US Treasury Secretary Janet Yellen on Tuesday said the US faces “unacceptable levels of inflation.”
Secretary Yellen made the remarks on Tuesday to senators during a hearing on Biden’s 2023 budget request before the Senate Finance Committee.
“We’re seeing high inflation in almost all of the developed countries around the world. And they have very different fiscal policies,” Yellen said. “So it can’t be the case that the bulk of the inflation that we’re experiencing reflects the impact of the ARP.”
“We currently face macroeconomic challenges, including unacceptable levels of inflation as well as the headwinds associated with the disruptions caused by the pandemic’s effect on supply chains, and the effects of supply side disturbances to oil and food markets resulting from Russia’s war in Ukraine,” she said.
Yellen insisted addressing inflation is one of Biden’s top priorities.
Yellen also conceded Joe Biden has no plan to lower gas prices.
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Inflation rates hit a 40-year record this spring.
Inflation rates are outpacing wages after Joe Biden and the Democrats spent more than $6 trillion.
So much for Biden’s claims that inflation is “transitory.”