{"id":1499643,"date":"2022-06-01T12:00:32","date_gmt":"2022-06-01T16:00:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1499643"},"modified":"2022-06-01T12:00:35","modified_gmt":"2022-06-01T16:00:35","slug":"treasury-sec-yellen-on-second-thought-i-was-wrong-about-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-sec-yellen-on-second-thought-i-was-wrong-about-inflation\/","title":{"rendered":"Treasury Sec. Yellen: On Second Thought, I Was Wrong About Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftreasury-sec-yellen-on-second-thought-i-was-wrong-about-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1499643&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/06\/Untitled-design-63.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>It\u2019s pretty rare for a member of the Biden administration, let alone the federal government, to admit when they were wrong about something, but on Tuesday, Treasury Secretary Janet Yellen confessed that she was \u201cwrong\u201d about inflation when she said in 2021 that it was only a \u201csmall risk.\u201d<\/p>\n<p>Tuesday evening, Yellen <a href=\"https:\/\/www.cnn.com\/2022\/05\/31\/politics\/treasury-secretary-janet-yellen-inflation-cnntv\/index.html\">told<\/a> CNN\u2019s Wolf Blitzer that her prediction was incorrect due to unpredictable shocks to the market that she didn\u2019t fully understand.<\/p>\n<p>\u201cWell, look, I think I was wrong then about the path that inflation would take,\u201d Yellen said after Blitzer played a clip of her misguided assessment of the economy. \u201cAs 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\u2019t \u2014 at the time didn\u2019t fully understand. But we recognize that now.\u201d<\/p>\n<p>Like President Joe Biden\u2019s recent opinion column in The Wall Street Journal <a href=\"https:\/\/www.wsj.com\/articles\/my-plan-for-fighting-inflation-joe-biden-gas-prices-economy-unemployment-jobs-covid-11653940654\">addressing<\/a> inflation, Yellen shifted the primary responsibility onto the U.S. Federal Reserve.<\/p>\n<p>\u201cThe Federal Reserve is taking the steps that it needs to take,\u201d she added. \u201cIt\u2019s up to them to decide what to do. And, for our part, President <span class=\"person-popover\" data-nid=\"13658\"><a class=\"person-popover__link\" href=\"https:\/\/thehill.com\/people\/biden\/\">Biden\u00a0<\/a><\/span>is focused on supplementing what the Fed does with actions we can take to lower the cost that Americans face for important expenditures they have in their budgets.\u201d<\/p>\n<p>In the WSJ, Biden <a href=\"https:\/\/www.wsj.com\/articles\/my-plan-for-fighting-inflation-joe-biden-gas-prices-economy-unemployment-jobs-covid-11653940654\">wrote<\/a>, \u201cFirst, the Federal Reserve has a primary responsibility to control inflation.\u201d<\/p>\n<p>\u201cMy predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation,\u201d he added. \u201cI won\u2019t do this. I have appointed highly qualified people from both parties to lead that institution. I agree with their assessment that fighting inflation is our top economic challenge right now.\u201d<\/p>\n<p>Nathan Brand, a GOP deputy communications director, blasted Yellen for her error in judgment.<\/p>\n<p>\u201cThis clip is absolutely brutal. Joe Biden\u2019s Treasury Secretary finally admits they were wrong about inflation\u2026 No kidding,\u201d Brand tweeted. \u201cFamilies are paying $500 more each month because of inflation.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This clip is absolutely brutal. <\/p>\n<p>Joe Biden\u2019s Treasury Secretary finally admits they were wrong about inflation\u2026 No kidding. <\/p>\n<p>Families are paying $500 more each month because of inflation. <a href=\"https:\/\/t.co\/tBCmnct2hQ\">https:\/\/t.co\/tBCmnct2hQ<\/a><\/p>\n<p>\u2014 Nathan Brand (@NathanBrandWA) <a href=\"https:\/\/twitter.com\/NathanBrandWA\/status\/1531770718630957056?ref_src=twsrc%5Etfw\">May 31, 2022<\/a><\/p>\n<\/blockquote>\n<p>A recent report from Bloomberg <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-29\/u-s-households-face-5-200-inflation-tax-this-year-chart?sref=sBMxP0gT\">found<\/a> that record-high inflation rates \u201cwill mean the average U.S. household has to spend an extra $5,200 this year ($433 per month) compared to last year for the same consumption basket.\u201d<\/p>\n<p>A report from the Joint Economic Committee Republicans <a href=\"https:\/\/www.jec.senate.gov\/public\/index.cfm\/republicans\/2022\/3\/how-much-is-inflation-costing-you-it-depends-on-where-you-live\">said<\/a> in March, when prices were generally lower than they are now, \u201cthat Americans in the Mountain region\u2014Utah, Colorado, Arizona, New Mexico, Montana, Idaho, and Wyoming\u2014are experiencing the highest inflation rates with over $500 in added household costs in January.\u201d<\/p>\n<p>Still, Yellen <a href=\"https:\/\/www.cnn.com\/2022\/05\/31\/politics\/treasury-secretary-janet-yellen-inflation-cnntv\/index.html\">insisted<\/a> on CNN that Biden understands \u201cwhat an important and huge burden inflation is placing on American households.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s pretty rare for a member of the Biden administration, let alone the federal government, to admit when they were wrong about something, but on Tuesday, Treasury Secretary Janet Yellen<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1499643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1499643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1499643"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1499643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1499643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1499643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1499643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}