Joe Biden’s Treasury Secretary, Janet Yellen, is in hot water.
After first lying to the American people about inflation being “transitory” she now has a new excuse.
And now, Yellen just blamed the American people themselves for the reason behind inflation being so high.
Joe Biden’s Secretary of the Treasury has gotten it wrong time and time again.
When she served as Chair of the Federal Reserve, Yellen helped to usher in many of the same money-printing policies that helped to set the stage for the worst inflation crisis in generations.
And as Biden’s Secretary of the Treasury, Yellen repeatedly missed the mark on inflation by first telling the American people that inflation would be “transitory”, and then denying any wrongdoing when it became clear that inflation would be a crisis that would harm the American economy for years.
Now, nearly two years into the worst inflation the United States has seen since the 1980s, Yellen has a new excuse to explain why she has been so wrong in the past.
And this time, she’s deflecting the blame away from herself and the actions of Joe Biden’s administration, and instead pointing the finger at the American people themselves.
Fox News reports, “Treasury Secretary Janet Yellen blamed consumers’ excessive spending habits as a primary cause for the near 40-year-high in inflation on Wednesday.
The Biden official appeared on “The Late Show with Stephen Colbert,” where she was asked about the price increases that have plagued the U.S. for more than a year.
Colbert asked her to explain to his audience how inflation got out of hand when “two years ago everything seemed fine.” The late-night host, known for his sycophantic boosting of President Biden and Democrats, even noted the Biden administration dismissed inflation as a “small risk” as recently as last year.”
At that moment, Yellen decided to do the unthinkable by completely deflecting the softball question and pivoting away from any sort of blame that could be pinned on Biden and herself.
Colbert, who is a friendly host for Left-wing politicians like Yellen and Biden, simply went along with Yellen’s absurd explanation that the federal government under Joe Biden had nothing to do with record inflation.
But Yellen wasn’t done there. She then suggested that Americans were the ones destroying the value of their own currency not the Federal Reserve which had printed roughly 5 trillion dollars in the span of less than two years.
“It turned out the pandemic had very special impacts on the economy. Remember, everybody stopped spending on services,” she pointed out, as businesses were shut down. Instead, people spent more money on “grills,” “technology” and office equipment as they were working from home,” adds Fox News.
“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.
According to Joe Biden’s Treasury Secretary, the real source of inflation hasn’t been the Federal government spending trillions of dollars it doesn’t have, or the Federal Reserve printing trillions of dollars out of thin air. Instead, the cause of inflation is the American people themselves.