Yellen says inflation to stay high, Biden likely to up forecast – Reuters
Treasury Secretary Janet Yellen told senators that inflation would likely remain high, but that she ‘hoped price hikes would soon begin to subside.’
Yellen repeatedly rejected Republican assessments that Biden’s $1.9 trillion American Rescue Plan was fueling inflation. She said many countries have different fiscal policies and were experiencing high inflation. I guess Yellen doesn’t understand that the US dollar is transitory. Meaning if you print trillions of them out of thin air and shove them into a stretched supply all you are doing is making everything, worldwide, cost a lot more.
Oil, Wheat, Beans, Coffee, Sugar, Cocoa, Lumber, Cotton, etc. All the commodities that trade worldwide and are needed worldwide get the same relative pricing. What determines that price? Dollars flow into these commodities. The idea that a border restricts inflation is something that an elementary-level understanding of economics can overcome. Yet here we have a supposed PhD in economics who is appointed Treasury secretary by a brain-dead president.
Yellen is just another out-of-touch D.C. lifer who has no business in a position that can affect everyone so greatly. This inflation, which is going nowhere, is Biden-Yellen-Powell inflation. Instead of addressing it, she spent much of her time in front of Congress sounding off on everything from guns, to the climate and pretending like she wasn’t a central figure in a run away train that is wrecking havoc on the economy and every day people.
Yellen has come under fire from Republicans for forecasting inflation would be ‘transitory’ and ‘quickly subside.’ She will face more tough questions on the issue in a House Ways and Means Committee hearing on Wednesday.
For more on this story, please consider these sources:
- Yellen says inflation to stay high, Biden likely to up forecast Reuters
- Yellen calls elevated inflation ‘unacceptable,’ but offers few solutions to cool prices Fox Business
- News Wrap: Treasury Secretary Janet Yellen says inflation will remain high PBS NewsHour
- Tucker Carlson: Janet Yellen’s reckless, loose money policies caused inflation Fox News
- U.S. Treasury Secretary Yellen says inflation to stay high Reuters