Treasury Secretary Yellen says inflation will last a YEAR because of Putin

[j brown's body]

"Janet Yellen predicted that inflation could last 'another year' despite the White House's repeated insistence it's only temporary and the treasury secretary blamed uncertainty with Russia's invasion of the Ukraine as the reason.

'There's a lot of uncertainties as it is related to what's going on with Russia and Ukraine,' she told CNBC's 'Closing Bell' on Thursday. 'And I do think that it's it. It's exacerbating inflation.'

'We're likely to see another year in which 12 month inflation numbers remain very uncomfortably high,' she said."

Link

Thanks, Putin.

 

[Chillfolks]

Any excuse is a good one if you can convince enough people to believe it

 

[lemmiwinx]

Blame it on Putin. Blame it on Covid. Blame it on Big Oil and Big Pharma. The previous King of Inflation was Democrat president Jimmy Carter in the 70s. Meet the new King Joe Biden who wanted to spend another 2 trillion dollars on 'infrastructure' but Manchin and Sinema shut him down.

 

[Common Sense 1]

Blame it on Putin. Blame it on Covid. Blame it on Big Oil and Big Pharma. The previous King of Inflation was Democrat president Jimmy Carter in the 70s. Meet the new King Joe Biden who wanted to spend another 2 trillion dollars on 'infrastructure' but Manchin and Sinema shut him down.

Great list but you forgot the devil himself..... Blame TRUMP!
Glad to help complete the list.

 

[Common Sense 1]

Not looking good folks! Inflation at a 40 years high.

 

[Sled Dog]

So the year before and the two years after belong to Brandon?

And what am I doing now? Stockpiling the hardwood today for the floor I will put in next year. Getting my AC replaced this year rather than next. Buying construction materials for other projects now, for use later.

And shopping for my retirement home now, not later. I'll rent it out.

 

[Taylor]

"Because of Putin" - lol!

 

[Roadvirus]

The RNC is calling her up, thanking her for giving them a boost for the midterms.

 

[lwf]

Blame it on Putin. Blame it on Covid. Blame it on Big Oil and Big Pharma. The previous King of Inflation was Democrat president Jimmy Carter in the 70s. Meet the new King Joe Biden who wanted to spend another 2 trillion dollars on 'infrastructure' but Manchin and Sinema shut him down.

Why did you skip Reagan? He had much higher inflation when he got reelected than Biden does.

 

[lemmiwinx]

Why did you skip Reagan? He had much higher inflation when he got reelected than Biden does.

Reagan reversed the horrible inflation he inherited from the Carter administration by reducing the growth of government spending, reducing federal income tax and capital gains tax, and reducing government regulations.

 

[reflechissez]

Reagan reversed the horrible inflation he inherited from the Carter administration by reducing the growth of government spending, reducing federal income tax and capital gains tax, and reducing government regulations.

It was Paul Volcker. Do you know who he is? Are you aware that Reagan lowered and then raised taxes? Can you show a source for "reducing the growth of government spending" and "reducing government regulations?" Thanks in advance.

 

[lwf]

Reagan reversed the horrible inflation he inherited from the Carter administration by reducing the growth of government spending, reducing federal income tax and capital gains tax, and reducing government regulations.

By that logic, one could argue Biden has inherited Trump's economic recession. In that circumstance, inflation is all but assured. In terms of the historical "kings of inflation," you also skipped Richard Nixon, who had a much higher inflation rate than Biden does and handed it directly to Carter, who actually reduced it early in his term. And George H.W. Bush who, combined with Reagan's second term, saw an increase in inflation to a rate higher than our current inflation rate.

Obviously, inflation is not tied to any one political party, and the inflation rate in the US right now is nowhere near what it has been repeatedly in the past under both Democrats and Republicans. And inflation is a direct result of climbing out of a recession, and it is Republican presidents who historically precede recessions and Democrats who historically clean them up.

But because there isn't much else to complain about now that the economy is bouncing back from the pandemic recession, Republicans take an expected and historically moderate inflation rate and pretend it's "shocking and outrageous."

 

[lemmiwinx]

By that logic, one could argue Biden has inherited Trump's economic recession. In that circumstance, inflation is all but assured. In terms of the historical "kings of inflation," you also skipped Richard Nixon, who had a much higher inflation rate than Biden does and handed it directly to Carter, who actually reduced it early in his term. And George H.W. Bush who, combined with Reagan's second term, saw an increase in inflation to a rate higher than our current inflation rate.

Obviously, inflation is not tied to any one political party, and the inflation rate in the US right now is nowhere near what it has been repeatedly in the past under both Democrats and Republicans. And inflation is a direct result of climbing out of a recession, and it is Republican presidents who historically precede recessions and Democrats who historically clean them up.

But because there isn't much else to complain about now that the economy is bouncing back from the pandemic recession, Republicans take an expected and historically moderate inflation rate and pretend it's "shocking and outrageous."

Biden inherited total US energy independence from Trump. Now look where we are with $4 to $5 a gallon gas and begging Iran and Venezuela to sell us oil.

 

[Airyaman]

The war in Ukraine will increase inflation, no doubt about it. Will it be a year? Who knows, she is simply making a prediction. Predictions fail all the time, and sometimes they come to realization. But right now, gas and oil IS up more than it was before because of the war in Ukraine.

 

[lwf]

Biden inherited total US energy independence from Trump. Now look where we are with $4 to $5 a gallon gas and begging Iran and Venezuela to sell us oil.

The US is still energy independent, and Biden has done more to shore up American production of oil than Trump did by granting more US drilling permits at this point in his presidency.

 

[Bob_Bennet]

Yellen is a liar.
The Democrats and Senile Biden OWN Bidenflation.
They caused it, they own it, and as usual they are trying to shift the blame from their own stupidity and incompetence.

 

[Bob_Bennet]

Biggest cause of inflation = astounding democrat stupidity

Is Pelosi stupid? I think she must be. She does not impress me as one who is deliberately lying but one who is genuinely ignorant of what makes good economies work. And she is not the only democrat who demonstrates astounding stupidity when it comes to matters of government spending.


Pelosi claims government spending is ‘reducing the national debt,’ not causing inflation

Pelosi claims government spending is ‘reducing the national debt,’ not causing inflation

House Speaker Nancy Pelosi, D-Calif., argued Friday that increased government spending is "doing the exact reverse" of contributing to inflation.

news.yahoo.com

House Speaker Nancy Pelosi, D-Calif., argued Friday that global inflation "starts with [Russian President Vladimir] Putin," but that increased U.S. government spending on domestic social programs would help decrease the national debt and bring down inflation at home.

During the 2022 House Democratic Issues Conference, Pelosi referred to record gas prices in the U.S. as "Putin’s tax" and "Putin’s gas hike." She said passing components of President Biden’s multi-trillion-dollar social policy bill, called the Build Back Better Act, which is all but dead due to moderates' opposition, would make new investments in education and workforce development in a way that would eventually bring prices down.

 

[Taylor]

Why did you skip Reagan? He had much higher inflation when he got reelected than Biden does.

Lol - no he didn't.

 

[lemmiwinx]

The US is still energy independent, and Biden has done more to shore up American production of oil than Trump did by granting more US drilling permits at this point in his presidency.

Biden only recently caved in to pressure from Congress to quit buying Russian oil. The US is in talks with Venezuela and Iran to purchase oil. You call that energy independent? There's more oil in the shale deposits in the US (which were producing before you know who became president) than the entire oil fields of Saudi Arabia

 

[lwf]

Biden only recently caved in to pressure from Congress to quit buying Russian oil. The US is in talks with Venezuela and Iran to purchase oil. You call that energy independent? There's more oil in the shale deposits in the US (which were producing before you know who became president) than the entire oil fields of Saudi Arabia

That’s what makes the US energy independent. There are more drilling rights out there for more oil fields than there are drills, and Biden is approving more every day. He has surpassed Trump’s numbers at this point in his presidency.

The problem has nothing to do with the Biden administration. (Or the Trump administration for that matter.) The problem is the oil industry refusing to produce in order to drive up the demand and therefore drive up profits. The oil industry’s cynical ploy to reap record profits from the war in Europe by sitting on their drilling rights and not using them is what is driving us to have to find alternative sources.

This is yet another reason why the US needs to shake its dependence on fossil fuels and pursue green energy. The oil industry is going to run itself right out of business with these tactics.

 

[lemmiwinx]

That’s what makes the US energy independent. There are more drilling rights out there for more oil fields than there are drills, and Biden is approving more every day. He has surpassed Trump’s numbers at this point in his presidency.

The problem has nothing to do with the Biden administration. (Or the Trump administration for that matter.) The problem is the oil industry refusing to produce in order to drive up the demand and therefore drive up profits. The oil industry’s cynical ploy to reap record profits from the war in Europe by sitting on their drilling rights and not using them is what is driving us to have to find alternative sources.

This is yet another reason why the US needs to shake its dependence on fossil fuels and pursue green energy. The oil industry is going to run itself right out of business with these tactics.

You're another oil companies are not drilling to keep oil prices high advocate are you? That's like saying electric car companies aren't producing more electric cars to keep prices high. You see how silly that sounds?

 

[lwf]

You're another oil companies are not drilling to keep oil prices high advocate are you? That's like saying electric car companies aren't producing more electric cars to keep prices high. You see how silly that sounds?

It's called basic economics. When you have a large share of the market for something in high demand, deliberately and artificially keeping supply low drives up prices and therefore maximizes profits. Never heard of De Beers?

The only incentive for electric car companies not to do this is fair competition. If the other guy is selling for less, then he can get all your customers, so you better match his prices. But if they all got together and agreed to reduce output as a whole, they would all increase their profits without losing customers. This is called price fixing.

The US oil industry is sitting on a mountain of drilling permits and letting them expire. Why do you think this is?

 

[lemmiwinx]

It's called basic economics. When you have a large share of the market for something in high demand, deliberately and artificially keeping supply low drives up prices and therefore maximizes profits. Never heard of De Beers?

The oil industry is sitting on a mountain of drilling permits and letting them expire. Why do you think this is?

Jeeze Louise, that makes as much sense as Amazon.com sabotaging the package delivery industry to make their packages that do get delivered more valuable. I'm absolutely gobsmacked.

 

[The Mark]

"Janet Yellen predicted that inflation could last 'another year' despite the White House's repeated insistence it's only temporary and the treasury secretary blamed uncertainty with Russia's invasion of the Ukraine as the reason.

'There's a lot of uncertainties as it is related to what's going on with Russia and Ukraine,' she told CNBC's 'Closing Bell' on Thursday. 'And I do think that it's it. It's exacerbating inflation.'

'We're likely to see another year in which 12 month inflation numbers remain very uncomfortably high,' she said."

Link

Thanks, Putin.

So far as I knew we have had at least some inflation almost constantly for the past 100 years at least.

 

[Taylor]

The US oil industry is sitting on a mountain of drilling permits and letting them expire. Why do you think this is?

For the same reason the avocado industry hasn't exploded in South Dakota - it costs too much to make the investment worthwhile.