8217;80s.<\/p>\n<p>Yellen simply didn&#8217;t <em>want<\/em> to see it.  Indeed, at her January 2021 confirmation hearing, she insisted: \u201cRight now, with interest rates at historic lows, the smartest thing we can do is act big\u201d and pass Biden&#8217;s $ 1.9 trillion spending spree.<\/p>\n<p>Yet she soon expressed <em>some<\/em> doubts.  In May of that year, as Charles Gasparino noted then, she said at a conference one morning: &#8220;It may be that interest rates will have to rise somewhat to make sure that our economy doesn&#8217;t overheat.&#8221;  But then the White House clearly reined her in.  At another conference that same day, she insisted she didn&#8217;t &#8220;think there&#8217;s going to be an inflationary problem.&#8221;<\/p>\n<p>Instead, she (along with Fed chief Jerome Powell) blew off already-rising inflation as &#8220;transitory,&#8221; a tune they kept singing for months as Yellen spoke up in favor of Biden&#8217;s &#8220;Build Back Better&#8221; plan to add $ 5 trillion <em>blackberries<\/em> in new spending.<\/p>\n<p>It wasn&#8217;t &#8217;til late in 2021 that they retired &#8220;transitory.&#8221;  And even now, Yellen&#8217;s pleading those \u201cunanticipated\u201d surprises.<\/p>\n<p>Yes, Treasury secretaries are supposed to toe the president&#8217;s line, and Yellen&#8217;s boss was eager to spend, spend, spend.  But she put all her prestige di lei as a former Fed chief behind the message that Biden&#8217;s plans were great.<\/p>\n<p>Worse, the administration <em>still<\/em> has no plans for dealing with inflation except to say that fixing it is the Fed&#8217;s job, while the prez only offers recycled parts of his BBB plans, albeit now pitched as steps to &#8220;make things more affordable for families.&#8221;<\/p>\n<p>Biden is shameless, of course.  But so is Yellen.<\/p>\n<\/p><\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stocks continued to tank Wednesday as bond yields soared, implying yet more inflation ahead. Meanwhile, Treasury Secretary Janet Yellen says she&#8217;s very sorry (but): &#8220;I was wrong [a year ago] about the path that inflation would take, \u201dshe told CNN on Tuesday. Then came the excuses: &#8220;There have been unanticipated and large shocks to the &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/janet-yellens-excuses-as-raging-inflation-slams-america\/\"> <span class=\"screen-reader-text\">Janet Yellen&#8217;s excuses as raging inflation slams America<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[8249,10638,111,5698,518,645,4865],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/GERMANY-G7-FINANCE-MINISTERS-e1654116911650.jpg?quality=75&strip=all&w=1024","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/33572"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=33572"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/33572\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=33572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=33572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=33572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}