Treasury Secretary Janet Yellen is blaming the rapid inflation seen in the U.S. economy solely on the COVID-19 pandemic. During an interview Sunday, the 75-year-old said if the country wants to see inflation go down it will all depend on how Joe Biden and his administration continues to deal with the pandemic.
Yellen emphasized Biden’s top priority in office was getting Americans vaccinated and back to work. The secretary then claimed unemployment is down 10 percent since March, yet inflation levels only continue to rise.
“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,” she stated. “And also, labor supply has been impacted by the pandemic. Labor force participation is down; it hasn’t recovered.”
