Treasury Secretary Janet Yellen said Tuesday the level of inflation in the country is unacceptable and proposed measures regarding the energy and drug markets to complement the actions of the Federal Reserve (Fed).
Yellen participated in a Senate Finance Committee hearing that was supposed to deal with budgetary issues, but in which the majority of senators —especially those from the Republican Party— repeatedly brought up high inflation.
Yellen linked the high prices that Americans are paying — especially for such common consumer products as gasoline and food — to the Russian invasion of Ukraine, a strategy the White House has tried to anchor in public opinion for months.
To this end, the U.S. government regularly refers to inflation as “Putin’s price hike,” although prices had been rising for several months before the war broke out in Ukraine.
Yellen suggested redoubling the bet on clean energies, a proposal that several experts claim will have no influence in stopping inflation.
Inflation stood at 8.3% in April, the highest figure in 40 years, and the May figure will be known this Friday.
Last week, Yellen acknowledged in a CNN interview that she was wrong about the evolution of inflation in the United States.
The widespread perception that Democrats are not managing the price spike and the economy in general well threatens to take its toll in the November legislative elections, in which control of the Senate and the House of Representatives is at stake.