Janet Yellen: ‘We Have Experienced One Of The Quickest Economic Recoveries In Our Modern History’ | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Treasury Secretary Janet Yellen lauded the business climate under President Joe Biden as "one of the quickest economic recoveries in our modern history."

    During a Thursday speech at Ford's electric vehicle factory in Dearborn, Michigan, the official pinned the blame for crises like inflationary pressures, supply chain bottlenecks, and high energy costs on factors outside of the administration. Yet she praised the $1.9 trillion American Rescue Plan, the $740 billion Inflation Reduction Act, and other landmark packages signed by the commander-in-chief as causes for purportedly strong economic conditions.

    "Our plan has worked," she commented. "The United States experienced the fastest pace of job creation in our history. Household balance sheets are strong. Businesses continue to invest. Our broad and inclusive recovery has outpaced that of many other large economies. And measured by gross domestic income, our economy continues to expand and is operating above levels that would have been predicted pre-pandemic."

    As measured by the far more often cited gross domestic product, however, the United States met the rule-of-thumb definition of a recession - two consecutive quarters of negative growth - last month as the economy shrank at a 1.5% annualized rate in the first quarter and contracted at a 0.6% pace in the second quarter. Yellen's remarks appear to be a pivot from her earlier claim that the nation is not in a "recession," but rather a "period of transition in which growth is slowing."

    "It's fair to say: by any traditional metric, we have experienced one of the quickest economic recoveries in our modern history," Yellen nevertheless said on Thursday.

    Meanwhile, the personal saving rate - the share of disposable income Americans devote to savings - was 5% in August, according to data from the Bureau of Economic Analysis. Although households saved between 10% and 35% of their income in the months that followed the lockdown-induced recession, the personal savings rate is currently well below the 7% or more Americans typically saved through much of the last decade.

    With respect to inflation, which may be causing Americans to reduce spending, Yellen deflected blame from the White House - although reports indicate that the American Rescue Plan worsened labor shortages and contributed to other phenomena behind rising price levels.

    "Now, Americans are rightfully concerned that higher prices are squeezing their day-to-day budgets and their longer-term savings," Yellen continued. "The causes of inflation are largely global. But the pain of inflation is personal. This administration's top economic priority is to combat inflation, even as we know the Federal Reserve has the primary role to play in restoring price stability."

    Biden has formerly pinned inflation on corporate price gouging and "Putin's Price Hike." As year-over-year inflation reached its highest levels in June, the commander-in-chief falsely claimed that rising price levels are "worse everywhere but here" - though developed nations such as Germany, the United Kingdom, Canada, South Korea, and Japan had been experiencing lower inflation than the United States.

    Yellen, who recently argued that an expanded Internal Revenue Service will not impact middle class Americans' audit rate, also expressed her willingness to pursue more tax increases.

    "This includes closing loopholes and returning tax rates for high earners and corporations to historical norms," she said. "By making everyone pay their fair share, these reforms will provide our government with additional fiscal room to make critical investments."

poll#162

In what may be the most divisive period in modern American History, even more divisive than the turbulent sixties due to today's lack of patriotism, consider what are the major catalysts causing so much of this calamity of conflict, and vote: What most instigates the division of America, on this day September 20, 2022?

  Racism within our society

  Sex realignment to the detriment of our society.

  Biden /Harris Wide Open Southern Border Policy for the Demographic Upheaval of OUR Constitutional Republic

  Rampant Crime in Democratic controlled cities, and the possible contagion elsewhere

  Covid Pandemic, and its mishandling at the political, and bureaucratic levels.

  The unresolved questions /allegation regarding the flawed 2020 General Election

  January 6th Riot or "Armed Insurrection", depending upon patriotic perspective

  Joe Biden as Divisive Leader; Ineffective and Corrupt Executive

  Failed Education Industry, from an overall perspective, regarding all levels of education.

  Propagandistic Media in complete conflict with the First Amendment's guarantee of Freedom of Speech, and the awesome responsibility of a Free Press..

  "Orangeman Bad!"

  Bureaucracy rushing to a behemoth size, its unjustified expense, and far too often overreach.

  The Weaponized Deep State for political purposes

  A secular ambivalence to all that is real.

  Record number of overdose deaths from opioids and now Fentanyl

  Biden Administration's disastrous Foreign Policy

  Bidenflation /supply chain failure inevitably evolving into stagflation and recession.

  "Ultra MAGA Extremists" freely speaking louder AND LOUDER!

927 total vote(s)     What's your Opinion?

poll#154

Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?

  Yes, the Democrats have a bold plan, yet to be revealed, to save us.

  No, there will have to be a complete undoing of the damage done by these Democrats.

  I can't do simple math, so how am I to understand the concept of basic economics.

1,216 total vote(s)     What's your Opinion?