In yet another example of a Democrat being hypocritical and just plain out of touch with the American people, Biden’s treasury secretary did just that while appearing on a late night talk show. But this time, her comments will not be brushed off and forgotten, as they affected literally every American who had purchased certain types of goods during the pandemic.
According to Treasury Secretary Janet Yellen, consumers’ excessive spending habits are to blame for inflation at 40-year highs.
She was asked about the price hikes that have plagued the United States for more than a year on “The Late Show with Stephen Colbert.”
Known for boosting President Biden and Democrats with sycophantic praise, Colbert asked her how inflation got out of hand when two years ago, everything seemed fine. Last year, he noted that the Biden administration dismissed inflation as a “small risk.”
According to Yellen, the administration handled the COVID-19 pandemic so well that consumers felt comfortable spending.
She said, “It turned out the pandemic had very special impacts on the economy. Remember, everybody stopped spending on services,” She then pointed out, as businesses were shut down. Instead, people spent more money on “grills,” “technology” and office equipment as they worked from home.
“They were in their homes for a year or more, they wanted to buy grills and office furniture, they were working from home, they suddenly started splurging on goods, buying technology,” Yellen said, which led to supply chain “bottlenecks.”
On the other hand, according to Yellen, the increase in food and gas prices was due to Russia.
Of course, it was not mentioned in her remarks that Biden’s administration has passed and signed multi trillion-dollar spending bills.
The Consumer Price Index rose 0.4% from September to October.
Last month, Biden told a reporter that the economy was “strong as hell” despite prices still near the 40-year high.
Excessive spending has always been a problem in America, but it has reached new heights under the current administration. Treasury Secretary Janet Yellen recently placed the blame for inflation near 40-year highs squarely on the shoulders of consumers, saying that their “splurging” on goods is to blame. However, she failed to mention the trillions of dollars that the government has spent on stimulus and other programs over the past year. This out-of-control spending is the real reason for inflation, and average Americans deserve better than to be scapegoated by their own government.
Let’s continue this conversation, in the comments below.