Here was Secretary of the Treasury Janet Yellen last year.
Yellen told a Wall Street Journal CEO Council event that she does not anticipate that inflation would be a problem for the U.S. economy and that any price increases would be transitory because of supply chain shortages and the rebound in oil prices to pre-pandemic levels.
Here’s Janet now.
Treasury Secretary Janet Yellen on Thursday said she does not see signs of a recession after the Commerce Department released data showing the economy rebounded in the third quarter of the year.
“We have a very strong labor market. I don’t see signs of a recession in this economy at this point.”
Nothing to worry about, folks. “At this point”.
I’m really hoping that Yellen doesn’t start denying ‘stagflation’ or we’ll now it’s coming.
Yellen’s tactic though is to deny what already happened, before eventually admitting it when it’s completely undeniable.
US Treasury Secretary Janet Yellen admitted Tuesday that she had failed to anticipate how long high inflation would continue to plague American consumers as the Biden administration works to contain a mounting political liability.
“I think I was wrong then about the path that inflation would take,” Yellen told CNN’s Wolf Blitzer on “The Situation Room” when asked about her comments from 2021 that inflation posed only a “small risk.”
Now here’s the thing.
Biden and his people want this to be the next FDR administration. And then they constantly lie to the public about the state of the economy in ways that will inevitably unravel because they have so much contempt for the public that they think people are dumb. And that they won’t notice when the price of groceries goes up 20%.
A smarter approach would be to actually tell the public that times will get bad, but we’ll pull through. But that would require honesty, less contempt for the public and an administration that isn’t actively inflicting the damage on the economy.
Yellen and the rest of the administration aren’t just in denial mode for political gain, but because they’re the arsonists starting the fire before they show up in their firemen hats.