Joe Biden Lines up the Fall Guy for His Inflation Failures – Opinion

Joe Biden is looking for a fall man to help him with his inflation woes. Or maybe “fall gal” is the proper terminology? I wouldn’t want to misgender anyone.

Treasury Secretary Janet Yellen recently appeared in an interview, taking the distinct honor of being the first person in the Biden administration to admit they were “wrong” about inflation. Yellen laid out a litany of excuses, claiming she couldn’t have foreseen what was coming.

This is so true! We’ll discuss that in a moment, but first, here’s the clip.

.@SecYellenOn inflation being temporary: I was wrong about what the trajectory of inflation would be. There have been unexpected and major shocks that the economy has faced, as I already mentioned. […]That I didn’t understand at the time.” https://t.co/AlrXn4kT0r pic.twitter.com/9tqxo0iA3B

— The Hill (@thehill) June 1, 2022

Yellen even admits inflation is driven by food and gas costs. That is a drastic departure from Biden’s infuriating narrative that inflation is mostly caused by the price of used cars. She blames those woes on “unanticipated and large shocks to the economy,” including the supply chain, which is overseen by do-nothing Transportation Secretary Pete Buttigieg. Yellen did not blame Vladimir Putin either, which could earn her a rebuke within the White House since Russia is their excuse.

Still, is it true that these “unanticipated and large shocks to the economy” were truly unanticipated? The simple answer is no, that’s not true at all. In fact, Larry Summers former top Obama economic advisor, put out several warnings prior to the passage of the American Rescue Plan that the $2 trillion spending package would dump far too much “free” money into an already overheating economy.

Larry Summers,Former President Obama’s top economic advisor, attacked the $1.9 trillion Coronavirus Stimulus Package. Vice President Biden earlier this month as the “least responsible” economic policy in 40 years.

Speaking on Bloomberg Television’s “Wall Street Week” on Friday, Summers outlined his predictions for the economy in light of the relief package.

“I think this is the least responsible macroeconomic policy we’ve had in the last 40 years,” Summers said.

Since his comments made over a year back, Summers was proven wrong many times. American Rescue Plan was the biggest factor in the current crisis. It did indeed spike inflation. What? So people could stay home from work a few extra months, schools could get billions of dollars they didn’t need, and special interests could be paid off? All that extra cash to make your life easier was worth it?

In other words, Yellen claiming that the administration couldn’t have seen what was coming is blatantly false. That’s what makes the actions taken all the worse. They knew what was going to happen, but they saw an opportunity to “transform” the economy and took it. It doesn’t matter how many people were hurt or continue to be hurt.

And while Yellen’s admission is welcomed, it’s also deeply cynical. Although Yellen oversees the distribution of money, Biden signed the ridiculous spending bill. Although he is ultimately responsible, Yellen understands that she has the right to take the fall. It’s yet more evidence of how deeply partisan she is.

Unfortunately, what’s done is done, and extremely late admissions of failure do nothing for those who have lost their shirt over the last year. Biden was the one who steered America off the edge, and it is now that stagflation is a reality. Only way out is through a lot more pain.