Top Federal Official is Walking Back Inflation Claims

In 2022, Americans know all too well what the pain of inflation looks like. Despite previous claims from the Biden administration that inflation wouldn’t be a big deal, it has been precisely that.

Inflation is the boot on the necks of the middle class. It’s what’s making retirement more out of reach for everyday Americans who were putting aside money for years. The plight of inflation is what’s making groceries, fuel, and other living costs shockingly unaffordable.

On countless occasions, the Biden administration has projected rhetoric showing a lack of regard for what Americans are up against. The president, by his own admission, views current economic problems as an opportunity for Americans to phase out fossil fuels.

Now, inflation has become so dire that US Treasury Secretary Janet Yellen is having to walk back some of her past talking points on the issue.

Updated Remarks From the US Treasury Secretary on Inflation

During an exclusive CNN interview on Tuesday, Yellen admitted her earlier remarks about inflation were incorrect. The treasury secretary, who previously undermined the menace posed by inflation, conceded that she didn’t predict various “shocks” the economy would face.

Later, Yellen went on to tell CNN that various delays blocking supply chain operations have been a shock to her also. However, a major standout from Yellen’s latest interview came when she said the Federal Reserve is taking the necessary measures.

This is not supported by multiple US economists. Over the course of 2022, the Federal Reserve has chosen to raise interest rates on multiple occasions. More interest hikes are anticipated, as well.

This is happening to reduce inflation levels, per the central bank. However, economists believe this will ultimately backfire. In predictions of a US recession, one of the main factors cited by economists deals with rising interest rates.

Yellen on Biden and Inflation
Before the treasury secretary’s interview with CNN concluded, she said that Joe Biden understands the impact inflation is having on families nationwide. Not long afterward, Yellen claimed the president remains hard at work to “supplement” actions taken by the Federal Reserve.

Many Americans have a different view on how the president has approached inflation. Conservatives continue to point out the role that carefree spending played in today’s inflation; yet, the president and his administration are pushing for more legislative expenditures.

To this day, Biden also keeps claiming inflation to be a “Putin price hike.” The president and his allies stand by this claim, even though inflation surfaced months ahead of Russia hitting Ukraine.