Over the weekend, Treasury Secretary Janet Yellen admitted during a CNN interview with Jake Tapper that President Biden’s inflation crisis is expected to continue for the rest of the year.
“So let me ask you about that, because this rising inflation is hitting Americans’ wallets hard, impacting everything from gas prices to groceries,” Tapper said on CNN’s “State of the Union.”
“When do you expect the inflation to get back to the 2 percent range, which is considered normal?” Tapper asked. “2022? 2023? When?”
“Well, I expect that to happen next year. Monthly rates of inflation have already fallen substantially from the very high rates that we saw in the spring and early summer,” Yellen responded, suggesting that the maintenance of a record high inflation level is a good thing.
“On a 12-month basis, the inflation rate will remain high into next year because of what’s already happened. But I expect improvement by the end of — by the middle to end of next year, second half of next year,” Yellen added.
Yellen later went on to admit that the Biden era has seen “a period of inflation that’s higher than Americans have seen in a long time.”
Biden Treasury Secretary Janet Yellen says rising prices will continue until “the end of next year.”
In July, Yellen said it would only last “several months.” pic.twitter.com/W4GjxUCdmM
— RNC Research (@RNCResearch) October 24, 2021
