Biden’s Treasury Secretary Throws A Fit

Federalreserve, Public domain, via Wikimedia Commons

( – On Tuesday, Treasury Secretary Janet Yellen during an MSNBC interview claimed that there was a “disconnect” between the U.S. economic health and the fears that many Americans had about a possible recession according to the polling numbers. Yellen stated that while she could see the “disconnect” she did not have a “simple” answer to give and that Americans had gone through a lot.

Earlier this month, a poll reported that 58 percent of Americans believed that the economy was getting worse as a result of President Biden’s policies. A different poll also showed that Americans trusted former President Donald Trump to handle economic issues better than Biden.

Despite these results, the fears about a possible recession have been decreasing as unemployment remains low and there has been an overall decrease in inflation. In August, the unemployment rate was only 0.3 percentage points above the levels it had been before the COVID-19 pandemic. Inflation had also dropped to 3.7 percent last month, whereas in June 2022 the annual rate had peaked at 9.1 percent.

Yellen argued that following the pandemic, the U.S. economy had slowed, but there had been high rates of job creation, “strong consumer spending” and a reduction in the inflation rate. As she pointed out, all of this could be viewed as evidence that they were heading towards a soft landing. She further noted that the concerns that many Americans had did not align with the way people viewed their own financial well-being.

As she pointed out, the majority of Americans were actually positive about their personal economic situation, despite giving negative answers to questions about their views of the broader economy.

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