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Yellen Downplays Stimulus Contributing to Inflation, Republicans Grill US Treasury Secretary’s Decisions

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US Treasury Secretary Janet Yellen does not believe that inflationary pressures are due to stimulus policies adopted after the Covid-19 outbreak. Speaking to lawmakers on Wednesday during a meeting of the House Ways and Means Committee, Republicans criticized Yellen for not being aware of the risks of inflation. The US Senator from Wyoming questioned the Treasury Secretary’s “statements and decisions” regarding record gas prices and rising inflation.

Yellen claims stimulus has ‘been doing great things for Americans’ – Republican senator says US bailout plan ‘overheated the economy’

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On Wednesday, Treasury Secretary Janet Yellen dismissed the theory that US bailout stimulus and other monetary expansion measures have largely contributed to the current rise in inflation. “The success of the adopted policy lies in the fact that we have the economy with the strongest labor market, perhaps in the entire post-war period,” Yellen said. noticed during her statements to the Committee on Ways and Means of the House of Representatives. She added that these spending “provided great rewards for Americans and contributed a bit to inflation at best.”

Yellen Downplays Inflationary Stimulus, Republicans Criticize US Treasury Secretary's Decisions
Speaking about the American Rescue Plan’s stimulus bill, Yellen said, “I hate to think about what the situation would be – especially for low-income families – without the help provided by this plan.”
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These days, Americans are more concerned about the hot inflation that is hurting the US economy than the “assault weapons” ban, according to interview Quinnipiac University June 3-6. Despite the treasury secretary’s comment, Republicans such as Wyoming Senator John Barrasso appear to be unconvinced by Yellen’s views. “Is there a risk of inflation? You said: “I think there is a small risk,” Barrasso. said Yellen on Wednesday. Barraso added:

With that in mind, I wonder why Americans should trust your statements, decisions and recommendations today.

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John Thune, a Republican senator from South Dakota, believes the trillions spent on stimulus plans have created the inflation problems America is facing. “I think there’s no question that the $2 trillion bill last year overheated the economy and that’s why we’re in the mess we’re in today,” Thune explained during a House Ways and Means Committee meeting. . Illinois Republican Senator Darin LaHood said he was embarrassed by the Biden administration’s lack of remedies. Lahoud stated:

When I listened to you here today, and I look at what has not been done by this administration, it is really puzzling in many ways, whether the administration is deaf, or not aware, or aware right now.

Biden says Americans “feel financially comfortable” and his administration is accused of fueling power-hungry politicians

Most recently, US President Joe Biden told the American public that “families carry less debt” and “their average savings have risen” since he became president. However, statistics from the US Bureau of Economic Analysis (BEA) show that US savings have plummeted to levels not seen since 2008. Biden’s speech also noted that his administration believes that since 2013, Americans “feel more comfortable financially.”

American television personality Tucker Carlson opinion after the first day of Yellen’s testimony on Tuesday that the US Treasury Secretary’s “reckless, loose monetary policy” caused inflation. The Fox News host said that Yellen’s monetary policy is typical of bureaucrats seeking more power.

“During the year, Yellen almost abandoned the traditional restrictions on monetary policy,” Carlson said. “Instead, she chatted publicly about things like racial equality and environmental justice. These are questions that, unlike economics, cannot be quantified or even concrete. Therefore, they are the ideal vehicle for power-hungry politicians hoping to become even more powerful.”

Yellen emphasized during her testimony that the White House is focused on curbing inflation to pre-pandemic levels, and that addressing inflationary pressures is “the administration’s top priority.” A Treasury Department spokesman echoed Yellen’s comments, noting that “the unprecedented strength of America’s recovery allows our country to address global issues such as inflation and Russia’s attack on Ukraine from a position of strength.”

What do you think of Janet Yellen’s comment Wednesday on her testimony before the House of Representatives Committee on Affairs and Means? Let us know what you think about it in the comments section below.

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