This is Janet Yellen, the Secretary of the Treasury who told us last year that inflation was fleeting, and would not be a problem.
Now she says we have inflation because American’s splurged.
“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.”
She really doesn’t mention the fact that not only did she not see this coming, but she was part of an Administration that spent Trillions of dollars in excess of our normal budget.
I’m thinking that Janet Yellen is perhaps the worst economist on the face of the Earth.