CBS Presses Secretary Yellen to Fix Inflation Before the 2022 Midterms


The rich liberal elites of CBS News made it clear that their concerns about inflation didn’t have to do with the painful cost it was inflicting upon average Americans, but that it could cost Democrats the midterm elections in 2022. This fact was evident during Sunday’s Face the Nation when moderator Margaret Brennan pressed Treasury Secretary Janet Yellen to get inflation under control and specifically mentioned the elections next year and the potential “political cost to this.”

It was clear that election results were Brennan’s chief concern from the get-go. It was the first thing highlighted when she cut to the video of their interview, which was filmed on Friday:

BRENNAN: You have said that inflation is likely to be with us until the second half of next year. Are you confident that prices for the average American will be down by the time we head into next November and Election Day?

YELLEN: The pandemic has been calling the shots for the economy and for inflation. And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do. I think it’s important to realize that the cause of this inflation is the pandemic.

After noting that used car prices were up 26 percent and “gasoline up 50 percent, eggs 12 percent, milk six percent, coffee six percent,” Brennan wondered: “When does it get better? When do those spikes abate,” and followed up by reminding Yellen “there could be a political cost to this.”

 

 

Yellen initially agreed there could be a political cost but caught herself, shifting concern to the public. “Yes. Well, there’s an economic cost, and Americans feel it, and when gas rises – average is now over three dollars-a-gallon, and some places quite a bit higher – Americans notice it, and it makes a difference,” she said.

Good save, Janet.

And in an attempt to protect the Biden administration, Brennan tried to divert blame to former President Trump and the tariffs on China. “China’s leaders have repeatedly asked for the Trump-era tariffs to be lifted. If the Biden administration did that, would it make things cheaper,” she asked.

The media and the left never let a crisis go to waste, so Brennan used the opportunity to play up President Biden’s loose immigration policies and the so-called, Build Back Better agenda:

BRENNAN: Are we at a place where we need to increase immigration in order to meet this challenge?

YELLEN: Well, you know, there are a lot of issues involved in immigration, but I believe that is one reason that we do face supply shortages– shortages of certain kinds of workers.

BRENNAN: What does the economic recovery look like without paid leave?

At least the concern about losing the midterms was predicated on average Americans feeling the hurt and pushing back. That’s a bit better than NBC’s Stephanie Ruhle who earlier that day suggested the “dirty little secret” was that the public could afford to live with inflation.

This show of concern for election results over the welfare of the American people was made possible because of lucrative sponsorships from Google and Facebook. Their contact information is linked so you can tell them about the biased news they fund.

The transcript is below, click “expand” to read:

CBS’s Face the Nation
November 14, 2021
10:35:26 a.m. Eastern

MARGARET: BRENNAN: On Friday, we went to the Treasury Department here in Washington and sat down with Secretary Janet Yellen. She told us, unsurprisingly, that our economic stability depends on the pandemic.

[Cuts to video]

You have said that inflation is likely to be with us until the second half of next year. Are you confident that prices for the average American will be down by the time we head into next November and Election Day?

JANET YELLEN: The pandemic has been calling the shots for the economy and for inflation. And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do. I think it’s important to realize that the cause of this inflation is the pandemic.

(…)

10:37:22 a.m. Eastern

But with supply disruptions, and this huge shift in– in demand toward products, we are seeing some broad-based price increases. We have shortages of semiconductors that’s really caused new and used car prices to rise, car production.

BRENNAN: 26 percent year over year for used cars.

YELLEN: Yes.

BRENNAN: Gasoline up 50 percent, eggs 12 percent, milk six percent, coffee six percent.

YELLEN: We are seeing some big increases in prices.

BRENNAN: When does it get better? When do those spikes abate?

YELLEN: When the economy recovers enough from COVID that demand patterns– people go back to eating out, traveling more, spending more on services, and the demand for products, for goods begins to go back to normal.

And, also, labor supply has been impacted by the pandemic. Labor force participation is down. It hasn’t recovered. And I would expect that if we’re successful with the pandemic, to be some time in the second half of next year, I would expect prices to go back to normal.

BRENNAN: Because there could be a political cost to this.

YELLEN: Yes. Well, there’s an economic cost, and Americans feel it, and when gas rises – average is now over three dollars-a-gallon, and some places quite a bit higher – Americans notice it, and it makes a difference. But I just think it’s important to put inflation in context of an economy that is improving a lot from what we had right after the pandemic and is making progress.

BRENNAN: China’s leaders have repeatedly asked for the Trump-era tariffs to be lifted. If the Biden administration did that, would it make things cheaper?

YELLEN: It would make some difference. Tariffs do tend to raise domestic prices. We put those tariffs in place, President Trump in his administration did, as a retaliation for unfair trade practices.

(…)

10:42:41 a.m. Eastern

BRENNAN: Are we at a place where we need to increase immigration in order to meet this challenge?

YELLEN: Well, you know, there are a lot of issues involved in immigration, but I believe that is one reason that we do face supply shortages– shortages of certain kinds of workers.

BRENNAN: What does the economic recovery look like without paid leave?

(…)



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