Inflation in America fell three-tenths of a percentage point to 6% annually in October, as measured by a personal consumption expenditures prices index from the Bureau of Economic Analysis.
It’s one of the multiple inflation measures that is created and used by the government, the most popular being the Consumer Price Index, which has been hovering well above 8% most of the year.
That means that it’s costing families thousands of dollars more this year to have the same lifestyle as just a year ago.
And it’s their fault, one of Joe Biden’s appointees, Treasury Secretary Janet Yellen, says.
She’s ignoring Biden’s open warfare against the nation’s energy industry, which caused energy and gasoline prices to explode to more than $6 a gallon.
And she’s ignoring the multi-trillion dollar spending bills Biden has demanded from Congress.
According to Fox News, Yellen is claiming that “consumers’ excessive spending habits” are the reason for inflation.
Yellen was on a late-night television show and responded to Stephen Colbert after he asked how inflation got out of hand when “two years ago everything seemed fine.”
Fox explained that Colbert is known for his “sycophantic boosting of President Biden and Democrats.”
But even he noted that Biden had dismissed inflation as a “small risk” as recently as a year ago.
Fox explained, “Yellen argued the administration managed the COVID-19 pandemic so well that consumers felt comfortable to ‘splurge’ on goods.”
"So we had a rapid recovery from the pandemic," she said. "It turned out the pandemic had very special impacts on the economy. Remember, everybody stopped spending on services.”
She said people instead “spent more money on ‘grills,’ 'technology’ and office equipment as they were working from home.”