Yeltsin Admits Mistake on Inflation; Biden Touts "Recovery" as Nation Crumbles Into Recession

As John Sexton reminds us, Treasury Secretary Janet Yellin claimed that there would be no inflation problem at all:

"I don't think there's going to be an inflationary problem, but if there is, the Fed can be counted on to address them."

In June of last year, she acknowledged that gee, maybe there was some inflation-- but that it was transitory:

"But I personally believe that this represents transitory factors."

And only now that inflation has been at forty year highs for a year does she admit:

"I think I was wrong then about the path that inflation would take."

Another Ruling Class Incompetent.

See the link for more.

Meanwhile, Professor Bungles is out touting all the Glittering Success he's brought to us as the nation teeters at the edge of an economic abyss.

President Joe Biden in a Monday Wall Street Journal op-ed promised a "historic recovery" from the country's economic woes as experts predict that his policies are leading the United States into a recession.

Biden wrote in the op-ed that he will give the Federal Reserve "primary responsibility to control inflation," "take every practical step to make things more affordable," and "keep reducing the federal deficit."

Biden did not mention the gross domestic product's 1.5 percent contraction in the first quarter, instead laying the blame for a flailing economy on Russia and the COVID-19 pandemic.

Regarding the "Putin's Tax" spin: Trafalgar reports that only the most chronic Kool-Aid Guzzlers of Guyana are buying that bullshit.

posted by Ace at 12:12 PM

| Access Comments