Treasury Secretary Janet Yellen regrets describing inflation as transitory, as many Americans face being unable to afford basic necessities under Joe Biden’s “Bidenomics.”
“I regret saying it was transitory,” she said.
“It has come down,” she added while noting that she thinks that to most individuals, transitory means just several weeks or months.
The Blaze reported: In response to the clip of Yellen’s comments, GOP Sen. Bill Hagerty of Tennessee noted in a post on X, “After this and claiming ‘the border is secure’ for 3 years, my question is: What is the Biden Admin saying now that, in a couple of years, even they will have to admit is untrue?”
“Her regret should be helping President Biden cause the inflation with trillions in reckless spending,” GOP Sen. Tom Cotton of Arkansas tweeted.
After this and claiming “the border is secure” for 3 years, my question is: What is the Biden Admin saying now that, in a couple of years, even they will have to admit is untrue? https://t.co/bF6NlZzMQb
— Senator Bill Hagerty (@SenatorHagerty) March 13, 2024
“I’m ready to retire the word transitory,” Yellen said back in December 2021, adding, “hasn’t been an apt description of what we are dealing with.”
Watch
Tuesday’s consumer price index report said:
“The all items index rose 3.2 percent for the 12 months ending February, a larger increase than the 3.1- percent increase for the 12 months ending January.”
“The all items less food and energy index rose 3.8 percent over the last 12 months. The energy index decreased 1.9 percent for the 12 months ending February, while the food index increased 2.2 percent over the last year.”
President Joe Biden claimed in a statement:
“My top economic priority is lowering costs and today’s report shows we continue to make progress on that front.”
Last October, Yellen stated that the rise in Treasury yields that increases the cost of the United States government borrowing money is a sign of a “strong economy.’
“A reflection of the resilience that people are seeing in the U.S. economy that we’re not having a recession, that consumer spending and demand continue to be strong, the economy is continuing to show tremendous robustness.”
“This is a global phenomenon in advanced countries. We are seeing yields go up in most advanced countries of the world.”
“And, largely, I think it’s a reflection of the resilience that people are seeing in the U.S. economy that we’re not having a recession, that consumer spending and demand continue to be strong, the economy is continuing to show tremendous robustness,” Yellen said.
READ: Record 49% of Americans Say Living Standards Are Eroding Under Biden
