Treasury Secy. Yellen: U.S. Is Not Losing Control Of Inflation

Treasury Secretary Janet Yellen says she expects inflation levels to go back to normal in 2022.

Despite inflation growing at its fastest rate in 30 years, Yellen believes the U.S. government has it under control. During an interview on Sunday, the 75-year-old said she expects inflation levels to return to normal within the next year even if Democrats obtain their so-called Build Back Better Bill, spending trillions more.

“Well, the additional spending in the infrastructure package, and in the Build Back Better package, both of those are spending over ten years, not in a single year. The rescue package did involve substantial spending this year,” said Yellen.

She added how the rescue package helped decrease unemployment to 4.8 percent and blamed the decline in the size of the labor force on the pandemic. Although the price of fuel has only increased, she mentioned monthly rates of inflation have already fallen substantially and thinks the economy will bounce back no later than the end of 2022.