Just about every American knows that prices are outrageously high, creating a serious financial crisis for many households.
The people in power have continued to brush this reality under the rug as they try convincing people that Bidenomics is working.
But Biden Treasury Secretary Janet Yellen finally admitted one devastating economic truth working class Americans have known for years.
Yellen says prices “not likely to fall”
Biden Treasury Secretary Janet Yellen took to the airwaves recently for an interview with ABC News.
Secretary Yellen said she believes “most Americans know that prices are not likely to fall,” and that while there has been a small uptick in consumer sentiment, “apartment rents, food are maybe 20% higher than they were before the pandemic. And I think that’s something that influences sentiment.”
ABC News’ Elizabeth Schulze asked Yellen how she convinces “Americans and voters that those prices might not go back to where they were before the pandemic?”
“Well, I think most Americans know that prices are not likely to fall,” Yellen replied. “It’s not the Fed’s objective to try to push the level of prices back to where they were, but to stop them from rising so wage gains exceed price gains.”
Schulze asked her what she would say to Americans who see the data showing “President Biden’s handling of the economy is at a record low,” and what she’d say to people who aren’t seeing the strong economic data Yellen is referring to.
“Well, first, I’d like to say that recent surveys suggest that the picture is changing,” Yellen said. “We’ve seen a massive increase, improvement in consumer sentiment in recent surveys. The pandemic had a huge impact on so many households.”
“And I think that’s something that influences sentiment,” she added. “But what’s happening, for more than a year now — and I expect this to continue — is wages are rising more rapidly than prices.”
She also said that she sees “no reason” for a recession in 2024, despite what many economic experts claim.
Yellow insisted that consumers are feeling more optimistic about their finances, and she thinks “2024 is going to be a very good economic year. That said, there are always risks.”
Blames Trump for economic troubles
As Yellen continued with her claims that the economy is on the upswing, she also took a moment to point the blame at former President Donald Trump.
Yellen is rarely someone who gets involved with the political aspects of the US economy, except for this time.
She and Biden recently visited the Midwest, and Yellen gave a big speech in Chicago in which she touted the regime’s supposed “successes” in infrastructure, manufacturing, and clean energy.
At the same time, President Biden was just a few hours away visiting the construction of a new bridge that was funded by his legislation.
During the ABC interview, Yellen said that Trump “did nothing for the middle class.”
“Wealthy corporations did very well,” Yellen claimed of Trump’s time in office. “They saw their tax rate go from 35% to 21%. And so that was a benefit they enjoyed. It resulted in $2 trillion of additional deficits and really did absolutely nothing for the middle class that was struggling.”
US Political Daily will keep you updated on any developments to this ongoing story.