Treasury Secretary Janet Yellen somehow claimed that, in spite or stunningly high inflation and rising general misery, the American economy had been a ‘remarkable success’ under President Joe Biden.
As The Daily Wire reports:
During an interview with CNBC, Yellen lauded decreases in the unemployment rate while expressing hope for lower inflation.
“A year ago, if you go back to the challenges that we were facing, and the Federal Reserve was facing, unemployment was extremely high. We were all worried that we would be facing a situation like we had after 2008, when it took almost a decade to get back to full employment,” Yellen said. “I think it has to be viewed as a remarkable success that the unemployment has fallen the most in a year in American history.”
Though President Biden’s economy observed 6.4 million new positions filled in 2021, many note that three million jobs lost during COVID-19 and the lockdown-induced recession remain unrecovered. Indeed, one study reveals that $300-per-week federal unemployment checks — extended into September 2021 by President Biden’s American Rescue Plan — caused slower job recovery.
Meanwhile, inflation has risen dramatically from 1.4% to 7% — a four-decade high — under the Biden administration. During the interview, Yellen admitted that she desires lower price level increases as 2022 unfolds.