UPDATED 8:35 AM PT – Friday, April 29, 2022
Treasury Secretary Janet Yellen is defending Joe Biden’s spending packages despite the record-setting inflation and a slump in first quarter GDP. While speaking at the Brookings Institution on Thursday, she said the US is facing major economic problems in the near future.
Yellen then pointed to skyrocketing costs of fuel, supply chain disruptions and low labor productivity as main reasons for concern. The US economy contracted by 1.4 percent in the first three months of this year, while inflation hit a 42-year high.
“In recent weeks, energy price movements have been another significant source of global economic shocks,” stated the Treasury Secretary. “The Biden administration’s proposed energy agenda is designed to diminish our reliance on fossil fuels and help achieve greater energy independence.
In today’s @BrookingsEcon event on policy responses to COVID, @SecYellen spoke on the #AmericanRescuePlan’s role in driving rapid recovery that has allowed our economy to face unknown risks—from Delta & Omicron to Putin’s unprovoked attack on Ukraine—from a position of strength. pic.twitter.com/wWMmME6Ty2
— Treasury Department (@USTreasury) April 28, 2022
Republican lawmakers have said Biden undermined US energy independence by restricting oil pipelines and drilling in the US and making America reliant on the imports from overseas.
Our GDP decreased at an annual rate of 1.4% in the first quarter of this year.
This is the weakest showing since the pandemic recovery began nearly two years ago.
Yet Biden and House Democrats are STILL doubling down on their failed Socialist agenda.
— House Republicans (@HouseGOP) April 29, 2022