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WATCH: Sen. Kennedy Wrecks Janet Yellen, WH During Grilling on US Economy

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Things are not good on the Biden team. As we reported, one reason is that Joe Biden is allegedly disappointed in Kamala Harris.

But she’s not the only one that they’re having an issue with. Treasury Secretary Janet Yellen is on thin ice, according to a new report.

The word is that the powers that be at the White House are unhappy with her ability to do her job. Astonishing—did they finally just discover that she doesn’t know what she’s talking about? How long was she talking about “transitory” inflation before she had to admit it was real?

Charlie Gasparino had some scoop on that.

As we have reported, the political types in the White House — the people that craft messaging and give input on cabinet choices — have been increasingly wary of Yellen’s ability to do the job despite her expansive resume and years running the Fed, people with direct knowledge tell the Post.

They grew sour over her bungled response to inflation (recall how she said it was transitory as it was exploding). It’s why they floated possible replacements last year, including Commerce Secretary Gina Raimondo, and Brian Moynihan, the CEO of Bank of America. Both are seen as policy heavyweights. Unlike Yellen, they have real-world business experience (Yellen’s been in academia and government throughout her career).

Yet she survived that attempt to get her removed because her ultimate boss, the president, didn’t want to fire a woman in such a high-profile post, these people say.

White House advisors are upset over her flip-flops when it comes to whether the government will guarantee deposits of banks if they fail. That sounds like bailouts.

But the problem? They’re not sure they have anyone with any better answers to replace her with.

“On one hand they’re kind of stuck with her; it would be bad to get rid of a Treasury Secretary during a banking crisis,” said one of my sources, who works at a large DC-based think-tank and has heard the griping firsthand. “On the other hand, they know they don’t have anyone good to be their face in terms of a response.”

The problem is that the fish stinks from the head down. That’s Biden (and the folks pulling his levers behind the scenes). So, even if they get rid of her, the policies are all still horrific.

The embarrassing grilling that she had this week in Congress shows how much at sea Yellen is. But, it also revealed just how much they intend to tax us. Sen. John Kennedy (R-LA) asked Yellen whether it was true that Joe Biden’s budget proposes $4.7 trillion in new taxes.

Yellen looked embarrassed — as she should be — and Kennedy had to push her a little to answer, but she acknowledges yes, it was something like that number. Anyone who thinks they intend to get this amount in taxes just by going after the folks over $400,000 hasn’t been paying attention.

That answer was bad enough, but the clueless stare when Kennedy asks about the debt, and just how much is sustainable, is something else. This is just next-level bad.

She thinks 109 percent is sustainable. This is going to do us in, and maybe that’s what they’re trying to do here. It certainly seems so, with these kinds of actions.

Then in response to Rep. Mark Amodei (R-NV), Yellen said that people don’t like the IRS because they haven’t been given enough resources. Yes, she said that.

This was after admitting previously, as I reported, that 90 percent of the new IRS audits would be on people making under $400,000.

These wild remarks this week were after her astonishing testimony in the prior week, talking about the bank collapses and admitting they’re essentially picking winners and losers to save. The result of this action, as Sen. James Lankford (R-OK) said, would have people leaving community banks for the bigger banks or the “winners” that are being chosen. This type of response could crater the community banks.

Yikes.

This is where this administration has brought us, to absolutely insane approaches.

But don’t worry, because Janet Yellen says our economy is “performing very well.”

The opinions expressed by contributors are their own and do not necessarily represent the views of RedState.com.

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Janet Yellen Called Out for Lying During Hearing Before Senate Finance Committee

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Biden Treasury Secretary Janet Yellen faced the gauntlet before the Senate Finance Committee on three very hot topics: the “not a bailout” bailout (as our sister site Townhall termed it) of a couple of banks that collapsed, her ignorant approach to inflation, and the Biden failure to address the debt ceiling and duck negotiation.

The questioning of Yellen revealed a window into why the Biden administration is just so clueless. The people they have in these positions have no idea what they are doing, from the top with Joe Biden, through Janet Yellen, on down to the flunky Kamala Harris staffer who didn’t know to open the flue on the fireplace in the White House before lighting it up.

Yellen said that no taxpayer money was being used to bail out the two banks.

They’re making a distinction between investors and depositors. But then they are guaranteeing depositors beyond just the 250,000 guaranteed by the FDIC, according to the Treasury Department, the Federal Reserve, and the FDIC.

So where is that money coming from?

Yellen also spoke about inflation and claimed it was Joe Biden’s number one priority. You would never believe that from his actions. But if you listen to this next clip, it screams that cluelessness I was talking about.

“I consider high inflation the number one economic problem that all of us need to face and address,” Yellen said. “I was very supportive of the American Rescue Plan.” But those two things are diametrically opposed. It’s the American Rescue Plan that helped to kick inflation into overdrive. Yet, even now, she doesn’t appear to understand that and doesn’t see the dissonance there or get why we have 40-year records for inflation.

She tells Sen. Ron Johnson (R-WI) that she doesn’t believe “deficit spending” is a contributor and he’s absolutely incredulous at her ignorance.

Why is that ignorance a huge problem? Because then they’re still spending like drunken sailors because they don’t seem to understand and/or care about what it’s doing to the economy. Indeed, she was an inflation denier for months until she couldn’t claim it was “transitory” anymore. This is scary how these folks refuse delivery on reality and it’s hurting all Americans because of it.

Yellen again went into unreality on the question of the debt ceiling when she claimed that Joe Biden was willing to work with Republicans on the budget — which is a lie, considering Biden has been refusing to negotiate. The GOP members on the Committee weren’t standing for that malarkey. Sen. Bill Cassidy (R-LA) asked where was Biden’s plan for saving Social Security. I wrote earlier about how Sen. Mitt Romney (R-UT) tried to get an answer to that question from the head of the Office of Management and Budget Shalanda Young. Yellen couldn’t provide anything either.

Yellen insisted, “He stands ready to work with Congress.”

Sen. Bill Cassidy (R-LA) wasn’t standing for that, “That’s a lie! A bipartisan group of senators have repeatedly requested to meet with him!”

Biden has completely blown them off.

Sen. Mike Crapo (R-ID) even just tried to get her to have Biden commit to negotiating fiscal restraint in the debt ceiling. But she wouldn’t even commit to that.

Yellen claimed that Biden was committed to a “sustainable and responsible fiscal path.” Yet again, that’s not even close to the reality that we’ve seen from these folks. “The debt ceiling simply must be raised,” she ranted, saying threatening to cause an “economic catastrophe” wasn’t acceptable. Yet, they’re the ones who are causing the catastrophe and unless someone holds them in check, they fully intend to make things even worse. I talk about their ignorance. But it isn’t even that. It’s all about achieving their political aims now, whatever that costs, and whoever that may hurt because they know they may well be out on their ears in 2024.

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