Treasury Secretary Janet Yellen Admits She Was “Wrong” About Inflation

During an interview on CNN Yellen said “I think I was wrong then about the path that inflation would take.”

Treasury Secretary Janet Yellen acknowledged in an interview on Tuesday that she was “wrong” about “the path that inflation would take,” as the lagging COVID-19 pandemic and Russian invasion in Ukraine have kept prices persistently high.

During an interview with CNN’s Wolf Blitzer, the network played a clip of previous comments she made in 2021, in which she said inflation would be a “small risk” and added that she didn’t “anticipate that inflation is going to be a problem.”

“Well, look, I think I was wrong then about the path that inflation would take,” the Treasury secretary said when asked about her previous comments. “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.”

And this is the US Treasury Secretary saying that.
How can the whole of Biden's administration be so inept?

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Heartlander · 80-89, M

My sense is that it's all planned and controlled by some wizard hiding behind a curtain some place. The big clue being Biden's failure to pull back on his energy policy when Russia invaded Ukraine.

It's like the big chess pieces being moved around a chessboard to corner us pawns and leave our king unguarded. The pandemic, China's behavior with it, the US's behavior, the Biden energy policy, Russia's assault on Ukraine are all but pieces in a greater master plan. Like a series of dominos, and Biden's refusal to back off his energy policy when the Ukraine domino fell assured the next would also fall.

Budwick · 70-79, M

@Heartlander

My sense is that it's all planned and controlled by some wizard hiding behind a curtain some place.

I THOUGHT THAT FOR A WHILE TOO.
But, they would have to pretty clever to pull that off.
And, when you look at the clumsy stuff they did to try and entrap Trump
and steal the election - it's all pretty dopey.

[Took a while to dig it all out what with all the uncooperative federal agencies, but still.]