Janet Yellen Admits She Was ‘Wrong’ About Inflation Being ‘Small Risk’

Daily Wire

Share on facebook
Share on twitter
Share on linkedin

It’s 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 “wrong” about inflation when she said in 2021 that it was only a “small risk.”

Tuesday evening, Yellen told CNN’s Wolf Blitzer that her prediction was incorrect due to unpredictable shocks to the market that she didn’t fully understand.

“Well, look, I think I was wrong then about the path that inflation would take,” Yellen said after Blitzer played a clip of her misguided assessment of the economy. “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.”

Like President Joe Biden’s recent opinion column in The Wall Street Journal addressing inflation, Yellen shifted the primary responsibility onto the U.S. Federal Reserve.

“The Federal Reserve is taking the steps that it needs to take,” she added. “It’s up to them to decide what to do. And, for our part, President Biden 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.”

You might like:

Stories You May Like