Treasury Sec. Janet Yellen doesn’t know why Americans have no confidence in the economy: ‘I don’t have a simple and convincing answer’

Treasury Secretary Janet Yellen touted the United States’ “remarkable recovery” after the coronavirus outbreak, but could not answer why Americans lack confidence in the economy.

Yellen appeared on MSNBC’s “Morning Joe” and was asked by host Katherine Kay to explain why Americans don’t trust government spending.

“Mr. Secretary, I would like to go back to the rosy picture you painted earlier of the American economy of lower inflation and lower unemployment,” Kay began. “The really puzzling mystery that the White House is discovering is why they’re polling Americans when they have such good numbers.” [is] “I’m very pessimistic about the economy,” she continued.

“Maybe it’s because they’re going through a period of inflation. They’re afraid that oil prices will go up and inflation will come back.” Mika [Brzezinski] We’ve been talking about the projected slowdown in growth of 1.3% in the US… There seems to be a disconnect between the numbers we’re seeing and how people feel about the economy. …How do you explain it? ”

“I agree that there is a disconnect, but I don’t have a simple, convincing answer,” Yellen said. The Treasury Secretary then launched into a three-and-a-half-minute critique of the Biden administration’s alleged economic successes, mainly blaming “high inflation”, “supply bottlenecks”, and “Russia-Ukraine war” for the soaring gas and food prices. ” he claimed. .

“The pandemic has taken a real toll on American families, children and homes, and we are enjoying a remarkable recovery,” Yellen said.

Yellen also boldly claimed that Americans had improved their finances during the coronavirus lockdown.

”[Americans] Polls recognize that [inflation] Americans’ financial situation has actually improved during the pandemic. Interestingly, when Americans are asked about their personal finances, they are upbeat about it. ”

The administration official boasted that “bipartisan infrastructure” spending and the “semiconductor and chip bill” would lead to “major investments in clean energy.”

Yellen has been making more headlines lately than perhaps Democrats would find unpleasant. In mid-August 2023, Yellen explained how he ingested hallucinogenic mushrooms during a trip to China.

Earlier that month, the U.S. government’s long-term credit rating fell from AAA to AA+, much to Yellen’s dismay.

This comes after Yellen issued more than $1.3 trillion in debt in the first half of 2023, bringing the country to a pace of nearly $3.2 trillion in debt issuance in just one year. This is approximately twice as much as in 2022.

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