Over the course of the last several months, the Biden administration has come under severe and certain criticism, having seemingly botched the entire economic outlook of our nation in such a way as that gasoline is $8 per gallon today in Los Angeles.
But, up until now, no one in the Biden administration was willing to admit it. This week, in the face of fiscal ruin, somebody finally held themselves accountable for their erroneous accounting.
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.Advertisement - story continues below
“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.
“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.
There is no doubt that Americans will be keenly reminded of these abject failures as they prepare to head to the polls for the 2022 midterms.