House GOP blasts Treasury Secretary Yellen for ‘failing to assess’ inflation impact of Biden agenda
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EXCLUSIVE: Republican Demands Treasury Secretary Janet Yellen Tell Congress How Biden’s Multi-Trillion Dollar Bills Affected Inflation — With Prices At All-Time High
- GOP Rep. Mike Carey, who is on the budget committee, is leading the effort
- Lawmakers want to know how inflationary concerns have played a role in the Biden administration’s economic discussions over its legislative agenda
- House Republicans would give Yellen two weeks to produce ‘copies of every document, memorandum, correspondence’ on the matter
- Carey told DailyMail.com that Yellen has ‘failed’ the United States by downplaying the economic effects of President Joe Biden’s spending accounts
- It’s unlikely to pass the Democrat-controlled House, but it could be a harbinger of where the GOP will put its investigative efforts if they win in November
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House Republicans plan to pass a resolution Friday demanding that Treasury Secretary Janet Yellen hand over all documents in her possession that discuss the Biden administration’s impact on skyrocketing inflation rates.
Rep. Mike Carey of Ohio is leading the effort.
He told DailyMail.com that Yellen has “failed” the United States by downplaying the economic effects of President Joe Biden’s major spending accounts at a time when financial experts are warning the economy is headed for a recession.
“For nearly two years, the Biden administration and Secretary Janet Yellen have destroyed the American economy with their decisions,” said Carey, a member of the House Budgets Committee.
It’s time to find out whether Secretary Yellen has deliberately deceived the American people or simply failed to assess the risks of Democrats’ spending. Either way, Secretary Yellen has let the American people down.”
It comes amid Republican-led criticism of the recently passed Inflation Reduction Act, which outside models have suggested could actually have a negligible impact on inflation, despite Democrats’ assurances that it could help mitigate rising costs. to slow down.
Biden critics argue that the huge climate and health care bill is ill-timed as the cost of consumer goods has skyrocketed to levels not seen in four decades, while the Federal Reserve’s bold rate hikes have raised concerns that the economy may soon could end up in a recession.
In Thursday’s resolution, drafted by DailyMail.com, Republicans specifically ask about the inflationary effects of Biden’s $1.2 trillion bipartisan infrastructure bill and progressives’ Build Back Better bill.
House Republicans demand that Treasury Secretary Janet Yellen hand over ‘copies of every document, memorandum, correspondence and other communications’ discussing the inflationary implications of President Joe Biden’s legislative agenda
The latter failed to pass in its original form, but parts were later revived to form the Inflation Reduction Act — which approves more than $700 billion in federal spending.
The resolution would give Yellen two weeks to “make copies of every document, memorandum, correspondence and other communication” discussing the effect of the legislation on inflation.
The motion for a resolution, led by GOP Rep. Mike Carey, was obtained by DailyMail.com
Voter dissatisfaction with Biden’s handling of the economy has been a cornerstone of Republican efforts to win back the House and Senate majority in November’s midterm elections.
While the resolution is unlikely to pass in the current Democrat-controlled House of Representatives, it is another signal to GOP voters that just over a month before Election Day, Americans’ economic frustrations are at the forefront. to keep.
It’s also a sign of where Republicans could put their investigative efforts next year if they win the House majority.
Speaking to CNBC late last year, Yellen dismissed concerns that the infrastructure law and the progressive law — which had a price tag of $1.8 trillion at the time — would affect the consumer price index.
“I don’t think these investments will drive inflation,” she said in October 2021.
Inflation hit a 40-year high of 9.1 percent later in June.
Yellen also praised the economic effects of Biden’s Inflation Reduction Act this week during a trip to North Carolina.
It’s because high inflation rates remain at the forefront of voters with just over a month to halfway through Election Day
August’s inflation rate of 8.3% was down from a 40-year high of 9.1% in June and 8.5% in July, but showed that inflation is still high and well above its target. the 2% Fed
“The president’s economic plan will strengthen our economy in the coming decades,” Yellen said, according to the Carolina Journal.
“It will make our economy more productive and resilient — and promote economic justice for all Americans.”
However, she has also admitted on several occasions that inflation is ‘unacceptably high’
The latest available inflation data shows that costs rose by an average of 8.3 percent in August, despite plummeting gas prices at the pump.
The increase is mainly driven by food and rent costs, which have soared since the economy began to recover from the pandemic.