Lawmakers Press Treasury Secretary On Economy Sentiment

( – US Treasury Secretary Janet Yellen faced media scrutiny for her positive sentiments on the economy at a time when an overwhelming number of voters are concerned about inflation.

Renowned journalist Jonathan Karl asked Yellen the reasons behind her undue optimism towards the economic situation of the country. Karl asked why voters are turning against Biden when economic indicators are improving, and the unemployment rate is going low.

Yellen blamed former president Donald Trump, without explicitly naming him, for the persisting economic trouble in the country. She noted that most Americans were struggling before the pandemic to cover rising healthcare, energy, education, and childcare costs. Due to the pre-pandemic inflation, Yellen continued, a lot of people also struggled in the pandemic and when they saw inflation going up even after the conclusion of the pandemic, they started showing their accumulated anger of years towards the Biden administration.

The secretary suggested that the administration is working hard to reduce prices wherever possible.

While Yellen tried to suggest that inflation is coming down, Karl brought up some data to expose her wordplay. He stated that even when the rate of inflation is reducing, the overall inflation still stands at a whopping 19% since Biden assumed the presidency.

Karl also noted that some daily use commodities like eggs, ground beef, and bread are now way more expensive compared to 2021, which means that even if the inflation rate goes down, the prices will still not come back to their previous levels.

Although Yellen acknowledged that prices are significantly higher these days and that the administration is trying to control them, she also suggested that wages have increased more than inflation, so an average American is living in a more comfortable situation nowadays.

Yellen’s attempts to justify the deteriorating economic conditions come at a time when 30% of voters think that the economy is the most important issue for the 2024 elections. Latest polling data suggests that 54% of voters believe that Trump can handle the economy better compared to Biden.

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