Janet Yellen says she regrets saying inflation was transitory



Treasury Sec. Janet Yellen has noted that she regrets saying that inflation was transitory.

"I regret saying it was transitory," she said. "It has come down," she added, while noting that she thinks that to most individuals, transitory means just several weeks or months.

In response to the clip of Yellen's comments, GOP Sen. Bill Hagerty of Tennessee noted in a post on X, "After this and claiming 'the border is secure' for 3 years, my question is: What is the Biden Admin saying now that, in a couple of years, even they will have to admit is untrue?"

— (@)

"Her regret should be helping President Biden *cause* the inflation with trillions in reckless spending," GOP Sen. Tom Cotton of Arkansas tweeted.

"I'm ready to retire the word transitory," Yellen said back in December 2021, noting that it "hasn't been an apt description of what we are dealing with."

According to the consumer price index report released on Tuesday, "The all items index rose 3.2 percent for the 12 months ending February, a larger increase than the 3.1- percent increase for the 12 months ending January. The all items less food and energy index rose 3.8 percent over the last 12 months. The energy index decreased 1.9 percent for the 12 months ending February, while the food index increased 2.2 percent over the last year."

President Joe Biden claimed in a statement, "My top economic priority is lowering costs and today's report shows we continue to make progress on that front."

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Recession approaching? Clinton-era Treasury Secretary Lawrence Summers says 'it's more likely than not that we'll have a recession within the next two years'



Treasury Secretary Janet Yellen said last week that there is no indication that a recession is looming — but former Treasury Secretary Lawrence Summers disagrees.

"I think when inflation is as high as it is right now," while "unemployment is as low as it is right now, it's almost always been followed within two years ... by recession," Summers said during an interview on CNN's "State of the Union."

"I look at what's happening in the stock and bond markets. I look at where consumer sentiment is. I think there's certainly a risk of recession in the next year. And I think given where we've gotten to, it's more likely than not that we'll have a recession within the next two years," he said.

\u201c"It's more likely than not we'll have a recession within the next two years."\n\nFormer Treasury Secretary @LHSummers tells @DanaBashCNN why he disagrees with current Treasury Secretary Janet Yellen's projection that a recession is not on the horizon. @CNNSotu #CNNSOTU\u201d
— CNN (@CNN) 1655043328

Americans have been getting slammed by soaring inflation.

"Over the last 12 months, the all items index increased 8.6 percent before seasonal adjustment," the Bureau of Labor Statistics noted in a consumer price index report released on Friday. "The all items index increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981."

As of Monday, the AAA national average price for a gallon of regular gas has hit a whopping $5.014 per gallon.

President Joe Biden has been saying that combatting inflation is his number one "economic priority."

The stock market plunged on Monday, with the S&P 500 falling 3.88%, the Dow Jones Industrial Average declining 2.79%, and the Nasdaq Composite losing 4.68%.

"I think the banana Republicans who are saying that what happened on January 6th was nothing or OK, are undermining the basic credibility of our country's institutions, and that in turn feeds through, uh, for inflation, because if you can't trust the country's government, why should you trust, uh, its money?" Summers said.

Summers' tenure as Treasury secretary occurred during a portion of President Bill Clinton's time in office — Summers also spent time serving as the director of the National Economic Council during a portion of President Barack Obama's tenure.

\u201cFmr. Treasury Sec. @LHSummers: "I think the banana Republicans who are saying that what happened on Jan. 6 was nothing or OK are undermining the basic credibility of our country's institutions... if you can't trust the country's govt, why should you trust its money?" #CNNSOTU\u201d
— State of the Union (@State of the Union) 1655046242
It's a Baby, Not a Dollar Sign

It's a Baby, Not a Dollar Sign

Biden’s Treasury Secretary Wants The Federal Government To Monitor Your Bank Accounts Even More Closely

Treasury Secretary Janet Yellen defended the Biden administration's proposal to force U.S. banks to report any Americans' transactions of $600 or more to the Internal Revenue Service.

Elizabeth Warren wants to be Biden’s Treasury secretary: report



Progressive Sen. Elizabeth Warren (D-Mass.) wants to serve as secretary of the Treasury for the Biden administration and will "make her case for it" if the Democratic nominee wins the presidency next week, Politico reported.

The news outlet published the news after three anonymous Democratic officials reportedly confirmed it after speaking with Warren's inner circle. Two of them bluntly stated, "She wants it."

The report also noted that Warren has "developed a relationship with Biden as an economic adviser" since she dropped out the presidential race last spring.

Warren spokesperson Kristen Orthman did not deny the report in a comment to Politico, but said, "It's 5 days out, we're focused on the election and encourage everyone else to be as well."

Why does it matter?

The news comes as progressive voices, such as Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Rep. Illhan Omar (D-Minn.), have forecasted their intention of pushing for far-left policy initiatives should Democrats win the presidency and regain control of the Senate.

"We will have a cohort of progressives that are very clear about their objectives for wanting the implementation of Medicare for All and a Green New Deal and raising the minimum wage and not allowing for fracking," Omar vowed during a recent interview.

Democratic socialist Sen. Bernie Sanders (I-Vt.), who, like Warren, also ran unsuccessfully in the Democratic primary, has reportedly expressed strong interest in Biden's Labor Secretary position.

Biden, who in the primary was considered to be a more moderate voice of the party, has already veered to the left significantly during his presidential campaign, notably signing off on the "Biden-Sanders Unity Task Force Recommendations." The lengthy document details shared policy initiatives from the Biden and Sanders camps on a broad spectrum of issues, including climate change, health care, criminal justice, and education.

Due to the collaboration that Biden has had with the progressive wing of the party, Sanders remarkably predicted that Biden will be "the most progressive president since FDR."

Anything else?

According to Politico, aside from Warren, other contenders for the post include: "Federal Reserve Governor Lael Brainard; Sarah Bloom Raskin, a former Treasury Department official; and Roger Ferguson, former Federal Reserve vice chairman and current CEO of financial services giant TIAA."

During her campaign, Warren espoused some of the most progressive economic policies among the field of candidates, especially as it pertained to taxing the wealthy.

She even proposed a tax plan that when applied could result in hiking federal tax rates for some Americans as high as 158%.

Biden Eyes Wall Street Insider As Potential Treasury Secretary If He Wins In November

The potential nomination of Rhode Island Gov. Gina Raimondo undermines Joe Biden's anti-Wall Street rhetoric, putting him at odds with the progressive left.