<p>Treasury Secretary <a href="https://www.dailywire.com/topic/janet-yellen">Janet Yellen</a> told Congress on Tuesday that the United States is <a href="https://www.dailywire.com/topic/economy">facing</a> “unacceptable levels of inflation.”</p>
<p><a href="https://www.dailywire.com/topic/inflation">Inflation</a> in the United States neared a four-decade <a href="https://www.cnbc.com/2022/05/11/cpi-april-2022.html">high</a> of 8.3% as of April, with the U.S. Bureau of Labor Statistics slated to release results for May later this week. During testimony before the Senate, however, Yellen admitted that she and <a href="https://www.dailywire.com/topic/federal-reserve">Federal Reserve</a> Chair Jerome Powell “could have used a better term than transitory” to describe higher prices.</p>
<p>“There’s no question that we have huge inflation pressures, that inflation is really our top economic problem at this point and that it’s critical that we address it,” she remarked, per <a href="https://www.theguardian.com/business/2022/jun/07/janet-yellen-inflation-congress#:~:text=Yellen%20said%20she%20and%20the,critical%20that%20we%20address%20it.">The Guardian</a>. “I do expect inflation to remain high, although I very much hope that it will be coming down now.”</p>
<p>Even by the end of last year, Yellen began <a href="https://www.dailywire.com/news/janet-yellen-admits-inflation-shouldnt-be-labeled-transitory">pivoting</a> from the “transitory” descriptor. “I am ready to retire the word transitory,” Yellen said at an event in December. “I can agree that that hasn’t been an apt description of what we are dealing with.”</p>
<p>Yellen’s <i>mea culpa</i> before lawmakers is similar to <a href="https://www.dailywire.com/news/janet-yellen-admits-she-was-wrong-about-inflation-being-small-risk">comments</a> she made last week to CNN anchor Wolf Blitzer. “Well, look, I think I was wrong then about the path that inflation would take,” Yellen said. “As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly. &#8230; But we recognize that now.”</p>
<p>Many officials in the <a href="https://www.dailywire.com/topic/biden-administration">Biden administration</a> are pointing to the Fed as the primary entity responsible for taming high prices. Last week, Yellen and Powell joined President Joe Biden in a <a href="https://www.dailywire.com/news/inflation-is-the-key-political-problem-biden-powell-meet-to-discuss-taming-high-prices">show of unity</a> around the goal of raising interest rates.</p>
<p>Indeed, the Fed <a href="https://www.dailywire.com/news/the-fed-jacks-key-rate-up-half-point-as-inflation-surges">hiked rates</a> by 0.5% last month — the largest rate increase since May 2000 — in an attempt to curb rising price levels. The move followed a 0.25% rate hike from near-zero levels three months ago. As employment numbers <a href="https://www.cnn.com/2022/06/03/economy/may-jobs-report-final/index.html">remain robust</a>, the central bank likely interprets a strong labor market as a good omen for further rate increases.</p>
<p>In more recent comments, Yellen <a href="https://www.dailywire.com/news/janet-yellen-calls-bidens-economic-record-a-remarkable-success">interpreted</a> the strong employment numbers as a sign that President Biden’s economy has been a “remarkable success.”</p>
<p>“A year ago, if you go back to the challenges that we were facing, and the Federal Reserve was facing, unemployment was extremely high. We were all worried that we would be facing a situation like we had after 2008, when it took almost a decade to get back to full employment,” Yellen said. “I think it has to be viewed as a remarkable success that the unemployment has fallen the most in a year in American history.”</p>
<p>Though Biden’s economy observed 6.4 million new positions filled in 2021, many note that more than three million jobs were <a href="https://www.marketplace.org/2022/05/09/were-about-3-5-million-potential-jobs-short-of-a-full-recovery/">lost</a> during COVID-19 and the lockdown-induced recession remain unrecovered.</p>
<p>Even after economic growth resumed in 2020 and the labor market quickly began to recover, a federal program offering $300 in weekly enhanced unemployment insurance — extended through Biden’s $1.9 trillion American Rescue Plan — remained intact in roughly half of states through much of 2021. According to a <a href="https://www.dailywire.com/news/surprise-enhanced-unemployment-benefits-significantly-increased-unemployment-study">paper</a> published by the National Bureau of Economic Research, the benefits significantly increased the number of Americans who were unwilling to work.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Janet Yellen Admits She ‘Could Have Used A Better Term Than Transitory’ To Describe ‘Unacceptable’ Inflation

CONTINUE READING

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News

Biden Administration

Economy

Federal Reserve

Inflation

Janet Yellen

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

Janet Yellen Admits She ‘Could Have Used A Better Term Than Transitory’ To Describe ‘Unacceptable’ Inflation