The Biden administration over the past year has insisted that the climbing inflation numbers were only transitory.
The problem is no one believed them at the time, due to their terrible monetary policies, and as expected, the experts are now confirming the high inflation rate will be here for quite a while.
Appearing Thursday on Bloomberg Markets: The Close, BlackRock CEO Larry Fink predicted inflation will likely last a “number of years.”
Last week Treasury Secretary Janet Yellen told CNN:
“I think I was wrong then about the path that inflation would take,”
“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,” she added.
Inflation hit 8.3 percent in April under Biden compared to last year.
On Tuesday Yellen testified before Congress that she now expects inflation to remain “high” in the United States.
“I do expect inflation to remain high, although I very much hope that it will be coming down now,” Yellen told the Senate Finance Committee. “I think that bringing inflation down should be our number one priority.”
Yellen also told lawmakers that she and Federal Reserve Chair Jerome Powell “could have used a better word” than “transitory” in reference to the nature of rising costs that have been plaguing Americans for months.
In the same hearing, Yellen addressed President Joe Biden’s efforts to bring down the surging price of gas across the country, saying the administration “has done everything that they can” to reduce such prices.
Gas prices hit their tenth consecutive record high of $4.91 per gallon. Costs have more than doubled since former President Donald Trump left the White House.
Even with the remorseful tone from the Yellen, I believe the establishment is directing the agencies to burn down our economy on purpose.
Blackrock’s Fink is enforcing the ESG score implementation into the financing sector, causing funding for fossil fuel energy projects to nearly dry up.
Hold on America, things might stabilize but the Biden admin’s ineptitude could lead us into a deep recession, long before he leaves office in 2024.
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Conservative independent talk show host and owner of https://MAGABOOK.com. USMC Veteran fighting daily to preserve Faith - Family - Country values in the United States of America. Check out my podcast - https://www.spreaker.com/show/finish-the-race
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