Janet Yellen tells truth on economy — then quickly reverses herself

DM

On one hand, Janet Yellen is a highly trained economist who understands the Joe Biden spending bonanza could be a recipe for economic disaster. But as Treasury Secretary, she is also the captain of the Biden economic team, downplaying inflationary fears and cheerleading the big-budget bills. The schizophrenic nature of Yellen’s role inside the White House played out earlier this week with a rare public dissention from official administration economic talking points. Wittingly or not, the Treasury Secretary signaled to the American public that Biden’s spending blitz of $2 trillion here, and another $5 trillion there, has the potential to backfire and send the economy back into recession. It began early Tuesday, when Yellen apparently forgot she was no longer President Obama’s Fed chair, with a shield of at least quasi independence. At a conference hosted by the Atlantic magazine she conceded something glaring obvious to someone who had just taken Econ 101, much less earning a PhD: “It may be that interest rates will have to rise somewhat to make sure that our economy doesn’t overheat…”

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