(PresidentialWire.com)- Controversial Treasury Secretary Janet Yellen tried (and failed) to paint President Joe Biden’s first year in the White House as an economic success recently, claiming that the economic policy pushed by this administration has been a “remarkable success.”
Really? For who?
Speaking to CNBC, Yellen celebrated the decrease in unemployment and also expressed hope that the inflation problem will even out.
Since when was hoping something will happen a success?
Yellen noted that a year ago, unemployment was “extremely high” and that economists were worrying the United States was facing a situation similar to the crisis following 2008, where it took a full decade to return to full employment. She then claimed that the decrease in unemployment was a “remarkable success” because it has “fallen the most in a year in American history.”
The jobs she was talking about, however, were jobs that already existed before the pandemic. Businesses have simply started hiring again because the federal government finally stopped handing out unemployment benefits to anybody who wanted them, for any reason.
President Biden recently lauded an additional 6.4 million new jobs, but many millions of jobs lost during the pandemic still haven’t returned, and some businesses that were thriving under the Trump administration no longer exist. Studies have also shown that the additional unemployment benefits hurt the recovery of the economy, and inflation has increased to 7% – which is a four-decade high.
Does Janet Yellen live in a different reality?
See Yellen’s interview here.