Biden Admin Treasury Secretary Blames Inflation Crisis On Americans ‘Splurging’

Treasury Secretary Janet Yellen – who self-admittedly was wrong about inflation being “transitory” because of reasons she didn’t “fully understand” – recently appeared on a comedy show to share her economic expertise as to how the inflation crisis occurred.

During an appearance on “The Late Show With Stephen Colbert,” Yellen blamed the inflation crisis on Americans “splurging on goods” rather than “spending on services.” She notably neglected to mention the massive government spending by the Biden administration.

“So we had a rapid recovery from the pandemic, when President Biden was elected, unemployment was quite high. It was close to seven percent. So normally you wouldn’t expect, just because you have a rapid recovery, for inflation to rise very much if at all,” Yellen said.

It should be noted that U.S. job levels are still below pre-pandemic levels due to the national figure being dragged down by the underperformance of Democrat-led states. However, Republican-led states, like Texas and Florida, have had job levels well above their pre-pandemic numbers for months.

Yellen continued, “But it turns out the pandemic had very special impacts on the economy. Remember everybody stopped spending on services, 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- we’re suddenly working through technology. And bottlenecks started developing where supply in important sectors of the economy just couldn’t keep up with demand.”

Don't blame the Biden Admin printing trillions of dollars: @SecYellen tells @StephenAtHome the real reason inflation is out of control is because Americans are "splurging" on goods; "and, remember, Russia has conducted a brutal war against Ukraine" pic.twitter.com/d0xbhA7sbH

— Tom Elliott (@tomselliott) December 1, 2022