Via Fox News:

Treasury Secretary Janet Yellen blamed consumers’ excessive spending habits as a primary cause for the near 40-year-high in inflation on Wednesday.

The Biden official appeared on “The Late Show with Stephen Colbert,” where she was asked about the price increases that have plagued the U.S. for more than a year.

Colbert asked her to explain to his audience how inflation got out of hand when “two years ago everything seemed fine.” The late-night host, known for his sycophantic boosting of President Biden and Democrats, even noted the Biden administration dismissed inflation as a “small risk” as recently as last year.

Yellen argued the administration managed the COVID-19 pandemic so well that consumers felt comfortable to “splurge” on goods.

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