President’s Reckless Spending has Doomed Americans to Suffer from High Inflation

Treasury Secretary Janet Yellen just threw her boss, President Joe Biden, under the bus – admitting that the Democrat leader has no doubt worsened inflation in the United States.

Yellen, who was appointed by Biden himself, revealed that his careless spending has made inflation a much more dire issue than it would have been otherwise.

She made the comments in an interview with Matt Murray, the editor-in-chief of the Wall Street Journal.

“As you know, one of the criticisms made for the administration and for the Fed really, in underestimating the toll of inflation, a year ago, one of the criticisms made of the administration, and it really goes back to the prior administration as well, is government stimulus spending related to COVID and the bill that the administration passed over the last year helped feed this,” Murray said.

“You’re an economist, you understand the causes of these phenomena. What’s your take on how responsible government spending was in helping contribute to the problem that we’re facing now on this front,” Murray asked.

“So look, inflation is a matter of demand and supply, and the spending that was undertaken in the American Rescue Plan did feed demand,” Yellen admitted.

“But I do think it was justified and appropriate at the time, given the risks the economy faced,” she continued.

“At the time that President Biden was inaugurated, we had an economy where forecasters were envisioning very high unemployment for a very long time. We had especially low-wage workers who had been laid off in massive numbers. We saw cars lined up for miles in food banks, Americans worried about not being able to feed their families, get enough to eat. Forecasts were really quite dire.”

Yellen went on to say that high inflation was an unintentional result of the administration trying to avoid another recession and focusing on full employment, which she claimed was a success.

She also argued on behalf of the economy – suggesting that it’s strong despite the impact of economic fallout from the Russia-Ukraine conflict – though the real numbers tell a rather different story.

Despite the Biden administration’s best efforts to suggest that inflation has nothing to do with them, attempting to pin the blame on Putin among other things, Americans are simply not buying it.

Polls show that more Americans blame Biden and his policies for the spike in high prices than any other one contributing cause.

Experts are warning still that the worst is yet to come.

An economics professor recently said that the skyrocketing costs for food and gas that Americans have experienced would likely continue with no end in sight.

Brian Brenberg, executive vice president; associate professor of Business and Economics at The King’s College said, “Food prices are at record highs: Corn, soybeans, wheat, other key input products still at record highs. Fuel still hanging at a very high level. Those two things are going to drive inflation here, I don’t see a big end in sight for that.”

“Inflation’s a bad problem, recession is a bad problem as well,” Brenberg continued. “This administration and the Fed backed themselves into a corner where we’re facing one or the other right now.”

Brenberg noted that a slowing down of the U.S. economy would result in less money in people’s pockets, which will lead to businesses not investing as much and not hiring as much, “which means now you’re talking about a jobs problem.”

“The inflation started to kick in in a big way last April. So now you’ve got inflation on top of inflation. Even if that rate comes down a little bit, it’s built on previous inflation, which means people are still feeling massive price hikes,” he added.

“Whether you’re talking about food, whether you’re talking about fuel, we’re talking about housing, whatever the area, people are getting nailed by this, and they feel it intensely,” he said. “It’s not just that it’s a little bit of a problem for them, they’re saying, ‘This is a serious problem for me.’”