Leon Panetta, former Obama Secretary of Defense, stated Thursday that President Biden should learn from Treasury Secretary Janet Yellen to admit that inflation is temporary in order to regain credibility.
Panetta stated that the administration had failed to create a strategy for combating rising inflation threats during an interview with Neil Cavuto on “Your World” because it underestimated the extent of America’s suffering.
Panetta’s comments come shortly after Yellen on CNN admitted that she did not anticipate the impact inflation would have and that she was wrong to initially think that the risks were small and manageable.
The former defense official stated that the inflation rates are crippling American communities and that Biden must take decisive actions to show his administration is up for the challenge of alleviating the nation’s economic woes.
He encouraged the White House’s consideration of a strategy that included reducing tariffs with China and expediting the legal migration process to fill the jobs gap.
Panetta said, “We’re speaking about the national interests. It is clear that politics has prevailed on all fronts, and I am aware of the political year we are in. That is a problem I can understand. As president of the United States, you have to look out for the country’s best interests when trying to solve a major problem. It must be public and private, and both Republican and Democrat have to work together to find a strategy to combat inflation.
Panetta stated that he believes it is possible to reduce inflation using a strategy that resonates well with the public.