Treasury Secretary Janet Yellen lauded the United States’ excellent recovery post-COVID but couldn’t explain the widespread lack of consumer confidence.
Katherine Kay, an anchor of MSNBC’s Morning Joe, questioned Yellen on why Americans lack faith in government.
Kay said she’d like to go back over the optimistic picture of the U.S. economy she painted, touting the decline in inflation and unemployment.
Yellen said it baffles the White House that Americans are so pessimistic in opinion polls about the economy despite these positive results.
The Morning Joe panel wondered if the public has had bad inflation experiences in the past and was concerned that inflation may return, especially in light of rising oil costs and the United States’ expected slower growth rate of 1.3%.
Yes, there is a disparity, Yellen said, and no, she did not have a clear explanation.
The treasury secretary then went on for another three and a half minutes to brag about the Biden administration’s supposed economic triumphs, chiefly blaming “high inflation,” “supply bottlenecks,” and the conflict between Russia and Ukraine for the recent gas and food prices spikes.
The pandemic significantly affected children, households, and families in the United States. According to Yellen, the current economic upswing is impressive. During the COVID-19 quarantines, Yellen said, “Americans achieved financial progress.”
According to surveys, most Americans know that inflation is decreasing and that their economic status has improved since the beginning of the pandemic. Americans tend to have a positive outlook when questioned about their financial condition.
Earlier that month, much to Yellen’s dismay, the long-term credit rating of the United States government dropped from AAA to AA+.
Over $1.3 trillion in debt was issued by Yellen in the first half of 2023, bringing the total planned debt issuance for the year to nearly $3.2 trillion. The rate in 2022 would roughly double in such a scenario.
There has been a lot of focus on Yellen recently, which could make the Democratic Party nervous. During a trip to China in the middle of August 2023, Yellen admitted to trying psychedelic mushrooms.
That could explain her touting of Bidenomics.