As the Dollar’s Purchasing Power Drops, Janet Yellen Stresses ‘Pandemic Calls the Shots’ for the Economy, Inflation – Economics Bitcoin News

Inflation has continued to make the price of goods and services in America rise as the U.S. dollar’s purchasing power is not what it used to be. Meanwhile, the Obama administration’s former economic advisor, Larry Summers, recently told the press that “We’re going to see inflation of a kind we haven’t seen in 30 years.” Despite the gloomy forecasts, the White House doesn’t believe these predictions and U.S. Treasury secretary Janet Yellen is blaming inflation on the Covid pandemic.

Former Economic Advisor for Obama Predicts Red Hot Inflation Will Rise Higher — White House Rejects Idea Infrastructure Funds Will Keep Inflation Going

Americans spend more money to buy gas, cars, houses, fuel, home, food, medicines, automobiles, etc. ever since the U.S. increased its money supply. President Joe Biden believes that the infrastructure bill, worth trillions of dollars, will reduce inflation, even though economists doubt this. Speaking with CNN, Larry Summers, the American economist who served as the 71st United States Treasury secretary, said: “We’re going to see inflation of a kind we haven’t seen in 30 years.”

Jen Psaki, White House press secretary, was confronted by a NBC journalist and asked her about the inflation soaring. The secretary rebutted. Fox News contributor Joe Concha made fun of the press secretary’s commentary on Twitter and said: “There are too many economists to count who say trillions in new spending will only raise inflation further. These Psaki-Bombs are beyond comical at this point,” Concha added.

Treasury Secretary Yellen Blames Covid Pandemic Inflation

Economists predict a decline in the U.S. economic growth, but Janet Yellen, the U.S. Treasury Secretary told Sunday’s press that America is experiencing inflation due to Covid-19. “It’s important to realize that the cause of this inflation is the pandemic,” Yellen said. “It led to a dramatic increase in demand… for products,” she continued. “And although the supply of products has increased in the United States and globally, not as much as demand.”

As the Dollar's Purchasing Power Drops, Janet Yellen Stresses 'Pandemic Calls the Shots' for the Economy, Inflation
Janet Yellen, a CBS host spoke on Sunday about inflation and the U.S. Economy. She said that it was the Coronavirus pandemic which caused inflation.

Gold bug and economist Peter Schiff mocked Yellen’s statements about Covid-19 causing inflation. In a tweet, Schiff stated that the Federal Reserve was to blame for the decline in purchasing power. “According to Yellen, inflation resulted from a dramatic increase in consumer demand to buy products,” Schiff tweeted. “But where did consumers get the money to buy those products? The government. In turn, the Fed got the money. The Fed caused the inflation.”

Yellen didn’t speak Sunday on the much-criticized U.S. government mandates that it has imposed in the two previous years. American officials across the entire nation shut down businesses, created terms like “essential workers,” crafted vaccine mandates, enforced a rent moratorium for well over 16 months, and pumped more USD into America’s monetary supply than in the first three-quarters of the country’s entire history in less than two years.

On Sunday, however, Yellen’s statements on the CBS broadcast “Face the Nation,” indicate that she believes the virus, not the central planners, has been holding the reigns of the U.S. economy. “The pandemic has been calling the shots for the economy and for inflation,” Yellen concluded. “And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do.”

Minneapolis Fed President Also Blames Supply Disruptions, Covid Virus — Biden Advisor Mentions Vaccinating Children Will ‘Comfort American Families’

Neel Kazhkari (Minneapolis Federal Reserve Bank President) explained the likelihood that inflation would continue to rise over the following few months, just days before Yellen appeared on CBS. “The math suggests we’re probably going to see somewhat higher readings over the next few months before they likely start to taper off,” Kashkari said. Like Yellen Kashkari also stressed the importance of supply chain problems and the Coronavirus pandemic as the primary reasons for inflation.

“We’re seeing both a surge of demand because Congress has given a lot of money to families and businesses to get through the pandemic, but we’re also seeing supply disruptions at the same time because of the Covid virus,” Kashkari further remarked.

Brian Deese is also the Director of the National Economic Council under President Joe Biden. told the pressInflation could be reduced by addressing Covid. When ABC News correspondent George Stephanopoulos asked Deese if “there [is] anything president Biden can do” to address inflation, Deese responded by saying: “Number one: We have to finish [the] job on Covid…getting those shots out to 5-11-year-olds is gonna provide a lot of comfort to American families.”

How do you feel about rising American inflation and different views from economists and officials about America’s loss of purchasing power? Comment below and let us know how you feel about the subject.

In this story, tags
Biden Administration. Brian Deese. CBS broadcast. Coronavirus Pandemic. Covid. COVID-19. Economics, Federal Reserve. Janet Yellen. Jen Psaki. Joe Biden. Joe Concha. Larry Summers. Minneapolis Fed President. National Economic Council. Nel Kashkari.

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