Treasury Secretary Janet YellenOn Thursday, she defended President Biden’s economic accomplishments over his first year as president and stated that she hopes inflation will be lower than 2% by 2022.

She noted the robust growth in U.S. employment market during the past twelve months. This included an increase of 6,000,000 jobs and a low unemployment rate below 4%.

If you look back at the problems that were faced by the Federal Reserve and us a year ago, the unemployment rate was very high. “We were all concerned that we’d be in a situation similar to the one after 2008,” Yellen stated.

The Treasury Secretary told CNBC’s closing bell that “I believe it must be considered a remarkable achievement that the unemployment has fallen most in an year in American History.”

The White House and Treasury Secretary continue to be strong advocates for employment. According to Labor Department data, the U.S. has seen a rebound from the Covid-19 epidemic. In 2021, employers created 6.4 million new jobs, while the unemployment rate remained below 4%.

Yellen was President Joe Biden’s choice for the head of the department. She spent much of 2021 coordinating White House economy policy and disbursement Covid-19 emergencies funds to American businesses and consumers.

Yellen acknowledged that the economic landscape was not perfect, and that pain inflation is causing household income to drop proportionally.

“I expect inflation throughout much of the year – 12-month changes – to remain above 2%,” she said. If we are able to control the pandemic, then I anticipate inflation will decrease over the next year and hopefully return to the normal level of 2% by the end.

Her and the other advisers to her administration have sought to calm public concern about sharply rising prices as a result of widespread supply-chain disruptions, and fierce demand. In January, the Labor Department reported that December saw a 7% increase in prices year over year. This is the highest rate of inflation since 1982.

Yellen criticized Biden’s comments on Wednesday in which the president stated that he believes it is time for the Federal Reserve and chairman Jerome Powell to “recalibrate monetary policy” to reduce prices. Fed’s role is to keep inflation under 2%. They also have the ability to raise interest rates to reduce prices.

Powell and his fellow Fed officials had been warning for months about the possibility that the most powerful central bank in the world will raise borrowing costs. Wall Street predicts a 95% chance of an increase of quarter points in March, despite not knowing the exact timing.

Yellen advised Powell on the nominations for the Fed board. Powell was also elected to a second term. Yellen has been repeatedly praised by Powell for her support of the economy in the aftermath of the pandemic.

Yellen has defended Biden’s effort to pass a major piece of legislation focusing on climate change, child-care, and worker protection, the Build Back better plan. Republicans have united their opposition to this bill which, they claim will only make inflation worse.

The Build Back Better legislation is being slowed by opposition from the Democratic Party ranks. Like Sens. Sens. Joe Manchin (West Virginia) and Kyrsten Sinema (Arizona) have voiced their concerns repeatedly about the bill’s size and impact on prices.

Yellen and other members of the Biden Administration have disputed the concerns.