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Who would’ve thought that printing money like a Monopoly factory would eventually bring the highest inflation in over 30 years in the U.S? The only people who believed that such inflation would only be transitory or that the worse part had already passed seemed to be in the Department of Treasury.
Now, Janet Yellen, Treasury Secretary, finally admitted her mistake. She told last year that inflation wasn’t likely—and now says she was dead wrong about it.
“As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t –at the time– didn’t fully understand, but we recognize that now,” Yellen said Tuesday.
Admitting a mistake is much welcome, especially coming from someone in the Biden administration. Biden said he would not blame anyone else for his mistakes, but that’s exactly what he’s been making all the way. But admitting the mistakes is not enough. The Biden administration must take immediate and effective action to deal with inflation—and blaming the war on Ukraine and corporate greed is not enough.
This article originally appeared on June 3, 2022, in the El American newsletter, subscribe for free here!
Edgar is political scientist and philosopher. He defends the Catholic intellectual tradition. Edgar writes about religion, ideology, culture, US politics, abortion, and the Supreme Court. Twitter: @edgarjbb_ // Edgar es politólogo y filósofo. Defiende la tradición intelectual católica. Edgar escribe sobre religión, ideología, cultura, política doméstica, aborto y la Corte Suprema. Twitter: @edgarjbb_