After months of defense rhetoric on rising inflation, the White House is now candidly acknowledging the worsening economic issue that has cursed Biden's presidency.
"It's important to realize that the cause of this inflation is the pandemic," Yellen said onSunday."The pandemic has been calling the shots for the economy and for inflation. And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do."
"It really depends on the pandemic," she said."When the economy recovers enough from COVID, the demand patterns, people go back to eating out, traveling more, spending more on services, and the demand for products, for goods begins to go back to normal." U.S. Treasury Secretary Janet Yellen speaks to COP26 delegates following a keynote speech by British Chancellor of the Exchequer, Rishi Sunak, at SECC on November 03, 2021 in Glasgow, Scotland.Yellen acknowledged that the country has been seeing"some big increases in prices" due to a"dramatic increase in demand for products."
After months of defense rhetoric on rising inflation, the White House has shifted its messaging, candidly acknowledging the worsening economic issue that has cursed Biden's presidency.
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