Yellen Grilled on Voter Dissatisfaction with Economy
Submitted by MAGA Student
Posted 9 days ago
Treasury Secretary Janet Yellen was grilled on Sunday over voter dissatisfaction with the economy under President Joe Biden, just months ahead of his expected rematch against former President Donald Trump in the 2024 election.
Jonathan Karl, a co-anchor of ABC News’s “This Week,” set up the question by telling Yellen that she had “cited a lot of positive macroeconomic indicators” while commenting on the economic situation in the United States.
“The rate of inflation is coming down. Unemployment is low. The economy’s growing. But why is it then that voters seem so unsatisfied?” Karl asked. “And in fact, in poll after poll, voters say they trust Donald Trump with the economy more than Joe Biden. What’s going on?”
Yellen responded by citing the pandemic as a “profoundly difficult time” and noting that many working-class families were struggling with costs like healthcare, energy, education, and childcare even before the pandemic.
“And so they really feel the cost of living. Housing is particularly unaffordable in so many parts of the country. And I think the inflation that we experienced after the pandemic just compounded this feeling for them that life isn’t affordable,” Yellen said.
Karl pointed out that while the rate of inflation is coming down, overall inflation is up 19% since President Biden took office, and the prices of everyday goods like eggs, ground beef, and bread have skyrocketed.
Yellen acknowledged that “over the last roughly three years, there’s been a significant increase in the price level,” but noted that wages have also gone up during this time, and government studies show that households at all points in the income distribution are somewhat better off.
Karl also asked Yellen to comment on Trump’s idea of replacing federal income taxes with tariffs.
“It would require tariffs well over 100%,” Yellen said. “The impact would be to make life unaffordable for working-class Americans and would harm American businesses.”
This exchange highlights the ongoing concerns over the economy and inflation, which are likely to be major issues in the upcoming election. While Yellen pointed to positive indicators like low unemployment and economic growth, she acknowledged that many Americans are feeling the pinch of rising prices and struggling to afford basic necessities.
The fact that voters trust Trump more than Biden on the economy, despite the positive indicators cited by Yellen, suggests that there may be a disconnect between the macroeconomic data and the lived experiences of many Americans. This could be a challenge for Biden as he seeks to make the case for his economic policies and defend his record in office.
At the same time, Trump’s proposal to replace federal income taxes with tariffs is likely to be controversial, as Yellen noted that it would require extremely high tariffs and could have negative impacts on American businesses and consumers.
Overall, this exchange highlights the ongoing economic challenges facing the country and the political implications of these issues as the 2024 election approaches.
Sources:
twitchy.com
dailywire.com
acecomments.mu.nu
Jonathan Karl, a co-anchor of ABC News’s “This Week,” set up the question by telling Yellen that she had “cited a lot of positive macroeconomic indicators” while commenting on the economic situation in the United States.
“The rate of inflation is coming down. Unemployment is low. The economy’s growing. But why is it then that voters seem so unsatisfied?” Karl asked. “And in fact, in poll after poll, voters say they trust Donald Trump with the economy more than Joe Biden. What’s going on?”
Yellen responded by citing the pandemic as a “profoundly difficult time” and noting that many working-class families were struggling with costs like healthcare, energy, education, and childcare even before the pandemic.
“And so they really feel the cost of living. Housing is particularly unaffordable in so many parts of the country. And I think the inflation that we experienced after the pandemic just compounded this feeling for them that life isn’t affordable,” Yellen said.
Karl pointed out that while the rate of inflation is coming down, overall inflation is up 19% since President Biden took office, and the prices of everyday goods like eggs, ground beef, and bread have skyrocketed.
Yellen acknowledged that “over the last roughly three years, there’s been a significant increase in the price level,” but noted that wages have also gone up during this time, and government studies show that households at all points in the income distribution are somewhat better off.
Karl also asked Yellen to comment on Trump’s idea of replacing federal income taxes with tariffs.
“It would require tariffs well over 100%,” Yellen said. “The impact would be to make life unaffordable for working-class Americans and would harm American businesses.”
This exchange highlights the ongoing concerns over the economy and inflation, which are likely to be major issues in the upcoming election. While Yellen pointed to positive indicators like low unemployment and economic growth, she acknowledged that many Americans are feeling the pinch of rising prices and struggling to afford basic necessities.
The fact that voters trust Trump more than Biden on the economy, despite the positive indicators cited by Yellen, suggests that there may be a disconnect between the macroeconomic data and the lived experiences of many Americans. This could be a challenge for Biden as he seeks to make the case for his economic policies and defend his record in office.
At the same time, Trump’s proposal to replace federal income taxes with tariffs is likely to be controversial, as Yellen noted that it would require extremely high tariffs and could have negative impacts on American businesses and consumers.
Overall, this exchange highlights the ongoing economic challenges facing the country and the political implications of these issues as the 2024 election approaches.
Sources:
twitchy.com
dailywire.com
acecomments.mu.nu
