Janet Yellen, Mark Hamrick, Biden Administration discussed on WTOP 24 Hour News


52 soaring inflation as we know is posing a huge challenge for the Biden administration and now federal policy makers are considering a three quarters of a percent rate increase this week Treasury secretary Janet Yellen recently admitted that she was wrong about the path that inflation would take Senior economic analyst for bank rate dot com Mark Hamrick talked about why she didn't see it coming Reality is that nothing that we've experienced over the last two and a half years is like anything we've seen in our lifetimes and the composition of all these problems is unlike anything that's ever happened before And I think that whether you ask Janet Yellen the treasury secretary now or chairman Powell will be asked the question again on Wednesday Do they wish that they had to do over on this Yes Was there possibly too much stimulus put into the system Yes But remember we had a 14.7% unemployment rate and treasury secretary Mnuchin in the early stages of that was saying it could be 25% before it was over with We did avoid that worst case scenario We just have a different bad scenario that's unfolded here over the last year or so with inflation And that was senior economic analyst for bank rate dot com Mark Hamrick Shoppers beware many products on the shelves are shrinking CBS News Trinity Chavez reports from New York Mary bock is a consumer advocate and last week she spotted Gatorade for sale in a new bottle The newer bottle is a little bit slimmer 32 ounces down to 28 ounces and they were both exactly the same price It's called shrinkflation more and more products with less inside a small box of Kleenex now has 60 tissues A few months ago it was 65 a popular yogurt went from 5.3 to 4.5 ounces Trinity Chavez CBS News New York Boeing and Virginia tech are teaming up for a new innovation campus in Northern Virginia part of the new lab will include special programs designed to help military veterans transition into new careers Virginia governor Glenn youngkin says hundreds of thousands of active and retired veterans call the Commonwealth home and programs like this will help the state keep them there They make our community better The fabric of values they're the heartbeat of our workforce The initial focus will be on Virginia tech president Tim sands Veterans transitioning and looking to upskill in technology fields And he says more than just coming to learn they'll be bringing their connections or their experience into the classroom Which youngkin says will turn the innovation campus into an innovation region not just for the mid Atlantic not.

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