She also discussed Sunday an openness to lowering the federal gas tax to give drivers some relief at the pump.
There are three factors that could lead to inflation which include demand-pull inflation, cost-push inflation and built-in inflation.Treasury Secretary Janet Yellen said Sunday that she expects the U.S. economy to slow in the months ahead, but that a recession is not inevitable.
"That’s an idea that’s certainly worth considering," Yellen said when asked if the administration is weighing it. She added that President Joe Biden wants "to do anything he possibly can to help consumers." And Energy Secretary Jennifer Granholm said "it's one of the tools," but told CNN's "State of the Union" that "part of the challenge with the gas tax, of course, is that it funds the roads.
The national saving rate has fallen to about 6%, below pre-pandemic levels, after reaching 16.6% in 2020, the highest on record dating to 1948, and 12.7% in 2021. Disagreeing with the assessment from Biden and Yellen, former Treasury Secretary Larry Summers told NBC's "Meet the Press" that in his estimation, "the dominant probability would be that by the end of next year we would be seeing a recession in the American economy."
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