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Shocking! Yellen Admits She Was 'Wrong About Inflation' – ‘Didn’t Fully Understand’

keely

Here's something you don't see everyday: a politician admitting that they were wrong about something!

On Tuesday, Treasury Secretary Janet Yellen appeared on CNN's "Situation Room" and admitted that she "was wrong" about inflation and that even though “unanticipated and large shocks to the economy” are a portion of the problem, she “didn’t fully understand” the supply bottlenecks.

“I think I was wrong then about the path that inflation would take. 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," she recalled her previous statements that downplayed the threat of inflation in 2021.

Yellen continued, "We recognize that now the Federal Reserve is taking the steps that it needs to take. 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. Prescription drugs is one example, healthcare costs…utility bills, if Congress is willing to pass some of the proposals to boost the use of nonrenewables, I think that can serve to bring down an important cost that households face. He realizes, we all realize what an important and huge burden inflation is placing on American households.”

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