Janet Yellen Called out for Lying During Hearing Before Senate Finance Committee

(AP Photo/Jacquelyn Martin)

Biden Treasury Secretary Janet Yellen faced the gauntlet before the Senate Finance Committee on three very hot topics: the “not a bailout” bailout (as our sister site Townhall termed it) of a couple of banks that collapsed, her ignorant approach to inflation, and the Biden failure to address the debt ceiling and duck negotiation.

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The questioning of Yellen revealed a window into why the Biden administration is just so clueless. The people they have in these positions have no idea what they are doing, from the top with Joe Biden, through Janet Yellen, on down to the flunky Kamala Harris staffer who didn’t know to open the flue on the fireplace in the White House before lighting it up.

Yellen said that no taxpayer money was being used to bail out the two banks.

They’re making a distinction between investors and depositors. But then they are guaranteeing depositors beyond just the 250,000 guaranteed by the FDIC, according to the Treasury Department, the Federal Reserve, and the FDIC.

So where is that money coming from?

Yellen also spoke about inflation and claimed it was Joe Biden’s number one priority. You would never believe that from his actions. But if you listen to this next clip, it screams that cluelessness I was talking about.

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“I consider high inflation the number one economic problem that all of us need to face and address,” Yellen said. “I was very supportive of the American Rescue Plan.” But those two things are diametrically opposed. It’s the American Rescue Plan that helped to kick inflation into overdrive. Yet, even now, she doesn’t appear to understand that and doesn’t see the dissonance there or get why we have 40-year records for inflation.

She tells Sen. Ron Johnson (R-WI) that she doesn’t believe “deficit spending” is a contributor and he’s absolutely incredulous at her ignorance.

Why is that ignorance a huge problem? Because then they’re still spending like drunken sailors because they don’t seem to understand and/or care about what it’s doing to the economy. Indeed, she was an inflation denier for months until she couldn’t claim it was “transitory” anymore. This is scary how these folks refuse delivery on reality and it’s hurting all Americans because of it.

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Yellen again went into unreality on the question of the debt ceiling when she claimed that Joe Biden was willing to work with Republicans on the budget — which is a lie, considering Biden has been refusing to negotiate. The GOP members on the Committee weren’t standing for that malarkey. Sen. Bill Cassidy (R-LA) asked where was Biden’s plan for saving Social Security. I wrote earlier about how Sen. Mitt Romney (R-UT) tried to get an answer to that question from the head of the Office of Management and Budget Shalanda Young. Yellen couldn’t provide anything either.

Yellen insisted, “He stands ready to work with Congress.”

Sen. Bill Cassidy (R-LA) wasn’t standing for that, “That’s a lie! A bipartisan group of senators have repeatedly requested to meet with him!”

Biden has completely blown them off.

Sen. Mike Crapo (R-ID) even just tried to get her to have Biden commit to negotiating fiscal restraint in the debt ceiling. But she wouldn’t even commit to that.

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Yellen claimed that Biden was committed to a “sustainable and responsible fiscal path.” Yet again, that’s not even close to the reality that we’ve seen from these folks. “The debt ceiling simply must be raised,” she ranted, saying threatening to cause an “economic catastrophe” wasn’t acceptable. Yet, they’re the ones who are causing the catastrophe and unless someone holds them in check, they fully intend to make things even worse. I talk about their ignorance. But it isn’t even that. It’s all about achieving their political aims now, whatever that costs, and whoever that may hurt because they know they may well be out on their ears in 2024.

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