Treasury Secretary Janet Yellen claimed the United States economy is in a “new phase” of “recovery” and insisted household finances for Americans remain in good shape.
This, despite the fact that the Bureau of Economic Analysis reported Thursday that GDP (gross domestic product) had contracted for a second consecutive quarter, meeting a widely accepted rule of thumb for the definition of a recession.
“When you look at the economy, job creation is continuing, household finances remain strong, consumers are spending and businesses are growing,” she said.
Yellen’s personal household finances might be strong, (Forbes reports that she is worth $20 million) but she is way, way out of touch. A report earlier this month indicates the average American worker has lost $3,400 in annual wages due to skyrocketing inflation under President Biden. The average family with both parents working has seen a $6,800 pay cut.
Hell, things are so tough, far-left Rep. AOC, who makes $174,000 per year, complains that her extravagant salary isn’t enough to raise a family.
Treasury Sec. Janet Yellen: “Household finances remain strong. Consumers are spending and businesses are growing.”pic.twitter.com/vpfzgWKSfN
— The Post Millennial (@TPostMillennial) July 28, 2022
Yellen Tells Americans Their Household Finances Are Good, We’re Actually in a ‘Recovery’
Treasury Secretary Janet Yellen proceeded to take the White House tact of playing semantics with the word ‘recession’ up a notch. Because Thursday, apparently, was Opposite Day.
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“We’ve entered a new phase in our recovery focused on achieving steady, stable growth without sacrificing the gains of the last 18 months,” she said.
“We know there are challenges ahead of us. Growth is slowing globally. Inflation remains unacceptably high, and it’s this administration’s top priority to bring it down.”
Treasury Secretary Janet Yellen: “We’ve entered a new phase in our recovery.” pic.twitter.com/tC2Ixl8NyG
— Washington Free Beacon (@FreeBeacon) July 28, 2022
Yellen’s comments mark a continuing trend of Biden administration officials taking spin to a new extreme.
Telling the American people we’re entering a ‘new phase of our recovery’ is akin to a hospice nurse saying we’re entering a ‘new phase of your treatment.’ They’re just trying to make us as comfortable as possible at this point.
Janet #Yellen claimed the U.S. economy just entered a new stage in its recovery. Apparently a #recession is now just a stage of a recovery. The truth is that if there ever was a recovery, it’s over. The recession is just six months old and will get much worse in the months ahead.
— Peter Schiff (@PeterSchiff) July 28, 2022
Didn’t See Inflation Coming
Yellen’s ‘recovery’ shtick shouldn’t be fooling anybody at this stage of the game. She’s been consistently wrong about the financial crisis this administration has steered America towards since Joe Biden took office.
She’s wrong about household finances for sure.
A report in May indicates nearly two-thirds of Americans are being forced to live paycheck-to-paycheck in the Biden economy as inflation at the time was 8.3%.
Forbes reported in June that the same percentage of Americans are “blowing through savings to cope with inflation.”
Consumers aren’t spending more because the economy is so grand that they can splurge on excesses. They’re spending more because the sky-high prices of everyday necessities are forcing them to. And their finances aren’t sound because they’re using savings and credit cards just to afford them.
She admitted just weeks ago she got inflation wrong. Why does she still have a Job??https://t.co/Ou9akydqxP
— Michael (@Foreplay_Ladies) July 28, 2022
Of course, this is the same woman who couldn’t see the inflation crisis coming despite it being telegraphed from a mile away.
Yellen recently admitted to being wrong about inflationary concerns that she had previously predicted would be a “small risk.”
The Treasury Secretary claimed “unanticipated and large shocks to the economy” are what caused her original assessment to be so off course.
Janet Yellen on inflation being transitory: “I was wrong”..
What was your first clue?pic.twitter.com/xDVzh0GNsH
— Benny Johnson (@bennyjohnson) June 1, 2022
Yellen also insists the Biden administration is not responsible for rising gas prices and the only way to fix the current crisis is to “move to renewables to address climate change.”
“The way in which we can assure reasonable energy expenses for households is to move to renewables to address climate change, as a medium-term matter,” she said.
“That’s the way to free us from geopolitical movements in oil prices.”
In a sane world, Yellen would resign for aiding and abetting an economically illiterate administration in the current destruction of the American people and their finances.
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