Filed Under: Business

Janet Yellen answers to Congress after admitting ‘I was wrong’ about inflation

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Treasury Secretary Janet Yellen is facing Congress one week after her headlining confession on cable news, admitting, “I was wrong [in 2021] about the path that inflation would take.” While her committee appearances in front of the Senate on Tuesday and House on Wednesday are to go over the president’s budget proposal, there’s something more pressing on Americans’ minds.

“The number one topic of discussion was inflation,” Sen. Ron Wyden, D-Oregon, said at the start of Tuesday’s hearing.

“They are being hammered at the gas pump and in the grocery aisles,” Sen. Mike Crapo, R-Idaho, added.

Republicans blame a COVID-19 rescue package passed last year for fueling inflation over 8%.

“Democrats dumped $2 trillion of liberal waste onto our economy,” Senate Minority Leader Mitch McConnell, R-Kentucky, said Monday. “Their own experts told them not to do it.”

Democrats deny the rescue package is the source of 4-decade high inflation and credit the stimulus with aiding economic recovery. Still, the impact of inflation is undeniable at places like gas stations, where the national average hit a new record Tuesday of $4.92 per gallon.

“I think that bringing inflation down should be our No. 1 priority,” Yellen said at the hearing, while passing the buck mostly to the Federal Reserve to tame it. “I think we can complement that by deficit reduction.”

President Joe Biden’s budget proposal would hike taxes on the wealthy and corporations, which Yellen said Tuesday would help reduce the federal budget. Sen. Crapo argued that with economic uncertainty ahead, it is not the appropriate time to raise taxes.

SIMONE DEL ROSARIO: TREASURY SECRETARY JANET YELLEN IS FACING CONGRESS – ONE WEEK AFTER THIS HEADLINING CONFESSION.

U.S. TREASURY SECRETARY JANET YELLEN: I think i was wrong then about the path that inflation would take. 

SIMONE DEL ROSARIO: WHILE HER COMMITTEE APPEARANCES ARE TO GO OVER THE PRESIDENT’S BUDGET, THERE’S SOMETHING MORE PRESSING ON AMERICANS’ MINDS.

SEN. RON WYDEN: the number one topic of discussion is inflation.

SEN. MIKE CRAPO: they are being hammered at the gas pump and grocery.

SIMONE DEL ROSARIO: REPUBLICANS BLAME A COVID-RESCUE PACKAGE PASSED LAST YEAR FOR FUELING INFLATION OVER 8%.

SEN. MITCH MCCONNELL: democrats dumped $2 trillion of liberal waste onto our economy their own experts their own experts told them not to do it.

SIMONE DEL ROSARIO: AND SPEAKING OF FUEL – GAS PRICES ARE CLOSER THAN EVER TO FIVE BUCKS A GALLON – HITTING A NEW NATIONAL RECORD OF $4.92 TUESDAY. 

U.S. TREASURY SECRETARY JANET YELLEN: I think that bringing inflation down should be our #1 priority.

SIMONE DEL ROSARIO: HER TESTIMONY COMES DAYS BEFORE THE COUNTRY GETS THE LATEST INFLATION NUMBERS – PASSING THE BUCK MOSTLY TO THE FEDERAL RESERVE TO TAME IT.

U.S. TREASURY SECRETARY JANET YELLEN: I think we can complement that with deficit reduction.

SIMONE DEL ROSARIO: REDUCTION – DEMOCRATS SAY CAN BE DONE BY RAISING TAXES ON CORPORATIONS AND THE WEALTHY.

SEN. MIKE CRAPO: I disagree.

SIMONE DEL ROSARIO: IN NEW YORK FOR JUST BUSINESS I’M SIMONE DEL ROSARIO. 

Treasury Secretary Janet Yellen is facing Congress one week after her headlining confession on cable news, admitting, “I was wrong [in 2021] about the path that inflation would take.” While her committee appearances in front of the Senate on Tuesday and House on Wednesday are to go over the president’s budget proposal, there’s something more pressing on Americans’ minds.

“The number one topic of discussion was inflation,” Sen. Ron Wyden, D-Oregon, said at the start of Tuesday’s hearing.

“They are being hammered at the gas pump and in the grocery aisles,” Sen. Mike Crapo, R-Idaho, added.

Republicans blame a COVID-19 rescue package passed last year for fueling inflation over 8%.

“Democrats dumped $2 trillion of liberal waste onto our economy,” Senate Minority Leader Mitch McConnell, R-Kentucky, said Monday. “Their own experts told them not to do it.”

Democrats deny the rescue package is the source of 4-decade high inflation and credit the stimulus with aiding economic recovery. Still, the impact of inflation is undeniable at places like gas stations, where the national average hit a new record Tuesday of $4.92 per gallon.

“I think that bringing inflation down should be our No. 1 priority,” Yellen said at the hearing, while passing the buck mostly to the Federal Reserve to tame it. “I think we can complement that by deficit reduction.”

President Joe Biden’s budget proposal would hike taxes on the wealthy and corporations, which Yellen said Tuesday would help reduce the federal budget. Sen. Crapo argued that with economic uncertainty ahead, it is not the appropriate time to raise taxes.

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