Yellen Denies Grocery Price Woes as Biden Policies Inflate Costs

Treasury Secretary Janet Yellen must be living under a rock—or maybe she’s just gotten really good at pretending. When Yahoo Finance’s Jennifer Schonberger asked if she experiences the same grocery store sticker shock plaguing Americans under President Joe Biden, Yellen responded with an emphatic “no.” Yeah, right. One doesn’t need an economics degree to see that grocery prices have skyrocketed by more than 20% since Biden took office.

Yellen then tried to dismiss the inflation issue by saying that price increases reflect higher costs encountered by grocery firms, including labor costs and possibly increased margins. Allow that to marinate for a second. Yellen essentially says Americans should accept skyrocketing prices because grocery stores are just passing down their costs, like the good little businesses they are. Let’s not forget, though—those costs include surging energy prices brought on by Biden’s restrictive policies on fossil fuels. One would think Yellen, as Treasury Secretary, might comprehend basic supply chain economics, but apparently not.

Crucially, it isn’t just energy policies that are blamed here. The Biden administration has pumped up federal spending like there’s no tomorrow, causing significant inflationary pressure. The Congressional Budget Office now forecasts a nearly $2 trillion deficit for 2024, which is a $400 billion jump from earlier this year. Yellen seems to think the solution lies in blaming Trump’s Tax Cuts and Jobs Act of 2017. Talk about passing the buck. What she conveniently ignores is Biden himself acknowledging a year ago that the U.S. was experiencing the best economic growth in decades, resulting in a substantial boost to government revenues.

In fiscal year 2022, the federal government raked in an unprecedented $4.9 trillion, which was over 19% of the Gross Domestic Product. Even in a slower economy amidst rampant inflation in 2023, revenues still amounted to $4.44 trillion, nearly 17% of GDP—a historic norm. These figures demolish Yellen’s argument against the tax cuts. Instead of a revenue problem, we have a spending addiction, courtesy of the Biden administration.

It’s not rocket science: revenue is healthy, but spending is uncontrollable. Federal expenditures reached a whopping $6.1 trillion in 2023, not far off from the emergency spending seen in 2020 during the pandemic's peak. When comparing this to pre-pandemic spending of $4.4 trillion in fiscal 2019, it becomes clear that Biden and his cohorts treat the federal budget like their personal slush fund.

So, while Yellen tries to convince Americans that everything is fine in her grocery aisle, everyone outside her Washington bubble knows better. Just take a spin around your local supermarket and try not to have a heart attack at the checkout. The Biden administration may continue to play the blame game, but the numbers and day-to-day realities for American families tell a very different story. The fiscal irresponsibility and runaway deficit spending aren’t theoretical problems; they’re coming straight out of Americans’ wallets every time they buy a loaf of bread or a gallon of milk.

Written by Staff Reports

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