Inflation continues to be the #1 concern for many Americans. The cost of living has jumped and reports say inflation is at a 40-year-high.
The Biden administration has blamed much of this on the Russia/Ukraine war, and some Democrat leaders have even applauded the President’s handling of the economy.
But one of his top officials has admitted that Biden is at least partially responsible.
Most economic experts don’t agree that the war in Europe is 100% responsible for this record inflation, despite the messaging from Biden’s team.
Many point toward the sheer amount of spending in the past few years — to combat the pandemic, the federal government spent trillions.
And this cannot be ignored, said Treasury Secretary Janet Yellen.
During an interview with Wall Street Journal editor-in-chief Matt Murray, Yellen admitted that rampant spending absolutely contributes to inflation across the board.
As she said (via The Blaze):
So look, inflation is a matter of demand and supply, and the spending that was undertaken in the American Rescue Plan did feed demand.
But I do think it was justified and appropriate at the time, given the risks the economy faced.
Yellen added that predictions were grim when Biden took office.
In reply, the new President continued to spend to battle high unemployment and the fact that so many were out of work. This translated to a desperate need for action.
She then said the high inflation was an “unintentional result” of the administration trying to steer America away from a recession.
However, most polls show that many put the blame squarely on Biden for this inflation. Millions also think he’s more to blame than Trump or the war.
With inflation the worst it has been since the early ’80s and the overall cost of living continuing to rise, many citizens want to hold the President responsible.
And that’s why we could see a changing of the guard come 2024.
- Treasury Secretary Janet Yellen admitted that Biden’s spending is partially responsible for the high inflation.
- She added that it was an “unintentional result” of the spending, which she claims had to be done to avert a recession.
- According to recent polls, many Americans blame the President for our current economic issues.
Source: The Blaze