You would think that after decades and decades of studying the US economy, that our elected officials could keep inflation under control. After all, there are thousands of experts and professors out there who’ve dedicated their lives to the pursuit of fiscal stability.
But no. Not this White House. Not this administration. In fact, major economic players on Joe Biden’s team are now simply admitting that they had it all wrong.
US Treasury Secretary Janet Yellen admitted Tuesday that she had failed to anticipate how long high inflation would continue to plague American consumers as the Biden administration works to contain a mounting political liability.
“I think I was wrong then about the path that inflation would take,” Yellen told CNN’s Wolf Blitzer on “The Situation Room” when asked about her comments from 2021 that inflation posed only a “small risk.”
The admission was the latest indication that the administration’s expectations of a normalizing economy were thrown into disarray by the continuing pandemic and the war in Europe.
And, what’s more:
“As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t — at the time — didn’t fully understand, but we recognize that now,” she said.
The admission comes as the President’s approval rating falls to troubling new lows, which could spell disaster for the Democrats not only in the 2022 midterms, but the 2024 presidential election as well.