Biden Admin Blames Americans’ “Splurging on Goods” for Current 40-Year High Inflation; President Recently Quoted Saying Economy “Strong As Hell”

The Late Show with Stephen Colbert
Secretary of the Treasury Janet Yellen visited The Late Show to talk with Stephen about the pandemic’s effect on the economy and whether or not the U.S. is in a recession. Image credit: The Late Show with Stephen Colbert,

WASHINGTON, D.C. – While appearing on “The Late Show with Stephen Colbert” Wednesday night, a representative of the Biden Administration – Treasury Secretary Janet Yellen – blamed hard-working American families for the current 40-year high inflation that is squeezing them dry, essentially saying that they brough it on themselves by “splurging” on goods during the COVID-19 pandemic. 

At one point during the interview, Colbert asked Yellen to explain the surging prices for goods and services that U.S. residents have been forced to contend with, pointing out that just two years prior “everything seemed fine” and that the Biden Admin in 2021 had claimed that the risk of imminent inflation was “small.” 

Yellen responded, saying that the Biden Admin’s policies caused a “rapid recovery from the pandemic” and accusing the “reckless” spending habits of Americans “splurging” while under lockdown as being the main reason they are being forced to contend with skyrocketing inflation today. 

“It turned out the pandemic had very special impacts on the economy. Remember, everybody stopped spending on services,” she said. “They were in their homes for a year or more, they wanted to buy grills and office furniture, they were working from home, they suddenly started splurging on goods, buying technology, leading to supply chain bottlenecks.” 

Yellen would also go on to assign blame to Russia for the United States’ current economic woes, but failed to mention the multi-trillion-dollar spending bills passed by the Biden Admin, such as the American Rescue Plan. 

Meanwhile, in October inflation remains at levels not seen since 1982 and the Consumer Price Index increased 0.4 percent month-over-month; despite this, President Joe Biden was quoted by reporters last month that the U.S. economy was currently “strong as hell,” despite a new poll showing that 78 percent of Americans say the economy is “poor.” 

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