Sen. John Kennedy, R-Louisiana, told the Treasury Department. Janet Yellen said she was “well placed” to try to “defend Bidennomics,” an effort she compared to trying to defend a “fungal infection.”
Between hearingKennedy described Bidennomics as “paying more money to make life worse.”
Unsurprisingly, Yellen objected to the senator’s explanation of Bidennomics, arguing instead that Bidennomics seeks to address the “pain” from the pandemic and help middle-class families.
But as Yellen went on a rant about Bidennomics, Kennedy interrupted her. “Good luck,” he said. He asked Yellen whether the high prices resulting from Bidennomics would persist.
Ms. Yellen rejected the idea that Bidennomics caused prices to rise, but when asked by Ms. Kennedy whether prices would remain high again, she said, “I don’t expect price levels to come down.” “While some prices are higher than before the pandemic and will remain high, wages have increased significantly,” he said.
President Kennedy said it would be “terrible” for people who don’t get a pay increase.
When asked in an interview on “60 Minutes” if prices would fall, Federal Reserve Chairman Jerome Powell said, “Some prices will fall, and some prices will rise. I don’t expect that,” he said. Overall price level. ”
Powell noted that prices for staple foods such as bread, milk and eggs are “much higher than they were before the pandemic,” and that this is causing people to be “relatively dissatisfied with something that is otherwise pretty good.” He pointed out that this is thought to be a major reason why he feels this way. economy. ”
Fed Chair Jerome Powell: 60 Minutes Interview in 2024
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