Staff Reports
Janet Yellen, Treasury Secretary to President Biden, had a dismal appearance before the Senate Finance Committee on Thursday morning. Her attempts to explain the “not a bailout” bailout of two failed banks by the Biden administration, the “transitory” inflation crisis, and the refusal to negotiate with Republicans on raising the debt ceiling, all fell flat.
YELLEN: "Shareholders and debt holders are not being protected by the government…No taxpayer money is being used or put at risk with this action." pic.twitter.com/gMbFCXZQVR
— Townhall.com (@townhallcom) March 16, 2023
Yellen repeated the Biden administration’s claims that the bailout of Silicon Valley Bank and Signature Bank was “decisive action.” However, she failed to explain where the non-taxpayer money, that apparently banks paid into the Deposit Insurance Fund, came from. She seemed to fish for applause by insisting that America’s banking system is sound and strong, and taxpayers’ money is not involved in the bailout.
JANET YELLEN: "I consider high inflation the number one economic problem that all of us need to face and address…I was very supportive of the American Rescue Plan." pic.twitter.com/cOo9OWyTRf
— Townhall.com (@townhallcom) March 16, 2023
Senator Ron Johnson: "Would you agree those are the top three causes of inflation? Deficit spending, high energy costs, and supply dislocations?"
YELLEN: "I don't believe the deficit spending is one of the main causes of inflation."
Senator Ron Johnson: "You don't?!" pic.twitter.com/rxCVJtgbMx
— Townhall.com (@townhallcom) March 16, 2023
Senator Crapo: "Can you commit, at least, to negotiate with Republicans as we try to work forward on finding some aspects of fiscal restraint to put into the debt ceiling discussion?"
YELLEN: "The debt ceiling simply must be raised." pic.twitter.com/hW0DiVgSSC
— Townhall.com (@townhallcom) March 16, 2023
SENATOR CASSIDY: "Why doesn't the president care?"
YELLEN: "He cares very deeply."
CASSIDY: "Then where is his plan?"
YELLEN: "He stands ready to work with Congress."
CASSIDY: "That's a lie! A bipartisan group of senators have repeatedly requested to meet with him!" pic.twitter.com/jpud6ai0MO
— Townhall.com (@townhallcom) March 16, 2023
'That's a Lie': Janet Yellen Faces Grilling Before Senate Finance Committee https://t.co/4iefOr8E7t
— Townhall.com (@townhallcom) March 16, 2023
Ironically, Yellen praised the three laws passed by Congress and signed by Biden, including the infrastructure package, CHIPS and Science Act, and the falsely named Inflation Reduction Act, without admitting that these tax-and-spend policies contributed to the 40-year high inflation rates.
When questioned by Senator Ron Johnson, Yellen claimed that she did not believe that “deficit spending” was a “main cause” of inflation, which is absurd considering the massive spending policies of the Biden administration.
Regarding the issue of the debt ceiling, Yellen refused to negotiate with Republicans to lift the debt limit while cutting spending. Even when senator Bill Cassidy raised concerns about the solvency of Social Security, Yellen couldn’t explain President Biden’s actions to address the situation, and instead insisted that he “stands ready to work with Congress,” despite failing to do so previously.
It’s no surprise that President Biden doesn’t have a plan to address Social Security or negotiate a debt ceiling increase, considering his previous failures, such as the disastrous withdrawal from Afghanistan and declaring “independence” from COVID in 2021. The American people should be concerned about the incompetency of the Biden administration, which seems determined to spend their way to bankruptcy with no regard for their future.
