Fox’s Cavuto to Janet Yellen: Have You Ever Tried to Pull Biden Aside and Tell Him Inflation Wasn’t 9% When He Took Office?

CAVUTO: “I wonder if you could weigh in, Secretary, on Joe Biden constantly saying, and I don’t believe he’s ever corrected it, ma’am, that inflation was 9 percent when he assumed office. And I’ve talked about this with other economic advisers at the White House, and they find ways to say, well, it was getting there and that’s what he’s referring to. But he keeps saying it was 9 percent when he took office. You’re the top money person in the White House. And you know that was not the case. Have you ever tried to pull him aside and say, Mr. President, just so you know, inflation was not that high when you took office?”

Yellen: “Well, look, the pandemic had hit the economy, hit America and the world with full force at the time that President Biden assumed office. And —“

CAVUTO: “Which is why it was so low, right? Which is why it was so low when he took office. So I — I just — I know the factors behind that and what was going on. And you’re quite right to point that out. But he doesn’t. He doesn’t say that.”

Yellen: “Well, inflation hit 9 percent at its peak —“

CAVUTO: “16 months after he took office.”

Yellen: “— and that was due to — inflation was lower before the pandemic, that’s absolutely true. And into the pandemic year or so, inflation began to pick up because of supply bottlenecks, and later Russia’s invasion of Ukraine led to spikes in food and oil prices. It briefly hit 9 percent and has come down. It’s two-thirds down from that peak. And all throughout, we have enjoyed strong economic growth, robust recovery from the pandemic and we have a strong job market.”

CAVUTO: “So, the trend is your friend. There’s differences of opinion on how we — what he refers to when he goes 9 nine percent when he took office. You’re right, 16 months later it did get that high, but that was under your watch.”