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Treasury1 Secretary Janet Yellen faces judgement over inflation
NPR's Scott Horsley reports on criticism directed at Treasury Secretary Janet Yellen over the highest inflation rates in over 40 years.
STEVE INSKEEP, HOST:
What is causing inflation, and what can the United States do about it now? Janet Yellen was once in charge of managing inflation at the Federal Reserve. She's now a vital voice on economic policy as President Biden's Treasury secretary, and lawmakers have questions. NPR's Scott Horsley reports.
SCOTT HORSLEY, BYLINE3: Members of a Senate committee grilled4 the Treasury secretary about what's behind today's high inflation and what the Biden administration plans to do about it. Yellen pointed5 to a number of contributing factors, including the war in Ukraine and stubborn supply disruptions tied to the pandemic that have consumer prices climbing near their fastest pace in 40 years.
(SOUNDBITE OF ARCHIVED RECORDING)
JANET YELLEN: Inflation is really our top economic problem at this point, and that it's critical that we address it.
HORSLEY: Yellen says the administration is doing what it can to address supply imbalances - releasing oil from the strategic stockpile, for example - while giving the Federal Reserve room to tamp6 down demand with higher interest rates. Republican senators, like Steve Daines of Montana, accused Democrats8 of stoking demand by passing another big round of COVID relief in the early months of the Biden administration.
(SOUNDBITE OF ARCHIVED RECORDING)
STEVE DAINES: We warned everybody up here, you can't spend another $1.9 trillion 'cause it will have inflationary effects.
HORSLEY: Yellen downplayed the role played by the American Rescue Plan, noting other countries that didn't spend heavily on COVID relief are also suffering with high inflation. Gasoline prices, which were depressed9 early in the pandemic, rebounded10 as the economy recovered and have soared since Russia invaded Ukraine. Republican Senator John Barrasso complains gas now costs more than twice what it did when President Biden took office.
(SOUNDBITE OF ARCHIVED RECORDING)
JOHN BARRASSO: In my home state of Wyoming, rural areas, people who volunteer to drive for Meals on Wheels to deliver meals to shut-ins have had to stop volunteering, not 'cause they don't have the time or the commitment or the open heart. They don't have the money for the gas.
HORSLEY: Senator Debbie Stabenow thinks she knows a long-term fix for that. The Michigan Democrat7 just bought an electric Chevy Bolt and drove it to Washington for the first time this past weekend.
(SOUNDBITE OF ARCHIVED RECORDING)
DEBBIE STABENOW: We went by every single gas station. It didn't matter how high it was. And so I'm looking forward to the opportunity for us to move to vehicles that aren't going to be dependent on the whims11 of the oil companies.
HORSLEY: Stabenow acknowledged there can be a long wait for electric vehicles, though. Production has been limited by the shortage of computer chips.
Scott Horsley, NPR News, Washington.
(SOUNDBITE OF RAMSEY ROAD'S "STAYCATION")
1 treasury | |
n.宝库;国库,金库;文库 | |
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2 transcript | |
n.抄本,誊本,副本,肄业证书 | |
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3 byline | |
n.署名;v.署名 | |
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4 grilled | |
adj. 烤的, 炙过的, 有格子的 动词grill的过去式和过去分词形式 | |
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5 pointed | |
adj.尖的,直截了当的 | |
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6 tamp | |
v.捣实,砸实 | |
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7 democrat | |
n.民主主义者,民主人士;民主党党员 | |
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8 democrats | |
n.民主主义者,民主人士( democrat的名词复数 ) | |
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9 depressed | |
adj.沮丧的,抑郁的,不景气的,萧条的 | |
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10 rebounded | |
弹回( rebound的过去式和过去分词 ); 反弹; 产生反作用; 未能奏效 | |
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11 WHIMS | |
虚妄,禅病 | |
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