{"id":1506881,"date":"2022-06-07T16:19:25","date_gmt":"2022-06-07T20:19:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1506881"},"modified":"2022-06-07T16:19:29","modified_gmt":"2022-06-07T20:19:29","slug":"janet-yellen-admits-she-could-have-used-a-better-term-than-transitory-to-describe-unacceptable-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-admits-she-could-have-used-a-better-term-than-transitory-to-describe-unacceptable-inflation\/","title":{"rendered":"Janet Yellen Admits She \u2018Could Have Used A Better Term Than Transitory\u2019 To Describe \u2018Unacceptable\u2019 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\">32<\/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%2Fjanet-yellen-admits-she-could-have-used-a-better-term-than-transitory-to-describe-unacceptable-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=1506881&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--><p>Treasury Secretary <a href=\"https:\/\/www.dailywire.com\/topic\/janet-yellen\">Janet Yellen<\/a> told Congress on Tuesday that the United States is <a href=\"https:\/\/www.dailywire.com\/topic\/economy\">facing<\/a> \u201cunacceptable levels of inflation.\u201d<\/p>\n<p><a href=\"https:\/\/www.dailywire.com\/topic\/inflation\">Inflation<\/a> in the United States neared a four-decade <a href=\"https:\/\/www.cnbc.com\/2022\/05\/11\/cpi-april-2022.html\">high<\/a> of 8.3% as of April, with the U.S. Bureau of Labor Statistics slated to release results for May later this week. During testimony before the Senate, however, Yellen admitted that she and <a href=\"https:\/\/www.dailywire.com\/topic\/federal-reserve\">Federal Reserve<\/a> Chair Jerome Powell \u201ccould have used a better term than transitory\u201d to describe higher prices.<\/p>\n<p>\u201cThere\u2019s no question that we have huge inflation pressures, that inflation is really our top economic problem at this point and that it\u2019s critical that we address it,\u201d she remarked, per <a href=\"https:\/\/www.theguardian.com\/business\/2022\/jun\/07\/janet-yellen-inflation-congress#:~:text=Yellen%20said%20she%20and%20the,critical%20that%20we%20address%20it.\">The Guardian<\/a>. \u201cI do expect inflation to remain high, although I very much hope that it will be coming down now.\u201d<\/p>\n<p>Even by the end of last year, Yellen began <a href=\"https:\/\/www.dailywire.com\/news\/janet-yellen-admits-inflation-shouldnt-be-labeled-transitory\">pivoting<\/a> from the \u201ctransitory\u201d descriptor. \u201cI am ready to retire the word transitory,\u201d Yellen said at an event in December. \u201cI can agree that that hasn\u2019t been an apt description of what we are dealing with.\u201d<\/p>\n<p>Yellen\u2019s mea culpa before lawmakers is similar to <a href=\"https:\/\/www.dailywire.com\/news\/janet-yellen-admits-she-was-wrong-about-inflation-being-small-risk\">comments<\/a> she made last week to CNN anchor Wolf Blitzer. \u201cWell, look, I think I was wrong then about the path that inflation would take,\u201d Yellen said. \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. \u2026 But we recognize that now.\u201d<\/p>\n<p>Many officials in the <a href=\"https:\/\/www.dailywire.com\/topic\/biden-administration\">Biden administration<\/a> are pointing to the Fed as the primary entity responsible for taming high prices. Last week, Yellen and Powell joined President Joe Biden in a <a href=\"https:\/\/www.dailywire.com\/news\/inflation-is-the-key-political-problem-biden-powell-meet-to-discuss-taming-high-prices\">show of unity<\/a> around the goal of raising interest rates.<\/p>\n<p>Indeed, the Fed <a href=\"https:\/\/www.dailywire.com\/news\/the-fed-jacks-key-rate-up-half-point-as-inflation-surges\">hiked rates<\/a> by 0.5% last month \u2014 the largest rate increase since May 2000 \u2014 in an attempt to curb rising price levels. The move followed a 0.25% rate hike from near-zero levels three months ago. As employment numbers <a href=\"https:\/\/www.cnn.com\/2022\/06\/03\/economy\/may-jobs-report-final\/index.html\">remain robust<\/a>, the central bank likely interprets a strong labor market as a good omen for further rate increases.<\/p>\n<p>In more recent comments, Yellen <a href=\"https:\/\/www.dailywire.com\/news\/janet-yellen-calls-bidens-economic-record-a-remarkable-success\">interpreted<\/a> the strong employment numbers as a sign that President Biden\u2019s economy has been a \u201cremarkable success.\u201d<\/p>\n<p>\u201cA year ago, if you go back to the challenges that we were facing, and the Federal Reserve was facing, unemployment was extremely high. We were all worried that we would be facing a situation like we had after 2008, when it took almost a decade to get back to full employment,\u201d Yellen said. \u201cI think it has to be viewed as a remarkable success that the unemployment has fallen the most in a year in American history.\u201d<\/p>\n<p>Though Biden\u2019s economy observed 6.4 million new positions filled in 2021, many note that more than three million jobs were <a href=\"https:\/\/www.marketplace.org\/2022\/05\/09\/were-about-3-5-million-potential-jobs-short-of-a-full-recovery\/\">lost<\/a> during COVID-19 and the lockdown-induced recession remain unrecovered.<\/p>\n<p>Even after economic growth resumed in 2020 and the labor market quickly began to recover, a federal program offering $300 in weekly enhanced unemployment insurance \u2014 extended through Biden\u2019s $1.9 trillion American Rescue Plan \u2014 remained intact in roughly half of states through much of 2021. According to a <a href=\"https:\/\/www.dailywire.com\/news\/surprise-enhanced-unemployment-benefits-significantly-increased-unemployment-study\">paper<\/a> published by the National Bureau of Economic Research, the benefits significantly increased the number of Americans who were unwilling to work.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen told Congress on Tuesday that the United States is facing \u201cunacceptable levels of inflation.\u201d Inflation in the United States neared a four-decade high of 8.3% as of April, with the U.S. Bureau of Labor Statistics slated to release results for May later this week. During testimony before the Senate, however, Yellen &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1506936,"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-1506881","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\/1506881","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\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1506881"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1506881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1506936"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1506881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1506881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1506881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}