Janet Yellen blames Americans' 'splurging' for record-high inflation

Posted 60 days ago

From WWW.FOXNEWS.COM

Treasury Secretary Janet Yellen blamed consumers' excessive spending habits as a primary cause for the near 40-year-high in inflation on Wednesday.

The Biden official appeared on "The Late Show with Stephen Colbert," where she was asked about the price increases that have plagued the U. S. for more than a year.

Colbert asked her to explain to his audience how inflation got out of hand when "two years ago everything seemed fine." The late-night host, known for his sycophantic boosting of President Biden and Democrats, even noted the Biden administration dismissed inflation as a "small risk" as recently as last year.

Yellen argued the administration managed the COVID-19 pandemic so well that consumers felt comfortable to "splurge" on goods.

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"So we had a rapid recovery from the pandemic," she said, arguing Biden's policies brought unemployment down from 7% to 3.7%.

"It turned out the pandemic had very special impacts on the economy. Remember, everybody stopped spending on services," she pointed out, as businesses were shut down. Instead, people spent more money on "grills," "technology" and office equipment as they were working from home.

"They were in their homes for a year or more, they wanted to buy grills and office furniture, they were working from home, they suddenly started splurging on goods, buying technology," she claimed, which led to supply chain "bottlenecks."... (Read more)