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Treasury Secretary Janet Yellen to Take Month-Long Economic Victory Lap

Treasury Secretary Janet Yellen to Take Month-Long Economic Victory Lap

“Yellen will defend the administration’s March 2021 $1.9 trillion American Rescue Plan — which Republicans blame for stoking inflation”

Joe Biden’s Treasury Secretary Janet Yellen is apparently preparing to embark on a month-long tour to praise the economic policies of the Biden administration.

That will do little to reassure the millions of Americans who are still struggling to pay for food and fuel.

I did a double take when I saw this headline from Hans Nichols at Axios. I didn’t think it was real at first:

First look: Yellen kicks off month-long economic victory tour

Treasury Secretary Janet Yellen will deliver a major economic speech in Detroit next week as part of a month-long push to sell President Biden’s signature legislative achievements before the midterms, Axios has learned.

Why it matters: Deploying Yellen, an economist who has been reluctant to lend her name to arguments she doesn’t buy, is the administration’s attempt to seize on a spate of positive headlines and make a broader intellectual argument for Biden’s efforts to re-engineer large sections of the economy.

  • Yellen will defend the administration’s March 2021 $1.9 trillion American Rescue Plan — which Republicans blame for stoking inflation — as a key factor in preventing the economic recovery from stalling out during the pandemic.
  • She will also focus on a trio of legislative accomplishments — with trillions in collective new spending for infrastructure, semiconductors and climate change — as critical to improving productivity and growing the economy from the middle class out.

The big picture: The post-COVID economy is sending a variety of contradictory messages, confounding economists and making Biden politically susceptible to negative economic data, headlines and perceptions.

The problem with this is that you can tell people about all the great things you’ve done for them until you’re blue in the face, but if they don’t see it in their day-to-day lives, it’s pointless.

I’m guessing that Yellen is doing this at the behest of the White House because they know inflation is still one of the top issues for the midterms.

From FOX Business:

Inflation drives voters to the polls in November

The U.S. is just over two months away from the Midterm election and voters across the country are eager to get to the polls. Something that’s driving many voters – inflation.

With control of the House and Senate up in the air, swing states like Pennsylvania are important for both parties.

Bob Hamilton is a Republican and has lived in Pennsylvania his whole life. Hamilton says inflation is out of control.

“How much more can we handle? I’m on social security, I’m on a fixed income,” said Hamilton.

The economy is always a big issue for voters, but it’s all the more important this year as inflation hits its highest point in decades.

“The prices of food, and restaurants, and so forth, day-to-day things, I think…people are feeling that pain,” said Duquesne University Political Science Department Chair Professor Clifford Bob.

Yellen’s speeches might drive a few minor news stories, but they will not convince voters that the economic pain they’re feeling isn’t real.

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Comments

If your intention is to wreck the economy by returning to the days of mercantilism (but with modern environmental restrictions to limit lumber, coal, whale oil, food etc…), yes, her ilk have been winning. Her Modern Monetary Theory (unicornomics) has been a resounding success.

I’m worried we’re at the point where just lying to our faces about how great everything is as we citizens go broke will actually be an effective tactic.

    Ironclaw in reply to Arminius. | September 3, 2022 at 11:01 am

    Look at that bright side. People still need to eat and it’s getting damn expensive to get out of that grocery store lately. Not even the most dense democrat retard can easily ignore that.

    They ARE lying to our faces! But their lies aren’t for consumption by you and I, but by their street armies of useful idiots, just like Biden’s ‘Hitler’ speech the other night.

    We need to collectively wake up to what’s coming. And it IS “happening here”.

And, she’s such a compelling and dynamic speaker! (s)

I think a slug has more integrity.

Having run out of things to burn in the immediate vicinity, arsonist goes looking for more fuel.

It’s not inflation, it’s a shortage allocated to the most efficient uses by higher prices for those items. So long as the Fed doesn’t accommodate wage increases to “cover” those costs, which would give you real inflation, the shortage will work itself out.

Government spending isn’t inflationary if it’s spending borrowed money or taxed money. There’s no new dollars there. What it is, is inefficient. It brings down the economy. But it doesn’t bring on inflation.

So Yellen will be praising bringing down the economy.

    Ironclaw in reply to rhhardin. | September 3, 2022 at 11:02 am

    They’re not spending taxed money, they’re spending PRINTED money. It’s all new dollars and it’s all inflationary.

      rhhardin in reply to Ironclaw. | September 3, 2022 at 11:08 am

      National debt. It’s borrowed. They take it out of circulation from some volunteer (debt buyer) and spend it themselves.

        CommoChief in reply to rhhardin. | September 3, 2022 at 12:10 pm

        You are neglecting to account for the Federal reserve buying and holding the govt bonds; quantitative easing. That negates the true impact of excessive debt in the marketplace.

        Inflation is always a monetary phenomenon. Too many dollars chasing too few goods. That can arise from excess demand or from reduced supply.

        Sometimes the reduced supply is temporary, a container ship blocking the Suez canal. Sometimes increased demand is temporary; folks buying bread and milk in advance of bad weather. Other times supply is artificially reduced; boycott of Russian oil.

        Finally if govt fiscal policy (deficit spending) was unsupported by a monetary policy (debt purchase) to accommodate that deficit spending then it wouldn’t be sustainable over the short and medium term. Long term it will end because it is not sustainable.

        See the decoupling from gold. If we could exchange dollars for US govt gold reserves the ability of the fed to accommodate profligate debt finance would be severely constrained. That’s why the govt ended the link, it interfered with the ability of the govt to overspend it’s revenues other than on a truly emergency wartime basis.

        Ironclaw in reply to rhhardin. | September 3, 2022 at 10:23 pm

        So, when they “borrow” it from the federal reserve, where does it really come from? It’s “printed”, or more likely created digitally from thin air. It’s all brand new money that was created by bookkeeping entry and therefore it is inflationary. They can even try to further the lie by creating “bonds” from nothing for the fed to “buy” with the newly printed money, but that’s really just trading monopoly money for different monopoly money. What hasn’t been created in that entire process is anything of actual use or value which are the only things that are not inflationary.

Biden HAS NO ACHIEVEMENTS. He’s literally managed nothing but failure at absolutely everything ever since he assumed his illegitimately-gotten office. The pedophile-in-chief has the BIDAS touch, literally everything he touches turns to sh*t.

    Dimsdale in reply to Ironclaw. | September 3, 2022 at 12:07 pm

    “Failed presidency” should be making a big comeback for the fall and in 2024.

      Arminius in reply to Dimsdale. | September 3, 2022 at 3:01 pm

      Failed? The Biden presidency is the left’s wet dream. I’m deeply conflicted right now. I spent 20 years defending what I thought was a constitutional republic. I do not accept the assertion by the people who won’t accept the results of elections that they claim to have won and I should shut up and go hide in a corner like a scared rabbit.

      I am no rabbit. Which is an insult to rabbits because having hunted them I respect them. They are bold in a confrontation with a world that is out to get them.

      Maybe this will come off like nothing more than big talk. I don’t have children of my own, unfortunately. But I held my nieces and nephews in my arms and I THOUGHT I was defending the country. Does anyone think I can admit to my nieces and nephews I gave up without a fight?

    Ironclaw: don’t confuse your definition of “achievements” with the left’s and Communist China’s definition. This is Obama’s third term, and “Biden” is doing everything Obama dared not to do openly.

Yellen will make a fool of herself with this “Mission Accomplished” tour. She had better keep an escape car gassed and ready to go.

She does look marginally better than Madeline Albright, but that’s not saying much.

Not much at all.

Pretty throughly wrecked a economy in 18 months.
Fantastic work there Janet, the Communists will be proud.

To be fair, Obamacares, and, now, Bidencares, were two, albeit principals, of diverse anthropogenic forcings of progressive prices.

Gaslight we much?

    Again, it’s not for consumption by you and I, but for their useful idiots.

      I live in Austin, TX on what may be one of the most liberal streets in the city. There are a lot of long-time UT professors and attorneys who live in this neighborhood which was built in the 1950’s. I run my company from my home, and from my desk I have a great view of the street… lots of people biking, jogging and walking their dogs all day almost every day.

      During election seasons I always get a kick out of watching the little left-wing election workers walking down the street with their little handheld computers, knocking on doors, “getting out the vote” or whatever it is they’re doing. For some reason they NEVER knock on my door, lol.

Didn’t the Fed just say they can’t do much about inflation for a while, because of the “inflation” of the money supply? Also “more of that to come”, but in fed-speak?

Of course she’s going on “that ain’t so” tour.

    Well, they could certainly try QT and massively reduce the money supply. The problem is the last time they really did that we ended up in the great depression.

      BierceAmbrose in reply to Ironclaw. | September 4, 2022 at 12:12 pm

      ?QT? don’t know that one.

      One solution, by whatever name, would be building up output to fill out to match the volume of money they’ve conjured. What’s our growth lately? So far the various economic stimuli don’t seem to have stimulated much economy.

      One wonders: when have we gotten lots more activity? Maybe do that.

OK, the State of my Family: after visiting most of my kids in August, here is an economic snapshot of my 5 children, all married, all own their own homes, all (well, almost all) in their 40’s. All were comfortable financially last year.

1. Son, Social Worker, married, wife works, no children, lives in California, they are comfortable.

2. Daughter, husband LEO, single income, children, lives in Nevada, getting tight financially, they are cutting back on a lot.

3. Son, attorney, single income, children, Arizona, they are financially comfortable.

4. Son, city employee, double income, children, Texas, only getting by now because my son started a side construction business last year.

5. Son, university IT worker, single income, Arizona. They are NOT making it financially. The wife stays home to care for their two children with serious medical needs. They are getting by because their church is providing their food and a family member is covering their fuel bills.

So, out of 5 middle class families after just eighteen months, two are fine, two are just making it and one is not. Where we be in another year? Two years?

Janet Yellen can speak all she wants about how well Biden’s economy is doing. Real Life is so loud we can’t hear her.

    henrybowman in reply to B Buchanan. | September 4, 2022 at 12:11 am

    Many of our American fathers and grandfathers supported their families in free-standing homes on a single salary, and paid cash for a new car every four years. Can you?
    –VIN SUPRYNOWICZ

They intentionally destroyed the economy and declare it a victory. This was the biggest robbery through devaluation in history of the world.

I disagree. FDR’s gold heist was worse.

Yellen is taking an economic VICTORY lap?
Where? Panem?