Treasury Secretary Janet Yellen blames Americans wanting to 'splurge' after the ... trends now

Treasury Secretary Janet Yellen blames Americans wanting to 'splurge' after the ... trends now
Treasury Secretary Janet Yellen blames Americans wanting to 'splurge' after the ... trends now

Treasury Secretary Janet Yellen blames Americans wanting to 'splurge' after the ... trends now

First it was Putin, now it's spendthrift Americans who caused inflation: Treasury Secretary Janet Yellen claims 'splurging' after escaping COVID lockdown was behind the historic surge in prices Yellen made an appearance on the 'Late Show' with Stephen Colbert Host asked her about the causes of inflation She said during pandemic everyone stopped spending on services Instead 'they wanted to buy grills and office furniture' Biden on Thursday touted 'progress in tackling inflation' 

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Treasury Secretary Janet Yellen said a 'splurge' in spending by Americans shuttered inside their homes during the pandemic is what drove record inflation that followed.

She made the comment in an appearance on 'The Late Show with Stephen Colbert,' where she pointed to a rush to acquire consumer products amid a drop in normal spending habits on things like movies and concerts.

'So, normally you wouldn't expect just because you have a rapid recovery for inflation to rise very much, if at all,' she told the host, who asked her 'What happened, simply and clearly.'

The mere question drew a laugh, and Yellen called it 'a challenge' to answer.

Then she started describing the 'rapid recovery' from the pandemic when Biden took office.  

Treasury Sec. Janet Yellen pointed to consumer 'splurging' after the pandemic forced many Americans to stay in their homes as a chief driver of inflation

Treasury Sec. Janet Yellen pointed to consumer 'splurging' after the pandemic forced many Americans to stay in their homes as a chief driver of inflation

'But it turned out the pandemic had very special impacts on the economy,' Yellen said. 'Remember everybody stopped spending on services.'

'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,' Yellen continued. 

'We [were] suddenly working through technology. And bottlenecks started developing where supply

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