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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.’”

 


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7 thoughts on “President’s Reckless Spending has Doomed Americans to Suffer from High Inflation”

  1. it has nothing to do with being reckless, it is a movement by the commie democrat pedophile racist cult party to destroy America.

    1. Biden can be impeached, if the Republicans enact the ‘WAR POWERS ACT’ against him.
      With all the illegals he’s letting in, they are a threat to National Security!
      Otherwise, welcome to the United States of Venezuela.
      How many ISIS fighters are coming in??
      He also must be audited!

  2. I AGREE NO MERCY ON THE POOR NEEDY PEOPLE NATION WIDE. THERE ARE PEOPLE ARE IN NURSING HOMES OF ALL KINDS. THE GOVERNMENT DOESNT CARE THEY ARE TRYING TO KILL US.AND MAKE US HOMELESS NO WHERE TO GO FOR SHELTER .I DONT WANT TO BE THROWN OUT OF MY MOMS HOUSE IM IN POOR HEALTH AND MOM TO. SHAME ON YOU DEMOCRATS THAT ONLY THINK ABOUTYOURSELVES AND THE CRIMINALS THE IMMIGRANTS.

  3. You get what you voted for people. President Biden sticker shockers “I did that” Oh yes you did Mr. President.
    Congratulations America if you vote for Democratic President why are you surprised to have higher taxes, higher inflation, and no energy independence, let’s keep killing babies in the womb who may be outside the womb. You got what you voted for, take your vaccine and put on your face mask. You are intelligent voters and got what you voted for a job well done. Hope some illegal aliens come to visit your cities next along with the drug trafficking and sex trade slaves. You voted so intelligently, we could have helped Europe and cut off President Putin’s energy income but “no” we have to save the damn planet all by ourselves and make Americans suffer at the pump. You get what you voted for again congratulations job well done such an informed voter.

    1. Thank you so much, I didn’t vote for the idiot Biden and most of the votes he got were stolen. What really mekes me mad there are a few good democrats who could get rid of these scumbags but no they just turn a blind eye and talk about what a good job they are doing in their eyes only. Trump thinks he is going to make America great again in 24 problem being we may not have a country left in 24, then he goes and endorses doctor oz, who approves of abortion and is working with the turkes, oz ia even doing commercials for the turkes. Trump depends on his aides to tell him who to support, wish he would learn to think for himself considering his aides are working for the democrats. It seems like the democrats all like to lie maybe they learned it from their boss Biden when every word from his mouth is a lie.

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