Janet Yellen, Secretary of Treasury, is now blaming average Americans for inflation, which she memorably dismissed as “transitory,” but which is now plaguing every American. What did she say? That Americans are “splurging,” especially on “technology” which explains 2022 inflation. Forgive me, Madam Secretary, but this is just “bunk.” Give me a break.
First, while Americans cut spending during the 2020 and 2021 – a product of nationwide lockdowns, which drove dozens of big-name companies and thousands of smaller ones into bankruptcy – a tentative return to employment and spending is not a “splurge.” Companies lost hundreds of billions in COVID. Gradual recovery from that collapse is not a “splurge.”
Second, many of the bankruptcies trigging a slide into recession and rising unemployment were in the traditional energy sector – driven by Biden, not COVID. Since 2020, hundreds of energy companies have gone bankrupt, value in the sector plummeted, and fossil fuel sector employment fallen off a cliff. We saw “splurge” from the unemployed in that sector.
Third, as the Secretary knows, inflation is a function of insufficient supply to meet demand, and when government spending is considered, too much spending without revenue to support it. Both of these are happening now, but not because demand is out of control.
Instead, demand has struggled to return to normal, while supply of everything – which is dependent on fossil fuels – has struggled to keep up. This is the prime cause of inflation. When a major part of the energy sector is intentionally diverted, slowed, and shut down, the price of gas rises. It rose $1.98 to $5.00 between January 2021 and July 2022. That raises all dependent prices, from fertilizer and food to transport and heat.
To this, add another basic – enormous – cause of inflation, now and always. When a government, which produces nothing and is not checked by profit motive, losses, or bankruptcy – when it spends in excess, the result is a devaluation of the currency domestically.
That is happening in spades. Biden and the Democrat Congress spent more than seven trillion dollars, and Biden aims to spend unilaterally another trillion on loan forgiveness, yet in that 24 month period, they took in 4.1 trillion. Stepping back, this has driven national debt to 31 trillion.
With all due deference, the Secretary – and former FED Chair – knows this. She also knows that attempts to slow inflation will take time, and elevated interest rates – versus reopening the energy sector and cutting federal overspending – will only drive this economy deeper into recession, raising the cost of borrowing, interest on credit cards, mortgage rates, and everything else.
That, of course, causes cuts in hiring and investment, since higher interest and rising wages means companies have to recoup those loses somewhere. To survive, they cut employment and raise prices, which reinforces price inflation, causing insecurity that produces demands for higher wages, just accelerating the cycle.
No, Madam Secretary, the average consumer is not to “blame” for an economy that is unusually volatile, markets that are in constant churn, and a riptide of confidence – up with federal handouts, down with the hangover of paying for them.
This inflation disaster – which is not likely to end soon – is NOT the fault of consumers, many of whom lost their jobs, job security, stable incomes, and basic ability to pay bills from the combination of overzealous lockdowns and wild federal spending, further compounded by putting energy in peril.
The sad thing is this administration has few members with any credibility at all – with lies, misstatements, and shading of basic truth a daily White House event. Secretary Yellen was one who still had some measure of public trust. To put her on late night comedy to blame Americans is a sad turn.
This turn, in the final analysis, tells us something important. The Biden White House has no answers. The President’s team is doubling down on nonsense, the idea that Americans who want to work hard for dollars that keep purchasing power and can be saved without loss – are now to blame.
What is needed is not complicated. It is actually quite simple. America needs to have leaders who cut excess federal spending, control expanding entitlements, reward work rather than non-work, if possible cut taxes – leaving more money in private pockets. Also needed is a reopening of – and pride in – the fossil fuel sector, even as we explore renewables, efficiencies, and carbon sequestration.
Getting this right is not hard. And perhaps – direct to the point – the party that is “splurging” is not the average worker, consumer, and taxpayer. This is not the fault of Americans. It is the fault of this Federal Government, which needs to stop spending in excess, respect the average American, not fob off their failures on those who – ironically – pay their salaries. Blaming Americans for inflation is just bunk.
I couldn’t agree more RBC…I just rec’d my social security annual COLA statement for the year 2023 showing a 8.7% increase…If I was still working, which I’m not, the increased cost of fuel, i.e. auto & residential heating alone would eat this COLA increase up in short order… Food cost increases vary from 10% to close to 100% on certain foods. If I was to make a rough estimate, food alone has averaged closer to a 20% increase on average give or take. I was a bit surprised to see Medicare part B went down $5.10 per month…So for the average senior citizen on a fixed income, there is a NET loss with respect to useable income coming in due to a very soon out of control inflation in all sectors of the economy, which most certainly is NOT from ” consumer splurging ” as this woman has got to be completely off her rocker for making such a ridiculous statement…
In summary sir: Rigged elections have consequences, twice now & the real world consequences of this is being felt by every American citizen, regardless of political persuasion & on this point alone, Joe Biden will be a ” One & Done ” president as he is by far the worse potus in American history as even his own people are distancing themselves from the man now…
All the best,
Bill… :~)
I wouldn’t be surprised if Biden eventually started blaming the conservatives for the economic problems we have. Anybody but his administration (or regime).
Yellin, like every other Biden crony, is totally incompetent and will LIE to defend her senile boss and his handlers.
Another Government Bureaucrat educated beyond their intellect. Just maybe the Republican Party can install a leader which leads. Instead they are chasing new horse rules while letting the American Citizens flounder.
As if a banker would speak the truth.
She is one of the most clueless uneducated examples of a human on planet earth. She is a disgrace to women worldwide. She has nothing to offer society except a desperate attempt to be relevant. Just an angry, old, unloved poor excuse for a woman.
Bill on the Hill said it all Janet Yellen is Totally Wrong — The Biden Administration Has Shut Down AMERICA , for all its money spending , Open Borders , Shutting Down Our Fossil Fuel Industries , Raising Taxes , Shutting Down Harbors For Incoming Goods , & On & On . A list to long to mention here. They just keep spending Billions , Printing money that is worthless . AMERICA needs to change its priorities & quickly or our country has had it & all the people who have fought & died for AMERICA — did so in vain — GOD BLESS AMERICA — ONE NATION UNDER GOD
Yellen is a perfect example of a skunk who can’t smell its own stink. She lives in a fantasy land in which she sees herself as competent and logical, while the American people are ignorant and wasteful. Perhaps her own airs have killed her sense of proportion and reality.
Honestly, I wouldn’t hire Janet Yellen to clean my toilet bowl because I don’t think she’s smart enough. I believe most of these people are like locusts and a plague is what they really are.
I remember when Janet Yellen was the head of the San Francisco Federal Reserve. She was a political hack back then and she is still a political hack today. She will say whatever the administration tells her to say, because she will never do anything to put her cushy government career at risk. No doubt her comments are supposed to deflect public attention away from something else the Biden administration is currently messing up and don’t want any media coverage of.
Where did she take math classes? Retarded University? Seriously? I’m not good at economics but I know enough to bite the bullet and not spend money we don’t have. She’s an idiot.
This constant lying, she and many others of her ilk are throwing out constantly is catching up with them fast. Just seeing them on television and phone posts over just two years how Yellen, Pelosi, Schumer, Biden and all the other Dem elders, are so worn down looking. The remainder of their lives will be short lived I believe.
Then, time to pay the piper!!
Blaming the average American citizen for the inflation in this country is just simply a lie, regardless of whose mouth it is spewing from. It is an ignorant lie! The inflation in our country was and continues to be part of the deliberate and purposeful planning by prideful, puffed-up politicians (in love with themselves) to destroy the United States of America and turn us into a third-world country! Why can’t these politicians just be upfront and honest with all of us and simply tell the truth? We are paying their salaries (taxes!!) and allowing them all kinds of benefits and perks. Based on the latter alone, we the people deserve the TRUTH! The “BLAME GAME” started in the Garden of Eden when Adam and Eve realized that they had disobeyed God. Perhaps Adam and Eve were the first democrats!!! America has been sold out! What is really sad to me is that we actually have Americans who believe the Bidens and Democrats are correct and really vote for them!! Scarry!
So what does Janet want me to do the save this country? Trust me, I have not splurged, except going out to dinner once a week,with the high prices for everything. Tell me Janet, what is your role in this, you are getting the big bucks to manage our Treasury, and you are blaming Americans for staying alive? Get real, this administration is killing us. FJB
THE AMERICAN PEOPLE IS NOT STUPID YOU AND THE REST OF THE CLOWNS IN THE WHITE HOUSE SHOULD BE LOCKED UP Y’ALL JUST A BUNCH OF CROOK’S AND HELP EVERYONE ELSE BUT THE AMERICAN PEOPLE AND WE GETTING TIRED OF IT BUT MY LORD ???? JESUS CHRIST IS STILL ON THE THROWN AND HE WILL DEAL WITH Y’ALL (CHOOSE U THIS DAY WHERE U WILL SPEND ENTIRETY)(HEAVEN OR HELL)
Thank you for the truth
“…the Democrats are the Garden of Eden of incompetence.” Groucho Marx, a self proclaimed Liberal Democrat!
Americans “splurging on technology” responsible for inflation? How about her incessant Keynesian lunacy of “quantitative easing,” printing hundred dollar bills as fast the printing press could go when she was still head of the Fed, eroding and diluting the value of our currency? Or, how about her adding trillions of dollars to the federal budget deficit as now secretary of the treasury? As if it wasn’t enough that Brandon made the financial huckstress buck-ette the gardener, now she wants to once again pass the this time figurative buck on to those who suffered the damages of her crimes against the taxpayer? This is rich, almost Faucian! Where do they find these conceited criminals?
Again, Robert B. Charles hits the nail on the head in all sectors. The only “splurge” comes from the corrupt, America LAST, fraud puppet traitor and his commie/globalist traitor handlers…but mostly from traitorous anti-Republic CONgress self-serving thieves, who could (gasp) run a clean house and Senate FOR the American people, and (gasp) actually follow the Constitution…but they don’t.
Aided by corrupt MSM propaganda spewing liars, the commie/globalist demmunists and RINO traitors clinging to the trough while supporting generous fat cat globalist elitists, are putting average Americans through an unnecessary but deliberate-with-malice HELL. As long as the expletives are in power there will be food/supply shortages, no more energy independence, the flooding of unvetted/unjabbed/un-assimilating/parasite illegals living off taxpayers, unabaited crime, and persecution of anyone opposing the expletive’s “fundamental transformation” Build Back Better, Great Reset. The traitors are no longer hiding, and it’s worldwide, not just USA.
The Republic hangs by a thread as fraudulently elected leaders and people in important positions…greedy, satanistic, evil traitors, lusting to sate their debauchery, are doing whatever they can, no matter who is hurt or dies, to have all the power, control and wealth.
Truly another example of this administration’s incompetence.
This woman is a HOOT, REALLY!!!!
So, now when I go into Walmart and use cash to pay for the merchandise the Register Associate will now examine my bills for a water mark, colored threads, AND the signature of the Secretary of the Treasury and if Janet’s name is there will hand the bill back to me saying: “this piece of paper and ink are worth more than what is inscribed there on but insufficient to cover the cost of these products “. Janet should be telling Congress and the Biden administration this same thing!! bless her heart.
My view would be that the Treasury Secretary is just plain incorrect. End of statement.
What do you expect from someone who was trained and raised as a communist. Only the left would make her Secretary of the Treasury. Just shows you the direction they want the country to go to.
Rеаl Nаmе/Full Nаmе Јаnеt Lоuіѕе Yеllеn
Nісk Nаmе/Сеlеbrаtеd Nаmе: Јаnеt Yеllеn
Віrth Рlасе: Вrооklуn, Nеw Yоrk, Unіtеd Ѕtаtеѕ
Dаtе Оf Віrth/Віrthdау: 13 Аuguѕt 1946
Аgе/Ноw Оld: 76 уеаrѕ оld
Неіght/Ноw Таll: Іn Сеntіmеtrеѕ – 160 сm
Іn Fееt аnd Іnсhеѕ – 5′ 2″
Wеіght: Іn Кіlоgrаmѕ – 52 Кg
Іn Роundѕ – 115 lbѕ
Еуе Соlоr: Вrоwn
Наіr Соlоr: Whіtе
Раrеntѕ Nаmе: Fаthеr – Јulіuѕ Yеllеn
Моthеr – Аnnа Ruth
Ѕіblіngѕ: Јоhn Yеllеn
Ѕсhооl: Fоrt Наmіltоn Ніgh Ѕсhооl
Соllеgе: Реmbrоkе Соllеgе іn Вrоwn Unіvеrѕіtу аnd Yаlе Unіvеrѕіtу
Rеlіgіоn: Јеwіѕh
Nаtіоnаlіtу: Аmеrісаn
Zоdіас Ѕіgn: Lео
Gеndеr: Fеmаlе
Ѕехuаl Оrіеntаtіоn: Ѕtrаіght
Маrіtаl Ѕtаtuѕ: Маrrіеd
Воуfrіеnd: N/А
Нuѕbаnd/Ѕроuѕе Nаmе: Gеоrgе Аkеrlоf (m. 1978)
Кіdѕ/Сhіldrеn Nаmе: Rоbеrt Аkеrlоf
Рrоfеѕѕіоn: Ѕесrеtаrу оf thе Unіtеd Ѕtаtеѕ trеаѕurу, есоnоmіѕt аnd рrоfеѕѕоr
Nеt Wоrth: $18 mіllіоn – “No wonder she is so out of touch!”
Lаѕt Uрdаtеd: Dесеmbеr 2022
celebwikigossip.com/janet-yellen
Are Yellen’s issues your/our issues?
Geneva, Switzerland, 21 January 2022 – In the closing session of the virtual Davos Agenda 2022, the United States Treasury Secretary Janet Yellen expressed optimism about the US economic recovery, outlining the Biden administration’s strategy to promote growth and address long-standing structural issues relating to income inequality, racial disparities and climate change.
weforum.org/press/2022/01/yellen-at-davos-agenda-optimistic-about-prosperous-future-and-recovery
This is another great article from the Amac … Well done!
This woman is as senile as Biden. She is aprime example of the “Peter Principle”. Her position has
exceeded her capabilities. She is starting to lie as much as Biden and I thought that wasn’t possible. Thats your Leftest for you. You can always lie which they do most of the time.
Article says since 2020, hundreds of energy companies have gone bankrupt. I did not realize it was that bad & were all of these USA companies ? Were very many on stock market?
National Debt increased about $1Trillion per year thru Obama & Trump 12-years straight. It seems like it increased during Biden first year, but he has said decrease of 350-billion & is that true. Anyway, Congress needs to stop reckless spending of money we do not have or what is final answer to this?
The people responsible for INFLATION and ZERO ENERGY PRODUCTION and DRAINING OUR OIL STRATEGIC RESERVES while SUPPORTING COMMUNIST China is DICTATOR Beijing biden, Communist harris, and Yellen with Communist liberals in Congress and Senate along with FAKE News support.
PUT THE BLAME WHERE IT BELONGS.
Just another Obummer admin leftover spewing whatever BS she is told. This is, after all, Obummer’s 3rd term by proxy. Deception and lies, with only occasional and accidental utterance of truth will be this administration’s legacy. The cherry picked categories that give us a 8.7% rate of inflation and our COLA, also misrepresent real cost of living increases which are easily more than double that number. With the Fed going crazy on interest rates, anyone who used revolving credit to bridge the gap on personal finances will never get out of debt, effectively finishing off the middle class who worked so hard to maintain their good credit. Lest we forget, as recently as 2009, when banks went too far out on a limb to service Obummer’s woke agenda, consumer revolving debt interest rates were doubled overnight, even if you had a perfect payment history. Even though the banks were bailed out by the Federal government. Now, with the plan for a digital money system already in motion, which will give the Federal government and their overlords in the IMF complete control of what was once your cash flow, you will be bailing out the banks. The FDIC will never be able to cover the kind of losses that will ultimately result from hideous monetary policies in progress now. The majority of your liquid assets will be too easily accessible to the crooks in DC and the Banksters. I believe that stopping the move to digital currency should be high on the GOPs agenda in the next Congress. It may be our last chance for financial survival!
Well stated! Succinct, true and spot-on! Could not agree more!
I also agree this government overreach has stinky armpits
When the Dems get caught in lies they blame the American people for what is wrong in this country it is all there dirty lies and over spending keeping the border open to allow anybody to just walk into this country now there is nothing but corruption in the White House and again lies to make us except what they are doing they are killing this country.
Another WACO in a position of authority.
just like a communist, the problems they cause are never their fault.
So true. They create the issue and blame us for the result. It is unfortunate that the demorats do not have to pay for this irresponsible action that would actually be good news but now it is just dismal for us
I am no college graduate nor do I hold a Doctorate in the “Blinding Flash of The Obvious” Somehow Madame Secretary of the Treasury must have skipped classes during discussions on Economics within Macro and Microeconomics being the basis for Economies to flourish or collapse because the dribble spouted by her and fellow Biden Administration cronies. Perhaps they were busy with in-depth studies of CRT.
Who’s getting RICH off DICTATOR Beijing biden’s INFLATION?
MORE PACKAGING and LESS FOOD and LESS PRODUCT.
How much of DICTATOR Beijing biden’s INFLATION that WE ARE PAYING FOR is going to PAY and SUPPORT his ILLEGAL ALEIN TERRORIST INVASION?
How much is going into DICTATOR Beijing biden’s POCKETS?
DICTATOR Beijing biden IS RESPONSIBLE FOR CAUSING INFLATION WITH HIS ‘INCREASE INFLATION ACT’ and FAILED Unconstitutional Policies.
The 3 percenters will agree with her! But the 97% will see her as spouting BS!
Well, Yellen has to put out her nonsense because the DemocRat liberal News Media is a little reluctant to spread such nonsense alone.
Woe is me! When will a controlling majority group of voting American citizens be large enough to overcome the voting rigging of the DemocRat party? Sadly, I don’t see the horizon for that time in the near future.
by implication she does not consider herself American.
What? Our government has SPENT over $5 Trillion dollars since the beginning of 2020 and the covid!! That’s TRILLION, folks! That’s 1/4 of our total GDP! So, who was doing the spending? It’s utterly shocking that a person in a position like her doesn’t mention or recognize it.
Why do we not discuss the rising costs of employment and labor as a cost of increasing inflation? On average, about 25 – 30% of all business expenses are due to labor and costs of employment. States’ minimum wage increases cause increases in all wages. For further discussion … see me on TruthSocial.com at “SMARTaxFreedom”.- truthsocial.com/@SMARTaxFreedom
Not only does Janet Yellen’s voice make her sound stupid, she is a total idiot. I wonder why Joke Biden didn’t put people in his cabinet that were actually smarter than him. Yellen is just another “secretary” who is as dumb or dumber than this incompetent president. Blinken, Buttedgeedge, Yellen, Austin, Granholm, Garland, Backarea(aka Beccera) and Jean-Pierre are all in over their heads and we the people are paying the price. Let’s hope that in 2024 the cheating gets stopped. I’m not holding my breath as it sure wasn’t stopped this November.
EVERY member of Slow Joe’s cabinet is incompetent IF competence means helping Americans. If “competence” means pushing Marxism and godlessness, they are all very “competent.”
“The Biden white house has no answers”. ???/ Joe and the ‘deep state’ (“swamp, insiders, establishment”) know exactly what it is doing and are very good at it. All we talk about is the
problems and the ‘useful idiots’ employed by the deep state. They are constantly moving us
towards world govt. by systematically tearing down America. We need to be concentrating on the people and groups behind the scenes who are controlling the program. How many constitutional Americans know all about the Council on Foreign Relations. Joe said “I work for him”(its president). Hillary said “I’m glad they are now just down the street so I don’t have far to find out what I am supposed to be doing”. How about the “Bohemian Grove, Bilderbergers, Round Table, Trilateral Commission”, etc. We need to be concentrating on the head, not the tail.
We need to stop donating to countries that hate us and buying foreign oil when we have enough here to support us for years. Morons in DC.
I did not lose any of my small annuity under Trump but have l lost 25% under Vladamir Biden, also I was told by RNC that Soros outspent them BS they handed it to the Dems, Mitch pulled money from OZ and whoever he did not like. Here in Nevada I saw 6 to one leftist adds most I believe played fast and loose with the truth and I saw no rebuttal from our candidate to these adds. I also question the intellect of the voters voting in the same people that are responsible for the spending and taxes or they are on the public dole, they should realize that the money will run out some day and when it does this country will fall into anarchy. No welfare, Medicare, Medacade no social security because the powers will rob it all to pay for entitlements!