Ms. Yellen’s statement Saturday comes after Bloomberg News reported that a forthcoming biography about Ms. Yellen states that she had sought to lower the amount of spending in the legislation. In the book, titled “Empathy Economics,” author Owen Ullmann writes that Ms. Yellen harbored concerns that a $1.9 trillion package could fuel inflation, instead preferring a $1.3 trillion bill, according to excerpts of a pre-publication version of the book viewed by The Wall Street Journal. In her statement, Ms. Yellen said she never tried to reduce the spending in the bill, called the American Rescue Plan, or ARP. Republicans argue that the spending in the $1.9 trillion bill is a primary driver of inflation, blaming Democrats for rising prices across the economy. In previous public statements, Ms. Yellen has said that the broad fiscal support during the pandemic helped fuel demand, which, along with tighter supply, has led to inflation.

Source: Wall Street Journal June 05, 2022 07:20 UTC