Biden Treasury Secretary Admits She Misled the Public on Inflation
Shane Trejo
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Biden treasury secretary Janet Yellen has admitted publicly that she misled the public on inflation.
Yellen made the confession to CNN’s Wolf Blitzer while appearing on “The Situation Room” earlier this week. She frames her disastrous policies as an honest mistake of sorts.
“I think I was wrong then about the path that inflation would take,” Yellen said, referring to comments she made in 2021 that there was only a “small risk” of inflation to come.
“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,” she added.
After Yellen made the comments, a Treasury spokesperson attempted to spin to CNN about supposed unforeseen circumstances that are to blame rather than the policies of the Biden regime.
“The Secretary was pointing out that there have been shocks to the economy that have exacerbated inflationary pressures which couldn’t have been foreseen 18 months ago, including Russia’s decision to invade Ukraine, multiple successive variants of COVID, and lockdowns in China,” the spokesperson said.
“As she also noted, there has been historic growth and record job creation and our goal is now to transition to steady and stable growth as inflation is brought down,” they added.
Big League Politics has reported on how Biden’s policies of inflation are destroying the lives of working Americans:
“In the month of November, the Consumer Price Index for All Urban Consumers (CPI-U) grew 0.8% in November on a seasonally adjusted basis following a 0.9% increase in October, the U.S. Bureau of Labor Statistics reported on December 10, 2021.
In the last 12 months, the all items index grew by 6.8% prior to the seasonal adjustment, which is the largest increase since June 1982.
The index for all items minus food and energy grew 4.9% over the last 12 months, while the energy index climbed up 33.3% during the last year, and the food index grew 6.1%.
According to Susan Jones of CNS News, “these changes are the largest 12-month increases in at least 13 years in the respective series.”
Generally speaking, the Consumer Price Index (CPI) measures the change in prices that consumers pay for goods and services. The CPI depicts spending patterns for several population groups such as urban consumers, urban wage earners, and clerical workers.
The all urban consumer group (CPI-U) comprises roughly 93% of the total American population. It measures the expenditures of nearly all metro area residents, which includes professionals, self-employed individuals, the poor, the unemployed, and retirees, in addition to urban wage earners and clerical workers (CPI-W). The CPI-W segment of the population is 29% of the total U.S. population and is a sub-group of the CPI-U population.
The spending patterns of people living in rural non-metro areas, farming families, people in the Armed Forces, and those in institutions —prisons and mental hospitals — are not included in the CPI.
The food index itself grew by 0.7% in November after rising 0.9% in September and October. The food at home index grew 0.8% in November, which coincided with the rise in all 6 major grocery store food group indices. The food at home index surged 6.4% during the past 12 months, the biggest 12-month rise since the period ending December 2008.
The indices for other food at home and for fruits and vegetables also increased 1.0% in November. The index for meats, poultry, fish, and eggs grew 0.9 % in November. Within this group, the pork index climbed upward by 2.2%. However, the index for eggs fell by 2.7% in November. ”
The inflation shows no signs of stopping. The only way to preserve the purchasing power of the dollar is to defeat Democrats in the midterms and eject Biden from the White House in 2024.
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