Treasury Secretary Janet Yellen said in an interview aired Thursday on MSNBC's “11th Hour” that people are dissatisfied with their personal finances because “the cost of living is so high.” But it has been that way “for a long time”. But the inflation we've seen since the pandemic has made things even worse for so many people. ”
asked host Stephanie Ruhl. “According to most major indicators, the economy is doing very well. But most people in America, many people in America, are still dissatisfied with their personal finances. What should I do and how can I solve it?”
Yellen responded: “Well, I think the cost of living is very high. This has been true for a really long time. But the inflation that we've seen since the pandemic has made things even worse for so many people. But the cost of housing, Childcare and medical costs are rising, and many middle-class families are finding it very difficult to make ends meet, even though they are barely scraping by. Finding the right amount has become a top priority for the Biden-Harris administration. And we've done that in the medical field, too. There's a cap on the cost of insulin for seniors. We're looking for ways to let Medicare negotiate drug prices, save the government money, save families a lot of energy, and we support the development of clean energy. That way, if a dictator like Putin invades Ukraine and oil prices rise as we become more dependent on renewable energy, we will be immune to the ups and downs of global markets. And it will be fueled by trillions or even hundreds of billions of dollars in investment, stimulated by anti-inflation laws and tax incentives…and another 2 million for housing. We proposed building single-family homes and supporting first-time home buyers.
Ruhl then interjected and said that was a suggestion, asking Yellen if she wished the Biden administration had worked on housing sooner.
“Well, it's going to take a while to solve this problem, and I think that's going to require increasing the supply of housing,” Yellen said. So it's unfortunate that Congress hasn't acted on the proposals that the president put forth early on. Of course, rising interest rates have also led to higher mortgage rates, which have also increased home prices during the pandemic. So it's a difficult time for first-time home buyers. But over time, it has become important to address this issue, and the administration is focusing on it. ”
to follow Ian Hanchett's Twitter @Ian Hanchett
