Treasury Sec: Americans Will Suffer Under Biden's Historic Inflation for at Least 14 More Months
Treasury Secretary Janet Yellen says inflation is not leaving any time soon.
Yellen, who was interviewed on the CNN show “State of the Union” which aired Sunday, dismissed existing supply chain issues as “temporary pains that result from a COVID economy and getting beyond it.”
However, during the program she also noted that “Americans haven’t seen inflation like we have experienced recently in a long time.”
She was asked when she expects inflation to return to under two percent.
“Well, I expect that to happen next year,” she said.
“Monthly rates of inflation have already fallen substantially from the very high rates that we saw in the spring and early summer. On a 12-month basis, the inflation rate will remain high into next year because of what’s already happened,” Yellen continued.
Some have a darker view.
Biden admin would make Baghdad Bob roll his eyes.
“Skyrocketing inflation is great!”
“Empty shelves at stores across America is a really good thing!!”
OK then…. https://t.co/IAshq8XTp1
— Ted Cruz (@tedcruz) October 24, 2021
The White House has no interest in solving inflation, the border, or rising gas prices.
But plenty of time for a 42-page “National Gender Strategy” with an “intersectional” focus on climate change. https://t.co/5LrnKkax68
— Tom Cotton (@TomCottonAR) October 24, 2021
By creating many trillions of new dollars out-of-thin-air, The Fed set in motion an economic disaster.
The warnings are over. Inflation is now here.
Every excuse will be offered up as “the reason” for economic pain.
Don’t be deceived. The unconstitutional Fed is the reason.
— Ron Paul (@RonPaul) October 23, 2021
Yellen later qualified her prediction.
“But I expect improvement by the end of — by the middle to end of next year, second half of next year,” she said.
She said former White House economic adviser Larry Summers should not be pushing the panic button over inflation.
“I think he’s wrong, I don’t think we’re about to lose control of inflation,” she stated.
“I agree, of course, we are going through a period of inflation that’s higher than Americans have seen in a long time. And it’s something that’s obviously a concern and worrying them. But we haven’t lost control.”
Another year of inflation was also predicted Sunday by Gita Gopinath, Chief Economist of the International Monetary Fund , according to The Hill.
“Inflation has indeed come up high in these last several months. Now some of that was expected after a deep recession last year. We’ve had a rebound in global demand,” Gopinath said on the CBS show “Face the Nation.” “We’ve seen commodity prices come back up after crashing last year. But we’re also now seeing the frictions between supply and demand not matching up.”
“The way we see it is that these pressures will remain until sometime in the middle of next year. And then we see us returning to more normal levels of inflation towards the end of next year. But this is going to take some time and we are certainly seeing costs go up.”
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