With the General Election coming up in November, Joe Biden has made upselling his economic record a top priority.
However, Americans have not responded well to these attempts, with Joe Biden’s approval ratings still sitting as low as ever.
And Joe Biden felt betrayed after Janet Yellen made this one shocking confession.
Janet Yellen just admitted that so-called Bidenomics has not worked for many Americans
When Donald Trump left office, the rate of inflation sat at just under 2%.
Almost as soon as Joe Biden took the Oath of Office, inflation shot up like a rocket.
Inflation has cooled slightly, however, new reports show that the price of goods and services have increased more than expected.
The recent rise in inflation contradicts the 2021 claim made by Treasury Secretary Janet Yellen that inflation was transitory.
On Wednesday, Janet Yellen sat down with Edward Lawrence of FOX Business to discuss this mistake and how the government plans to combat what seems like ever-increasing inflation.
“I regret saying it was transitory [inflation]. It has come down, but I think transitory means a few weeks or months to most people. And it’s lasted longer than that,” she said.
“We have in recent months seen some inflation, and we – at least on a year-over-year basis – will continue, I believe, through the rest of the year, to see higher inflation rates, maybe around 3 percent. But I personally believe that this represents transitory factors,” she added.
However, on Thursday the Bureau of Labor Statistics unveiled the producer price index, which showed significantly larger than expected increases in the prices of consumer goods.
CNBC reported that “wholesale prices accelerated at a faster-than-expected pace in February, another reminder that inflation remains a troublesome issue for the U.S. economy,” before adding that “on a year-over-year basis, the headline index increased 1.6%, the biggest move since September 2023.”
The report then claimed that “the producer price index, which measures pipeline costs for raw, intermediate and finished goods, jumped 0.6% on the month, the Labor Department’s Bureau of Labor Statistics reported Thursday. That was higher than the 0.3% forecast from Dow Jones and comes after a 0.3% increase in January.”
Joe Biden has failed to adequately reduce inflation, but still wants credit for doing so
Although Joe Biden has claimed that his policies have effectively reduced inflation, just about every recently released statistic says otherwise.
Americans are feeling the consequences of skyrocketing inflation, especially when they go grocery shopping.
The rise in insurance premiums is another example of how inflation is impacting consumers, with some rates soaring as much as 30%.
Even though Joe Biden wants credit for building what he calls a strong economy, many Americans are struggling and continue to blame Joe Biden for it.
Patriot Political will keep you up-to-date on any developments to this ongoing story.
