Janet Yellen rarely makes waves in the news, but her latest one has left many wondering what her true motivations are: Yellen is about to weigh in on Joe Biden’s “incredible” economic rise. She normally keeps quiet about anything true coming out of the White House, so don’t hold your breath on this one.
On Monday, Treasury Secretary Janet Yellen discussed the state of inflation in the United States during her interview. Contending that inflation is decreasing, she revealed how the Biden administration and Federal Reserve are aiding in this effort by increasing the target federal funds rate. This increase further aids in lessening inflationary pressures on businesses and consumers, an important contributing factor to a strong economy. Yellen highlighted these efforts as tools to help steady economic conditions.
Daily wire reports, according to Janet Yellen, the Federal Reserve is reducing inflation as a result of its efforts.
As policymakers raise the target federal funds rate, a measure that increases borrowing costs for businesses and consumers, the former chair of the Federal Reserve and senior Biden administration official said during an interview with CNN that inflationary pressures are diminishing.
Here she was before the State of The Union Address
Yellen recently expressed optimism that central bankers could lower inflation without causing a recession while protecting the strong labor market, saying, “I would say, ‘So far, so good. There can be shocks from it. But look, inflation still is too high, but generally if you look over the last year, inflation has been coming down. And I know the Fed is committed to continuing the process of bringing it down to more normal levels, and I believe they’ll be successful with it.”
When President Joe Biden was inaugurated in January 2021, inflation was 1.4%. As of January 2023, inflation is rising at a 6.4% rate after hitting a high of 9.1% in June 2022.
However, food and shelter costs continue to rise despite stubborn cost pressures: between January 2022 and January 2023, food expenses increased 11.3%, and food costs away from home rose 8.2%.
According to data from the Bureau of Labor Statistics, rising prices have put pressure on household budgets as purchasing power continues to decline. A 1.5% decrease in real wages was recorded between January 2022 and January 2023, which can be attributed to inflationary pressures.
In all honesty, it is quite concerning to think that something considered ‘good’ by the Janet Yellen and this administration is, in fact, considered a dream for other nations. For those having had the opportunity to visit other countries outside of our own, some things have become very clear. Those people experience a level of poverty and suffering that most in our country cannot begin to comprehend. That’s the dream for this administration to get us all to. An economy so bad, we are grateful for the little that we have. So no Janet, 6.4% inflation is not good for American standards.
Let’s continue this conversation, in the comments below.
