Inflation will linger near decade highs until the second half of 2022, Janet Yellen says

https://www.businessinsider.com/pri...stay-high-next-year-janet-yellen-2021-10?op=1

HYPERLINK has full article

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The near-term outlook isn't promising. The world's energy market remains a mess, and global supply chains are far from fully healed. The decade-high price growth will eventually slow down, but Americans will have to wait until the second half of 2022 to see a major change, Yellen told Cooper.

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At least she stated something on CNN so Democrat voters will hear about inflation.

Since she uses the end of 2022, does she expect Democrats to lose congress so adults can come in and stop the insane Democrat energy policies?

Democrat votes have consequences; always costs the common folk more money

 

It's no coincidence that she held the same position under Obama when inflation was also sky high...

 

Yea, except that.......it wasn't high. In 4 out of the 8 years it was actually in negative territory

 

When Obama took office, inflation was sky high, a recession, sky high oil and gas prices, housing market crash, bank bailout, etc... Just like we are experiencing with Biden. Except Biden has him beat with the uncontrolled border and port issues...

 

Dodd/Frank and ACA put a lot of small businesses out of business. All during full Democrat control

Another example where Democrat votes have consequences; never good for the working folk

 

Inflation was around zero when he took office, and did not become an issue at any time during his presidency. It was nearly 4% during "W" last year in office, but the economic crash "fixed" it. Recession was still on, and housing was a disaster - that is correct. Oil and gas prices were low, because recession has decimated the global prices. Gas was was $4.00 six months before he took office, but it was $2.90 by the time he started. Unemployment declined from 9.9% in end of 2009 to 4.5% in 2016 and stock market tripled.

True about the border, because no one comes even close to Biden's deportation numbers, but he has Title-42 on his side, which Obama did not, and Trump didn't have it until the last year.

 

I don't know what country you were living in at the time, but oil hit $110 a barrel under Obama....

 

Well the only way that will happen by the end of 2022 is if there is a recession and or the democrats start taxing the hell out of the consuming class so they have less money to spend.

 

I guess all those Progressive Democrats were wrong when they said printing trillions of more dollars wouldn't cause inflation?

Are people in denial or do they seriously believe that? Maybe they're just pretending to believe it, or trying to convince themselves of something, when somewhere deep down they do know it probably isn't true?

I suspect it will be the usual line of defense. First they say it won't do something, absolutely flat out denying it, and then a little later when it becomes obvious it is happening, they say "So what?" and it becomes obvious they don't care.

 

Let's see how much 'ole Sleepy Joe can increase the national debt during his four years. Obama is in the top five national debt increases of any President ever. I bet Joe joins that exclusive club...

 

According to @Mircea the reason for this inflation is that Demand has risen to pre-COVID-19 levels while the Supply has not increased. So, prices rise.

IMO, as well, that neither Biden nor Yellen can do anything to stop the inflation. In fact, they should probably get out of the way and let the economy fix itself. Sort of a supply-side bit of wisdom there.

 

Biden inherited a bad economy just like Obama did. And typically, the government spends to get out of a recession. However, if Biden gets saddled with a Republican Congress the way Obama did, then the government will cut spending through negotiations. We might even see a little of that across-the-board austerity return. I've heard that austerity doesn't work. Well, we might get to try that again. It's not like doing the same thing over and expecting a different result is an insanity.

 

I lived in the US, and gas price was $2.90 when he took office (down from $4.00) six months prior. It went down due to the recession. Presidents don't control oil production. If they did, Obama would be credited for the oil boom in US, which started few years into his presidency and continues to accelerate till his last day, and Trump would be blames for the collapse last year.

What are you trying to argue?

US Oil production by year

He is right. This was predicted and expected and reported over year ago, and it happened just as predicted.

No one increased it faster than Donald Trump, and its not even close.

 

It wouldn't matter if they did.

Q: Do you fill up your gas tank with oil?
A: No, you fill it up with a refined oil product known as Octane.

Your refining capacity is permanently fixed, unless someone starts building new oil refineries, increasing oil production ultimately leads to oil sitting around waiting to be refined.

You could always import gasoline.

In fact, you export more gasoline than you import. Why are you exporting gasoline?

Because a lot of foreign States don't have an EPA Tier III limiting Sulfur content to 10 ppm.

 

Does this mean that even Janet recognizes the stupidity of the democratic party in congress and is willing to choke consumers until they vote democrats out of office?

 

Obama thought that deflation was the key to his ability to induce folks to pay more in taxes because instead of wealth creation, he wanted more government dependency.

 

But but but, it's all Orange man's fault.

 

Democratic Climate Change policies force oil prices higher while green energy is expensive to begin with.

 

This means that Democrats are spending so much money that even Janet can't stop inflation from appearing.

Unlike what many people seem to think, the Federal Reserve doesn't have a magic wand that can wave away basic economics.

 

you are correct however they are Democrat policies.

It's amazing how much more fuel is almost 1 year post election

 

I'm not against going greener as long as it doesn't cost jobs, force companies out of business, lead to higher energy prices, or cost boatloads of money.

 

so basically what you are saying is that you have come to the conclusion that as of right now, going green is harmful to the economy and the folks

 

I really am open to many things as far as going green but am against it costing jobs, forcing companies out of business, higher energy costs for everyone, and throwing billions and trillions of dollars away while the worst countries don't do enough, causing the climate to get worse anyway. If the left can pass these smell tests, I'll listen. And, I am actually extremely concerned that so called civilized countries make their own lives much more difficult fighting Climate Change, allowing China, Russia and their allies to take economic and military advantage of us while we make all of those sacrifices. That is a very real possibility.

 

thanks Trump, this is what happens when you threaten foreign countries to reduce oil supply

how does everyone like Trump's higher prices at the pump, the US oil companies love it

 

Trump spent more in 4 years than any other President did in US history, and the right wants to complain about Biden's spending?