Joe Biden’s failed regime is on the ropes.
His own officials can’t even cover up the problems he’s caused.
And Joe Biden was blindsided when one of his top officials admitted this colossal blunder.
Joe Biden has been a catastrophe for the economy since he occupied the White House.
His first major bill after taking office was the $2 trillion boondoggle called the American Rescue Plan.
Even though the bill was supposed to be for pandemic relief, only 9% of the bill went towards it.
Instead, it became the biggest left-wing special giveaway in history, showering cash on Biden’s allies.
As a result of flooding the economy with trillions in debt-financed money, inflation began to skyrocket.
Now inflation is at 40-year highs with more on the way.
After unleashing the worst inflation in decades, Biden has used a never-ending parade of excuses for it.
At first, he tried to claim that it was only temporary.
But that lame excuse fell apart.
Then, they tried to blame corporate greed, before eventually settling on blaming it and every other problem the regime has on Vladimir Putin.
Now, in a stunning turn of events, Treasury Secretary Janet Yellin actually admitted what’s behind the devastating inflation in an interview with the Wall Street Journal.
“So, look, inflation is a matter of demand and supply, and the spending that was undertaken in the American Rescue Plan did feed demand,” Yellen stated.
This is a remarkable statement from a regime official admitting that the wasted trillions from the American Rescue Plan caused inflation.
Yellen and other Biden officials previously denied it had anything to do with inflation.
Now, in the face of reality, she’s waving the flag of surrender.
She went on to explain that the bill was needed to prevent worse economic damage.
“But I do think it was justified and appropriate at the time, given the risks the economy faced,” she stated.
“At the time that President Biden was inaugurated, we had an economy where forecasters were envisioning very high unemployment for a very long time,” she added.
“We had especially low-wage workers who had been laid off in massive numbers. We saw cars lined up for miles in food banks, Americans worried about not being able to feed their families, get enough to eat. Forecasts were really quite dire,” Yellen continued.
This is an absurd excuse by Yellen to try and justify their failures.
President Trump gift-wrapped Biden an economic recovery from the pandemic.
The American Rescue Plan was about ramming through a pork-filled monstrosity without any thought about the consequences.
Even Democrats attacked the bill for its potential to unleash inflation.
Former Bill Clinton Treasury Secretary and top Obama economic advisor Larry Summers criticized the bill from the start as being an unnecessary inflationary risk.
With soaring inflation not going away, this could be the beginning of a new pivot by the Biden regime to excuse away their failures.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.