Treasury Secretary Janet Yellen shops at a different grocery store than other Americans. In her store, inflation does not exist. In a recent interview with Yahoo Finance’s Jennifer Schonberger, Yellen claimed she doesn’t see higher prices at the checkout line.
During the interview, Schonberger asked Yellen if she had “been to the grocery store lately.” Yellen responded that she shopped for groceries at least once a week. When Schonberger asked if Yellen shares the “sticker shock” felt by Americans, Yellen said, “No.”
Perhaps attempting to give Yellen a pass, Schonberger observed that while prices weren’t rising at the same rate as previous years, they were still higher than pre-COVID prices. Yellen then shifted the blame to labor cost increases and “some increases in margins.”
Which is, by definition, the inflation Yellen claims doesn’t exist. When costs rise for goods sellers, such as grocery store owners, they typically pass these increases on to consumers. This is necessary for store owners to continue purchasing from suppliers and pay employees.
Economist E.J. Antoni from the Heritage Foundation determined that with the nearly 20 percent rise in the cost of goods, Americans’ inflation-adjusted paychecks have decreased by approximately $50 per week, $200 per month, or $2,400 per year.
It’s all about Biden’s disastrous energy policies. When Biden was first elected in 2021, gas cost an average of $2.40 per gallon. Americans now pay upwards of $3.58 per gallon for the same gasoline farmers need to grow crops and transport them to the market. These costs affect Americans at the pump, and, contrary to Yellen’s dubious vision, at supermarkets.
Trump is, according to Yellen, responsible for the current economic mess. Yellen said that Trump’s Tax Cuts and Jobs Act led to “an enormous increase” in the federal deficit and problems with the current fiscal trajectory. But in 2022, Biden said the country was enjoying “substantial increases in government revenues” that “dramatically improved” America’s fiscal situation.
It’s far from the first time Yellen has shown herself ridiculously out of touch with Americans. During her confirmation hearing, she claimed that “nobody knew” how badly the economy was being damaged during the pandemic, even as millions of Americans were struggling and small businesses were forced to close permanently.
Back in 2019, when she was still at the Fed, Yellen claimed that she didn’t believe there would be another financial crisis “in our lifetime.” A year later, the COVID-19 pandemic hit, and the economy tanked. Her comments showed a lack of foresight and a disregard for the real possibility of economic shocks that everyday Americans have to prepare for.
In 2022, Yellen told Americans that rising energy costs were acceptable in fighting climate change. That same year, she called the rising inflation rates “transitory.” She would later walk back those remarks.
Yellen has consistently advocated for higher taxes on hardworking Americans and businesses. She supports the Biden administration’s push for massive tax increases, which would only hinder economic growth and job creation. This tax-and-spend mentality is a trademark of the Democrats, who seem to believe that the government knows best how to spend people’s hard-earned money.
Yellen has also expressed her support for the Green New Deal, the radical climate change proposal put forward by progressive Democrats. This plan, which includes massive government spending and intervention in the economy, would cripple American competitiveness and lead to a significant loss of jobs, particularly in the energy sector.
Yellen has proposed a global minimum tax rate for corporations, hurting American businesses and making them less competitive on the world stage. This proposal ignores that American companies already face significant regulatory and tax burdens, and a higher corporate tax rate would only drive investment and jobs overseas.
In one particularly tone-deaf moment, Yellen suggested that a $15 minimum wage would have a “small effect” on employment. This is incredibly out of touch with the reality faced by small businesses, particularly in the hospitality and retail sectors, who would struggle to absorb the increased labor costs. It also ignores the potential loss of jobs for lower-skilled workers, who often rely on minimum-wage jobs to get their foot on the career ladder.
Secretary Yellen’s comments and policies consistently demonstrate a disconnect with the realities faced by everyday Americans. Her decisions and statements often favor big government and progressive ideology over common-sense, free-market solutions. It’s clear that the Biden administration and its appointees, including Yellen, are out of touch with the needs and concerns of the American people.
