Wexton’s Team Joe called inflation ‘transitory’, US has seen 13 straight months of soaring costs
The United States has experienced 13 straight months of high inflation since the Biden administration dismissed concerns about rising costs and said the contributing factors were “transitory.”
“We have in recent months seen some inflation, and we — at least on a year-over-year basis — will continue, I believe through the rest of the year, to see higher inflation rates, maybe around 3 percent,” Treasury Secretary Janet Yellen said about in inflation in early June 2021. “But I personally believe that this represents transitory factors.”
Roughly a month later, in July, President Biden suggested there was no reason to worry about inflation and explained that it would be “temporary.”
“We also know that as our economy has come roaring back, we’ve seen some price increases,” Biden said in a July 19th speech last year. “Some folks have raised worries that this could be a sign of persistent inflation. But that is not our view.”
Biden added, “Our experts believe, and the data shows, that most of the price increases we’ve seen are expected to be temporary.”
On Wednesday, roughly a year after Yellen, Biden and Federal Reserve Chairman Jerome Powell all downplayed the 5.4% inflation in the United States, inflation surged to 9.1%which has not been seen in four decades.