<p>With persistent inflation eroding Americans’ buying power and tightening their budgets, one may think that the nation’s fiscal policymakers would be all-hands-on-deck to resolve the problems. But for the Biden administration, “Pride Month” takes priority.</p>
<p>Consumer price inflation is currently at 8.3% — the metric’s highest level in four decades. Gas prices are soaring past $4.75 per gallon — with no end in sight. Yet Treasury Secretary Janet Yellen found time this week to raise the rainbow flag.</p>
<p>“For the first time in our history, Treasury is displaying the Pride Flag to express our solidarity with LGBTQ+ Americans during Pride Month,” Yellen announced on Thursday, adding that her department “remains committed to diversity, equity, and equal opportunity for all.”</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">For the first time in our history, Treasury is displaying the Pride Flag to express our solidarity with LGBTQ+ Americans during Pride Month. <a href="https://twitter.com/USTreasury?ref_src=twsrc%5Etfw">@USTreasury</a> remains committed to diversity, equity, and equal opportunity for all. <a href="https://t.co/QJK5o2yuGn">pic.twitter.com/QJK5o2yuGn</a></p>
<p>— Secretary Janet Yellen (@SecYellen) <a href="https://twitter.com/SecYellen/status/1532434489498030105?ref_src=twsrc%5Etfw">June 2, 2022</a></p></blockquote>
<p>The data speak louder than Yellen’s words. The <a href="https://www.bea.gov/sites/default/files/2022-05/gdp1q22_2nd.pdf">United States economy shrank</a> at a 1.5% annualized rate in the first quarter of 2022, with two consecutive quarters of negative growth constituting recession territory.</p>
<p>But it is worth remembering that real people living paycheck-to-paycheck are getting hurt while Yellen plays activist.</p>
<p>Over the past few days, I interviewed <a href="https://www.dailywire.com/news/everything-is-too-high-right-now-in-west-philadelphia-residents-battle-inflation-and-gas-prices">several residents of West Philadelphia</a> — a Democrat-run, majority-minority neighborhood where median household income is 43% of the national average — on behalf of The Daily Wire. The consistent story was that skyrocketing inflation and gas prices are severely impacting their lives.</p>
<p>“It’s too high. I don’t know what happened, because the price of everything is too high now,” Mohamed, a West Philadelphia resident and immigrant from French-speaking Africa, explained.</p>
<p>“I drive to work and I go home. And anything else in between, I try to do it as I’m going home from work,” added Art, a maintenance worker who lives in Delaware, but commutes to West Philadelphia. “It’s just too expensive.”</p>
<p>“The way prices with everything have gone up, I’ve had to start cutting back on what I spend money on,” Kahil, a high school student, remarked. “There’s only one simple answer. Prices need to go where they used to be.”</p>
<p>“I was using maybe $30 per week. Now I use almost $100,” said Iliassou about his struggles to fill his gas tank. “People don’t have money in their pockets anymore.”</p>
<p>However, it seems that Yellen has <a href="https://www.dailywire.com/news/janet-yellen-admits-she-was-wrong-about-inflation-being-small-risk">thrown in the towel</a> altogether on fixing the economy. “I was wrong,” she confessed earlier this week — forgetting that she was seemingly fully aware that the policies she has been pursuing would create a high price level environment.</p>
<p>I am old enough to remember when Yellen <a href="https://www.dailywire.com/news/despite-skyrocketing-inflation-janet-yellen-will-keep-pushing-for-biden-spending-agenda">insisted last year</a> that “we’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” promising any potential inflation “spurt” from Biden’s policies would fade away by 2022.</p>
<p>Yet here we are in 2022 — and the same top fiscal policymaker who entered office on a <a href="https://home.treasury.gov/news/press-releases/jy0003">vow</a> to battle the “crisis of systemic racism” in the economy has nothing better to offer than “I was wrong” on her inflation forecasts — even as disadvantaged Americans suffer the most.</p>
<p>“Economics isn’t just something you find in textbook,” she told her staff at the dawn of the Biden administration. “Nor is it simply a collection of theories. Indeed, the reason I went from academia to government is because I believe economic policy can be a potent tool to improve society.”</p>
<p>Perhaps Secretary Yellen needs to hit the streets of West Philadelphia and see whether society has improved because of her work.</p>

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The Economy Is Toast, But At Least The Treasury Department Is Flying A Pride Flag