'Paying the price': Biden and top aides misread threat of inflation as warning signs gathered

[onthedarkside]

 

 

WASHINGTON – Treasury Secretary Janet Yellen tried 15 months ago to shut down some economists’ concerns that President Joe Biden’s $1.9 trillion economic relief package could fuel rising prices.

 

“Is there a risk of inflation?” Yellen said on ABC’s “This Week” in March 2021, three days after Biden signed the American Rescue Plan into law. “I think there’s a small risk. And I think it’s manageable.”

 

On Tuesday, as inflation is at a 40-year high, Yellen admitted on CNN, “I was wrong then about the path that inflation would take.” She said she hadn’t fully understood the impact of what she called “unanticipated and large shocks” to the economy and supply chain bottlenecks that boosted energy and food prices.

 

(more)

 

https://www.msn.com/en-us/news/politics/paying-the-price-biden-and-top-aides-misread-threat-of-inflation-as-warning-signs-gathered/ar-AAY1y5J?li=BBnb7Kz

 

 

[John Drake]

Scores and scores of people I follow on fintwit have been warning of inflation for years, some since the Fed first started printing money out of thin air in 2008. But things went completely off the rail with Trump's tax cut for billionaires and Covid stimulus as well as Biden's stimulus and spend at the drop of a hat policies. At least in Thailand I'm still okay. The inflation will even help me get more from SS, like it did last year. Maybe around a 10 percenter this year. And as long as the dollar stays up against the baht, I'm winning, relatively. Meanwhile, expenses controllable in Thailand, so far. So, print on, Mr. Powell. 

[candide]

1 hour ago, John Drake said:

Scores and scores of people I follow on fintwit have been warning of inflation for years, some since the Fed first started printing money out of thin air in 2008. But things went completely off the rail with Trump's tax cut for billionaires and Covid stimulus as well as Biden's stimulus and spend at the drop of a hat policies. At least in Thailand I'm still okay. The inflation will even help me get more from SS, like it did last year. Maybe around a 10 percenter this year. And as long as the dollar stays up against the baht, I'm winning, relatively. Meanwhile, expenses controllable in Thailand, so far. So, print on, Mr. Powell. 

On the other hand, the Covid stimulus packages also helped to increases GDP and create jobs. Underemployment is now at a record 50 years low level

 

Edited June 4, 2022 by candide

[Chomper Higgot]

I was in a Tesco Supermarket in

the UK this morning, a number of people were bitterly blaming Joe Biden for the UK’s inflation.

 

I heard similar in the Netherlands a couple of weeks ago.

Edited June 4, 2022 by Chomper Higgot