https://issuesinsights.com/2023/02/15/as-inflation-continues-to-roar-why-do-biden-powell-and-yellen-still-have-jobs/
Almost exactly two years ago today, the New York Times ran an article headlined: “Biden and Fed Leave 1970s Inflation Fears Behind.”
That story has not aged well. Neither have the troika of ideologues and imbeciles behind the rebirth of ‘70s-era inflation.
On Tuesday, the Bureau of Labor Statistics reported that prices climbed 0.5% in January, which is up from December’s 0.1% hike. Prices were up 6.4% over the year before, which is higher than economists had been predicting and comes amid warnings that inflationary pressures are building again.
This all comes one week after President Biden reassured the nation that “here at home, inflation is coming down.”
And it comes two years after the New York Times reported how Biden, Treasury Secretary Janet Yellen, and Federal Reserve Board Chairman Jerome Powell were all in agreement that spending $1.9 trillion to stimulate an economy that was already roaring back from the COVID lockdowns would not set off an inflationary spiral.
“Administration and Fed officials argue that workers not getting enough stimulus help is a larger concern than potential spikes in consumer prices,” the Times wrote on February 15, 2021.
The story quotes Yellen saying “I have spent many years studying inflation and worrying about inflation. But we face a huge economic challenge here and tremendous suffering in the country. We have got to address that. That’s the biggest risk.”
The Times notes that Powell gave a speech in which he pushed back on the idea that Biden’s spending splurge combined with easy money when the economy was roaring back from the COVID lockdowns would spark inflation.