Treasury Secretary Janet Yellen tells CNN's Jake Tapper that former Clinton and Obama economic official Larry Summers is wrong on his warnings about rising inflation.
Treasury Secretary Janet Yellen on Sunday said the United States hasn't experienced the recent inflation levels in a "long time." "Many firms are experiencing a shortage of labor," Yellen said during an interview on CNN's "State of the Union" Sunday morning. "The COVID shock to the economy has caused disruptions that we'll be working through over the next year and of course Americans haven't seen inflation like we've experienced in a long time." Host Jake Tapper noted how inflation is growing at its fastest pace in 30 years and asked whether spending more money on President Biden's "Build Back Better" agenda will be "pouring gas on the inflation fire," prompting Yellen to say the spending on the bipartisan infrastructure package and the massive social spending package would be spread out over the next decade. Tapper later asked Yellen when she expects the inflation rate to return to the 2% level, which...