The Biden Administration Publicly Admits They Don't Know What They Are Doing

June 17. 2022

Joe Biden

Since 2019 I warned on this site that Joe Biden would be terrible for America and its economy if he was elected President of the United States. He was elected in 2020 and in one year he wrecked the U.S. economy, proving me correct (Joe Biden Tax Plan Slammed And Debunked On '60 Minutes' and Joe Biden Is A Power Hungry Criminal From The Obama Administration Following A Movie Script).

This month President Joe Biden's Treasury Secretary publicly admitted they don't know what they are doing. In an interview with CNN on June 1, 2022, U.S. Treasury secretary, Janet Yellen, publicly stated, "I think I was wrong then about the path that inflation would take" stating she wrongly presumed it would be a "small risk."

Yellen also stated, "As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t – at the time – didn’t fully understand, but we recognize that now."

Now millions of people in America are suffering due to Biden's incompetence and lack of preparedness. Biden's insistence on having a job he is not qualified for is financially, mentally and emotionally breaking America under high crime and massive inflation. Bloomberg estimates Biden's inflation will cost each American at least an additional $5,200 this year, due to higher prices of food, gas, clothes, and rent or mortgages, among other things.

STORY SOURCE

Treasury secretary concedes she was wrong on ‘path that inflation would take’

Updated 12:29 AM EDT, Wed June 1, 2022 - 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.”

The admission was the latest indication that the administration’s expectations of a normalizing economy were thrown into disarray by the continuing pandemic and the war in Europe.

“As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t – at the time – didn’t fully understand, but we recognize that now,” she said.

Yellen and other White House officials once framed inflation as a temporary side effect of the economy returning to normal following the pandemic, pointing to snags in supply chains and demand outstripping supply.

Yet months later, inflation is running at a near-four-decade high. Recent economic indicators have raised optimism that inflation may have peaked at 40-year highs in March, although economists warn it could take considerable time before inflation returns to healthy levels. In response, the White House is launching a month long effort to signal a heavy focus on the economy...

https://www.cnn.com