Treasury Secretary Admits Democrats Spending Fueled Inflation

Posted on May 4, 2022
Treasury Secretary Admits Democrats Spending Fueled Inflation

WASHINGTON, DC - APRIL 21: U.S. Treasury Secretary Janet Yellen talks to reporters during a news conference in the Cash Room at the Treasury Department on April 21, 2022 in Washington, DC. Yellen held the conference on the sidelines of the annual International Monetary Fund-World Bank Group spring meetings after the bank announced that it expects the global economy to grow at a rate of 3.2 percent in 2022, down from its previous estimate of 4.1 percent, due in part to the Russian invasion of Ukraine. (Photo by Chip Somodevilla/Getty Images)

Janet Yellen: “So look, inflation is matter of demand and supply, and this spending that was undertaken in the American Rescue Plan did feed demand, but I do think it was justified and appropriate at the time, given the risks that the economy faced.”

Image used with permission of Getty Images / Chip Somodevilla