The Biden administration has totally wrecked the American consumer in the past few years.
Everything from fuel for your car to bread for your lunch has seen skyrocketing prices.
Now Janet Yellen is breaking the silence and telling America one decision she truly regrets.
Compounding inflation under Biden has the net effect of nearly 20% higher prices
When President Joe Biden took office, he inherited an 8-year-low for changes on the Consumer Price Index (CPI).
Inflation was sitting at just 1.4%, but under Biden, that number has shot up dramatically to 7%.
The increasing prices continued into 2022, and people saw prices climb again by 6.5%.
Then, in 2023, it jumped by another 3.4%.
Even while the rate of increase is beginning to slow, Americans are afraid that they will never see the prices back at pre-pandemic levels.
Consumer prices have been climbing every year since 1954, and the effects compound.
So even though the current regime can now claim that inflation is coming down, the prices are still nearly 18 percent higher on average than they were in 2020.
This is having a dramatic impact on consumer confidence.
Nearly 100% of people view inflation as a problem for the American economy
According to the Consumer Confidence Index, American sentiment about the current economic situation hit a decades-long high under Trump, but is dwindling under Biden.
The number under Trump hit 140 in early 2019, then fell below 100 under Biden.
In 2023, Pew Research found that the number one problem that our country faces is inflation.
The survey covered topics like the quality of public education, climate change, affordability of healthcare, and illegal immigration.
But the number one problem for most people was inflation.
Some 70% of respondents in the survey said that they considered the increase in consumer prices to be a “very big problem.”
An additional 23% said that it was a “moderately big problem”, and 6% said it was a “small problem.”
That leaves just 1% or fewer that don’t consider it a problem as well.
Now, Biden Treasury Secretary Janet Yellen is admitting this big regret from her time in office.
Yellen says “I regret saying it was transitory”
In a recent Fox News interview, Yellen finally admitted that she made a mistake in 2021 when she and the rest of the Biden regime – not to mention every Democrat and their media allies – claimed that the skyrocketing inflation Americans are experiencing under Biden was “transitory.”
“I regret saying it was transitory,” Yellen admitted.
Yellen recognized that even though prices are starting to stabilize, it is taking longer than she expected, and it’s especially taking longer than most Americans wanted to see.
“It has come down, but I think transitory means a few weeks or months to most people,” she added.
Yellen has previously attributed her miss to the inability to predict the spread of new COVID variants and the conflict in Ukraine.
Biden’s Treasury Secretary made the comments in a 2022 Congressional hearing in which she discussed her prior assessment.
No matter what the root cause is, Americans are fed up with inflation and most people blame the current administration.
US Political Daily will keep you updated on any developments to this ongoing story.
