During a recent appearance on FOX Business Network, Biden Treasury Secretary Janet Yellen said she regrets her earlier statement that inflation was transitory.
That’s a nice admission.
In January this year, Yellen admitted that Americans are unlikely to see prices fall anytime soon, contradicting Biden’s comments.
Is someone putting truth serum in her coffee?
Transcript via Real Clear Politics:
EDWARD LAWRENCE, FOX BUSINESS NETWORK: But, when it comes to prices, CPI inflation has had a 3 ahead of it since July of last year. So why is Jamie Dimon wrong when he says the worst case is stagflation?
YELLEN: Well, I don’t think we’re going to see stagflation. Most forecasters believe we are on a path where inflation will decline over time.
The main contributor to inflation is real estate costs. And we can see, when we look at the market for new rental apartments, that, in many parts of the country, rental prices for new apartments have actually declined overall, from flat to slightly lower. It takes some time for this to filter into the IPC.
And so I have every expectation that the major contributor, inflation, will decline over the course of this year.
LAWRENCE: And that will bring the rest with it. So in 2021, though, you said inflation was transitory. Do you regret saying that now?
YELLEN: I’m sorry I said it was transitory. It’s diminished, but I think transient means a few weeks or months for most people, and that… it’s lasted longer.
Watch the video below:
NEW – Yellen on inflation: “I’m sorry I said it was transitory.”pic.twitter.com/zYgpGzuGS6
— Disclose.tv (@disclosetv) March 13, 2024
Oh, hey, everyone makes mistakes, right? No problem. Nothing is truly lost except the American standard of living. https://t.co/gi4yKESdoX
— Jeffrey A Tucker (@jeffreyatucker) March 13, 2024
Do you think anyone in the media will follow up this comment with a question for Joe Biden?