President Joe Biden’s treasury secretary just admitted that her notorious “transitory inflation” gaslighting was wildly out of touch with reality.
During the March 13 edition of Varney and Co. on Fox Business, Secretary Yellen conceded that she regretted repeatedly insisting that the inflation crisis that’s still ravaging the country was “transitory” in 2021. Yellen told Fox Business reporter Edward Lawrence, “I regret saying [inflation] was transitory. It has come down, but I think transitory means a few weeks or months to most people.” As the old saying goes: Too little, too late.
Americans have been forced to endure an average monthly inflation rate of 5.6 percent between Feb. 2021 and Feb. 2024 under Biden. By contrast, the average monthly inflation rate under President Donald Trump was only 1.9 percent between Feb. 2017 and Jan. 2021.
Three years is a long time to bear up under crippling inflation. Members of the leftist media who have incessantly pounded the “transitory” drum like The New York Times columnist Paul Krugman also have some explaining to do.
In 2021, Krugman repeatedly defended the idea that early Biden Administration inflation was “transitory” until Yellen herself began to backtrack. On May 6th, 2021, Krugman asked his followers who doubt that inflation is transitory whether they think they’re smarter than Secretary Yellen and Federal Reserve Chair Jerome Powell. In a post on X, Krugman whined that he was “getting mail from financial types asserting that the concept of transitory inflation makes no sense, and must be stupid and/or corrupt.” Earth to Krugman: It still makes no sense.
The unrepentant and shameless NYT Columnist continued to push this point throughout 2023. In a Dec. 2023 article with the deeply ironic headline “Beware Economists Who Won’t Admit They Were Wrong,” Krugman not only pats himself on the back for getting inflation wrong but also turns the propaganda up to 11. “Economists who argued that the inflation surge of 2021-22 was transitory, driven by disruptions caused by the Covid pandemic and Russia’s invasion of Ukraine, appear to have been right,” Krugman said, before going all in on saving face, “But those disruptions were bigger and longer lasting than almost anyone realized, so 'transitory' ended up meaning years rather than months.”
Earlier in 2023, the clueless writer, who once won a Nobel Prize in economics, even claimed credit for creating the contradictory term “Long Transitory.” Hopefully, Krugman takes a hint from Secretary Yellen’s recent concession. Americans consider years of high inflation neither transitory nor acceptable.
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