U.S. Treasury secretary Janet Yellen doesn’t think inflationary pressures stem from the stimulus policies enacted after the Covid-19 outbreak. While speaking to lawmakers on Wednesday, during the House Ways and Means Committee, Republicans criticized Yellen for not knowing about the risks of inflation. A U.S. senator from Wyoming questioned the Treasury secretary’s “pronouncements and decisions” concerning the record gas prices and rising inflation.
Given that, it makes me wonder why Americans should put any confidence in your pronouncements and decisions and recommendations today.
John Thune, a Republican senator from South Dakota, believes the trillions spent toward the stimulus plans created the inflation issues America is facing. “I think that there’s no question that the $2 trillion bill last year overheated the economy, and it’s why we have the mess that we have today,” Thune explained during the House Ways and Means Committee. The Republican senator from Illinois, Darin LaHood, said he was confused by the Biden administration’s lack of remedies. LaHood stated:
As I listened to you here today, and I look at what’s not been done by this administration, it’s really perplexing in a lot of ways on whether the administration is tone deaf or unaware or becoming aware right now.
“Within a year, Yellen had all but abandoned the traditional constraints of monetary policy,” Carlson said. “Instead, there she was yammering on in public about things like racial equity and environmental justice. Now, those are issues that, unlike economics, cannot be quantified or even specifically defined. They are therefore perfect vehicles for power-hungry politicians hoping to become more powerful.”
What do you think about Janet Yellen’s commentary on Wednesday at her House Ways and Means Committee testimony? Let us know what you think about this subject in the comments section below.