Joe Biden’s treasury secretary Janet Yellen appeared on the Colbert show this week and seemed to blame inflation on the idea that people bought things during and after the pandemic.
In other words, inflation isn’t her fault or Biden’s fault, it’s yours.
Of course, Colbert didn’t push back on this idea at all.
FOX News reports:
Janet Yellen blames Americans’ ‘splurging’ for record-high inflation
Treasury Secretary Janet Yellen blamed consumers’ excessive spending habits as a primary cause for the near 40-year-high in inflation on Wednesday.
The Biden official appeared on “The Late Show with Stephen Colbert,” where she was asked about the price increases that have plagued the U.S. for more than a year.
Colbert asked her to explain to his audience how inflation got out of hand when “two years ago everything seemed fine.” The late-night host, known for his sycophantic boosting of President Biden and Democrats, even noted the Biden administration dismissed inflation as a “small risk” as recently as last year.
Yellen argued the administration managed the COVID-19 pandemic so well that consumers felt comfortable to “splurge” on goods.
“So we had a rapid recovery from the pandemic,” she said, arguing Biden’s policies brought unemployment down from 7% to 3.7%.
“It turned out the pandemic had very special impacts on the economy. Remember, everybody stopped spending on services,” she pointed out, as businesses were shut down. Instead, people spent more money on “grills,” “technology” and office equipment as they were working from home.
“They were in their homes for a year or more, they wanted to buy grills and office furniture, they were working from home, they suddenly started splurging on goods, buying technology,” she claimed, which led to supply chain “bottlenecks.”
Here’s the video:
Don't blame the Biden Admin printing trillions of dollars: @SecYellen tells @StephenAtHome the real reason inflation is out of control is because Americans are "splurging" on goods; "and, remember, Russia has conducted a brutal war against Ukraine" pic.twitter.com/d0xbhA7sbH
— Tom Elliott (@tomselliott) December 1, 2022
Nothing is ever their fault.