Janet Yellen's Inflation Revelation Shakes Bidenomics' Credibility: Is 'Transitory' Just A Mirage?

The President's approval ratings have taken a significant hit, particularly concerning his handling of the economy.

Initially, the Biden administration dismissed the severity of the inflation crisis, labeling it as "transitory." However, as the situation worsened, they shifted the blame away from the President's spending habits, pointing fingers at Russia and profit-driven corporations instead.

January 30, 2024

Despite these claims, the Federal Reserve and the Producer Price Index (PPI) have contradicted the administration's stance, asserting that inflation is far from transitory. Even media outlets like CNN have expressed skepticism over the administration's narrative on inflation.

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Recently, President Biden has been asserting that prices are decreasing and has been taking credit for this supposed improvement. However, the reality is that prices have increased significantly since he assumed office. During a recent speech in South Carolina, he once again blamed corporations for the inflation crisis.

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The President's claims about price reductions have been a recurring theme in his campaign events. However, the American public seems to be aware of the discrepancy between his words and their reality, as they continue to spend more on essentials like food each month.

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The President's narrative about his efforts to rectify the situation he allegedly caused seems to be falling on deaf ears. Many believe that he either fails to comprehend the issue or is deliberately spinning the narrative.

Adding to the administration's woes, Treasury Secretary Janet Yellen recently contradicted the President's claims during an interview with ABC. When asked how she would convince Americans that prices might not return to pre-pandemic levels, she stated, "Well, I think most Americans know that prices are not likely to fall. It's not the Fed's objective to try to push the level of prices back to where they were."

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This statement is particularly striking given the President's repeated assertions about decreasing prices. It raises questions about the administration's coherence and understanding of the economic situation.

The Federal Reserve's decision to raise interest rates has also been a point of contention. The lack of consistency in the administration's statements has led many to question whether they are in sync or even fully aware of the economic issues at hand.

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The Republican party could potentially use these inconsistencies to their advantage in the upcoming general election. By contrasting Secretary Yellen's statements with President Biden's, they could emphasize the administration's apparent lack of understanding and coordination.

The question remains: why would anyone vote for an administration that seems to be struggling to get anything right? The promise of 'transitory' inflation appears to have been broken, leading to a new term being coined: "BURDENomics."