I liked it better when the Iraqi Information Minister wasn’t on our team.
“This is not an economy that is in recession,” Treasury Secretary Janet Yellen told moderator Chuck Todd on NBC’s “Meet the Press.”
“You don’t see any of the signs. Now, a recession is a broad-based contraction that affects many sectors of the economy. We just don’t have that,” Yellen said.
“We’ve cut the deficit by a record one and a half trillion dollars this year… We’ve seen gas prices just in recent weeks come down by about 50 cents and there should be more in the pipeline. And hopefully we will pass a bill that will lower prescription drug costs and maintain current levels of health care costs.”
58% of Americans disagree. But what do they know? They don’t even own electric cars.
The latest IBD/TIPP Economic Optimism Index, which measures consumer confidence each month, found 58% of surveyed Americans think the U.S. economy is in a recession. This is up from 53% last month, and 48% in May, the poll says.
Less than one in five (19%) of surveyed adults say their wages have kept pace with inflation. In fact, more than half (54%) of those surveyed say their pay has not been able to keep up as the consumer price index has hit a new 41-year high.
But it should be noted that the National Bureau of Economic Research (NBER) has not officially declared the country in a recession.
At this rate, pretty soon Big Tech companies are going to announce another “war on misinformation” and YouTube will commit to banning any videos that claim there’s a recession.
Yellen has a hell of a track record.
U.S. Treasury Secretary Janet Yellen said on Tuesday she sees no inflation problem brewing, downplaying earlier comments that rate hikes may be needed to stop the economy overheating as President Joe Biden’s spending plans boost growth.
“I don’t think there’s going to be an inflationary problem. But if there is the Fed will be counted on to address them,” she added.
You can trust her, folks.
At her confirmation hearing in early 2021, Treasury Secretary Janet L. Yellen told lawmakers that it was time to “act big” on a pandemic relief package, playing down concerns about deficits at a time of perpetually low interest rates and warning that inaction could mean widespread economic “scarring.”
“I think I was wrong then about the path that inflation would take,” Ms. Yellen said in an interview with CNN, adding that the economy had faced unanticipated “shocks” that increased food and energy prices.
I sure hope we don’t have an “unanticipated” recession.
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