On Friday, Treasury Secretary Janet Yellen claiming that she sees "strength" in the American economy. Is she flat out blind?
During an interview with CNBC, Yellen said that she does not see any signs of weakness in our economy, noting the "immensely strong job market" and "strong" consumer spending.
We are seeing the highest inflation numbers in decades and barreling towards serious recession with no end in sight. Businesses are struggling to get anyone to work and have been shortening hours or even closing due to the lack of help. We are seeing food shortages and skyrocketing grocery prices. How is any of that strength?
CNBC host Becky Quick asked, “Is there any sign of weakness anywhere in this economy?”
“I honestly don’t see it,” Yellen replied. “You know, we have an immensely strong job market. Growth over the last year has been extraordinary. Job creation remains very high. When you look at the balance sheet of the typical American family, it is in very good shape. Consumer spending is strong. And tax revenues have, frankly, been surprising to the upside, you know, helping us in our plan to reduce deficits. We’ll be reducing the budget shortly. So, I see a lot of strength in the American economy. Inflation is high, and, you know, the Fed certainly has a role to play there.”
“We’ve got a good, strong U.S. economy,” she added. “We’re a net exporter of oil. Oil prices obviously impose significant burdens on American families, but it’s also likely to unbalance the offset and the impact of spending by faster drilling … expenditures.”
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