Janet Yellen: Biden’s Spending ‘Did Feed’ Inflation
May 5, 2022 17:10:25 GMT -5
Post by shalom on May 5, 2022 17:10:25 GMT -5
Janet Yellen: Biden’s Spending ‘Did Feed’ Inflation
By Andrew Moran May 5, 2022 Updated: May 5, 2022
Joe Biden’s $1.9 trillion American Rescue Plan did contribute to inflation, Treasury Secretary Janet Yellen conceded on May 4.
Speaking in an interview with Matt Murray, editor-in-chief of The Wall Street Journal, the former head of the Federal Reserve said the White House’s enormous spending did play a role in the current inflationary environment, noting that it was “justified” because of the various economic risks.
“So, look, inflation is a matter of demand and supply, and the spending that was undertaken in the American Rescue Plan did feed demand,” Yellen said.
She said inflation, which is at a 40-year high, is an unintended consequence of the Biden administration attempting to avoid a sharp economic downturn and facilitate full employment.
Continued at link
By Andrew Moran May 5, 2022 Updated: May 5, 2022
Joe Biden’s $1.9 trillion American Rescue Plan did contribute to inflation, Treasury Secretary Janet Yellen conceded on May 4.
Speaking in an interview with Matt Murray, editor-in-chief of The Wall Street Journal, the former head of the Federal Reserve said the White House’s enormous spending did play a role in the current inflationary environment, noting that it was “justified” because of the various economic risks.
“So, look, inflation is a matter of demand and supply, and the spending that was undertaken in the American Rescue Plan did feed demand,” Yellen said.
She said inflation, which is at a 40-year high, is an unintended consequence of the Biden administration attempting to avoid a sharp economic downturn and facilitate full employment.
Continued at link