Treasury Secretary admits Biden big spending caused inflation

 Neon Nettle:

Treasury Secretary Janet Yellen admitted that President Joe Biden’s $1.9 trillion American Rescue Plan did contribute to inflation.

During an interview with The Wall Street Journal, the former head of the Federal Reserve admitted that the White House’s enormous spending had played a role in today’s inflationary environment.

“So, look, inflation is a matter of demand and supply, and the spending that was undertaken in the American Rescue Plan did feed demand,” she said.

She added that today’s 40-year high inflation was an unintended consequence of the Biden administration attempting to avoid a sharp economic downturn and facilitate full employment.

Yellen further explained that the fiscal stimulus and relief package had to support the labor market in response to the many dire forecasts.
...

I think they were wrong about the necessity for the stimulus. The Democrats were also wrong to try to shutdown the economy to control the virus.

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