<p>It&#8217;s pretty rare for a member of the Biden administration, let alone the federal government, to admit when they were wrong about something, but on Tuesday, Treasury Secretary Janet Yellen confessed that she was &#8220;wrong&#8221; about inflation when she said in 2021 that it was only a &#8220;small risk.&#8221;</p>
<p>Tuesday evening, Yellen <a href="https://www.cnn.com/2022/05/31/politics/treasury-secretary-janet-yellen-inflation-cnntv/index.html">told</a> CNN&#8217;s Wolf Blitzer that her prediction was incorrect due to unpredictable shocks to the market that she didn&#8217;t fully understand.</p>
<p>“Well, look, I think I was wrong then about the path that inflation would take,” Yellen said after Blitzer played a clip of her misguided assessment of the economy. “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 that I didn’t — at the time didn’t fully understand. But we recognize that now.”</p>
<p>Like President Joe Biden&#8217;s recent opinion column in The Wall Street Journal <a href="https://www.wsj.com/articles/my-plan-for-fighting-inflation-joe-biden-gas-prices-economy-unemployment-jobs-covid-11653940654">addressing</a> inflation, Yellen shifted the primary responsibility onto the U.S. Federal Reserve.</p>
<p>“The Federal Reserve is taking the steps that it needs to take,&#8221; she added. &#8220;It’s up to them to decide what to do. And, for our part, President <span class="person-popover" data-nid="13658"><a class="person-popover__link" href="https://thehill.com/people/biden/">Biden </a></span>is focused on supplementing what the Fed does with actions we can take to lower the cost that Americans face for important expenditures they have in their budgets.&#8221;</p>
<p>In the WSJ, Biden <a href="https://www.wsj.com/articles/my-plan-for-fighting-inflation-joe-biden-gas-prices-economy-unemployment-jobs-covid-11653940654">wrote</a>, &#8220;First, the Federal Reserve has a primary responsibility to control inflation.&#8221;</p>
<p>&#8220;My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation,&#8221; he added. &#8220;I won’t do this. I have appointed highly qualified people from both parties to lead that institution. I agree with their assessment that fighting inflation is our top economic challenge right now.&#8221;</p>
<p>Nathan Brand, a GOP deputy communications director, blasted Yellen for her error in judgment.</p>
<p>&#8220;This clip is absolutely brutal. Joe Biden’s Treasury Secretary finally admits they were wrong about inflation… No kidding,&#8221; Brand tweeted. &#8220;Families are paying $500 more each month because of inflation.&#8221;</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">This clip is absolutely brutal. </p>
<p>Joe Biden’s Treasury Secretary finally admits they were wrong about inflation… No kidding. </p>
<p>Families are paying $500 more each month because of inflation. <a href="https://t.co/tBCmnct2hQ">https://t.co/tBCmnct2hQ</a></p>
<p>&mdash; Nathan Brand (@NathanBrandWA) <a href="https://twitter.com/NathanBrandWA/status/1531770718630957056?ref_src=twsrc%5Etfw">May 31, 2022</a></p></blockquote>
<p>A recent report from Bloomberg <a href="https://www.bloomberg.com/news/articles/2022-03-29/u-s-households-face-5-200-inflation-tax-this-year-chart?sref=sBMxP0gT">found</a> that record-high inflation rates &#8220;will mean the average U.S. household has to spend an extra $5,200 this year ($433 per month) compared to last year for the same consumption basket.&#8221;</p>
<p>A report from the Joint Economic Committee Republicans <a href="https://www.jec.senate.gov/public/index.cfm/republicans/2022/3/how-much-is-inflation-costing-you-it-depends-on-where-you-live">said</a> in March, when prices were generally lower than they are now, &#8220;that Americans in the Mountain region—Utah, Colorado, Arizona, New Mexico, Montana, Idaho, and Wyoming—are experiencing the highest inflation rates with over $500 in added household costs in January.&#8221;</p>
<p>Still, Yellen <a href="https://www.cnn.com/2022/05/31/politics/treasury-secretary-janet-yellen-inflation-cnntv/index.html">insisted</a> on CNN that Biden understands &#8220;what an important and huge burden inflation is placing on American households.&#8221;</p>

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Janet Yellen Admits She Was ‘Wrong’ About Inflation Being ‘Small Risk’