Yellen Insists on Bidenomics’ Success

TL/DR –

The article criticizes Treasury Secretary Janet Yellen for her role in implementing economic policies that have allegedly harmed the American middle class. It argues that although Yellen acknowledges inflation has decreased, it remains higher than before the pandemic and she omits her contribution to the inflation through advocating for government overspending, overborrowing, and overprinting money. The article further criticizes Yellen for misleading information about unemployment rates, real wage growth, the draining of the Strategic Petroleum Reserve, and claims about deficit spending, arguing these actions have negatively impacted the middle class and the economy overall.

Janet Yellen’s Fall from Grace: A Critical Look at Bidenomics

Treasury Secretary Janet Yellen, once a revered academic, now finds herself defending the controversial economic policies of the Biden administration, or Bidenomics.

Yellen’s recent article misrepresents the reality: the middle class is suffering under the policies she champions.

While Yellen correctly notes inflation has reduced, she fails to acknowledge its previous high levels, and her role in it. Overspending, overborrowing, and overprinting money, all policies Yellen supported, led to 40-year-high inflation.

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Despite a downtrend, today’s inflation is still higher than pre-pandemic rates. To maintain pre-Biden-era living standards, families need an additional $11,000 income annually.

The unemployment rate, one of Yellen’s focus points, is low due to people leaving the workforce, thereby reducing the calculation base. Factor in these absences, and the unemployment rate lies between 6.4 and 7.5%, typical of recessions.

Yellen’s claim of real wage growth under Bidenomics is deceptive. Real weekly earnings have dropped about 4.5% since Biden took office, costing families thousands in annual income.

>>> America Is Hurting, and More Money Isn’t the Solution

Despite Yellen’s assertions, Biden’s decision to withdraw 180 million barrels from the Strategic Petroleum Reserve (SPR) after the Ukraine crisis did little to stabilize oil markets. In reality, Biden has drained 290 million barrels, or 46% of the SPR, in an attempt to reduce gas prices and bolster his approval ratings.

Yellen’s assertion that government deficit spending improved America’s economy is grossly misleading. So-called infrastructure spending and the Inflation Reduction Act imposed new taxes, wasted taxpayer money, and fuelled inflation.

Despite the economic disadvantage these policies posed, Yellen opted to bail out wealthy Democratic donors, rather than the struggling middle class. The administration’s dismal performance is clear, and American citizens aren’t fooled.

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