For America’s over-confident political class, it can be very difficult to find time to whip up some humble pie, let alone invite the world to watch you eat it.
Yet there are occasions when things are truly so disjointed and wrong that our elected officials and their cronies have to tuck their tails and admit wrongdoing.
This is one of those times.
US Treasury Secretary Janet Yellen admitted Tuesday that she had failed to anticipate how long high inflation would continue to plague American consumers as the Biden administration works to contain a mounting political liability.
“I think I was wrong then about the path that inflation would take,” Yellen told CNN’s Wolf Blitzer on “The Situation Room” when asked about her comments from 2021 that inflation posed only a “small risk.”
The admission was the latest indication that the administration’s expectations of a normalizing economy were thrown into disarray by the continuing pandemic and the war in Europe.
And…
“As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t — at the time — didn’t fully understand, but we recognize that now,” she said.
The revelation certainly won’t be of much help to the Biden administration, which has been struggling to maintain their historically-low approval ratings ahead of the 2022 midterm election; a contest that is already believed to be leaning in favor of the GOP.
