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Post: US Treasury admits unable to cope with inflation


Fuel prices at a gas station in the USA. archive photo

US Treasury Secretary Yellen acknowledged that it will not be possible to reduce high inflation immediately.

WASHINGTON, June 19 – RIA Novosti. US Treasury Secretary Janet Yellen stated In an interview with the ABC television channel, he said that the US authorities will not be able to reduce high inflation in the near future.

“Inflation is unacceptably high” <...> It is important to recognize that the United States is not the only advanced economy suffering from high inflation. We see it in the UK, France, Germany, Italy, and the reasons are global.”

According to the minister, these factors are unlikely to disappear immediately. However, he expressed his hope that inflation will decrease over time.

Yellen added that she expects a slowdown in the economy, which is growing at a very high pace. Now he believes there must be a transition to smoother and more stable growth.

However, the minister does not think that a recession is inevitable. He sees grounds for optimism in the labor market situation, where consumer spending is high and there is an average job seeker for both vacancies.

At the end of May, inflation in the United States rose to 8.6 percent, the highest since December 1981, and on June 10, gasoline prices rose above $5 per gallon for the first time in history. Attempts by the White House to resist negative trends in the economy have yet to bring tangible results.

At the same time, President Joe Biden blames Russia for the current situation and describes the rise in prices as “Putin’s food and gasoline tax.” The Russian leader, on the other hand, attributed the problems in the economy of Western countries to the systemic errors of the American administration and the European bureaucracy. According to him, all this has matured over the years and has been spurred by the short-sighted actions of those accustomed to solving their problems at someone else’s expense and relying on the financial emission mechanism to pull trade flows on them. and thereby provoking humanitarian catastrophes in different parts of the world.

Source: Ria

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