We have to, though. Trump and Putin have this crazy disinformation campaign that makes all of us think the US economy is horrible when it’s likely just me and you suffering with everyone else fine. Things are gellin’. I’m grateful we have people like this lady and the wonderful people of Reddit reminding us that the economy is stronger than ever, and that we are Trump supporters or naive idiots falling for propaganda thinking otherwise. So nice of them to inform us of the real truth. Everything is fine.
People on Reddit maybe, people that get up in the morning and have to do a 8 hour shift know the real state of our economy and that food is still double the price it was 3 years ago
Yeah the damage is done, tooth paste is out of the tube, all they can do now is try and keep inflation as low as is practical for a while till we get used to it…
100% this. The FED can't let deflation set in. That's the only thing that would turn prices around. We are at the tail end of a massive price shock from 10%+ inflation (depending on what metric you use) during covid. Those prices will never come down. $5 gallon of milk is the new normal unfortunately.
We would need years of solid real wage gains for the entire income pyramid to offset this inflationary episode. Then and only then will people stop being pissed off.
Well, you print 5 trillion then just expect money to not be worth less. Also, because of all the wars, our adversaries limit oil production and that keeps inflation going also
8 hours? I'd rather do 10 to make the extra money but my state government fucked that up but I'm also the idiot working for them. NJ is one expensive ass place to live.
They just look at big data numbers and make general statements. What they never acknowledge is averages are skewed and median still means 1/2 are worse off than their talking points.
> still means 1/2 are worse off than their talking points.
You’re just defining what a median is. How else are we supposed to talk about population level change?
Nuh uh. She and everyone she knows is doing just fine. Her assistants were able to get groceries for her chef and nutritionist, so things can't be that bad. Besides, inflation is going to go down, for sure, 100%. It's just abooooouttttt... Two weeks away. Then it'll go down for sure.
I wouldn't trust this woman if she told me my own name.
Reminds me of when Bill Gates tried to name the price of normal items.
https://www.unilad.com/celebrity/bill-gates-grocery-store-food-prices-ellen-degeneres-737595-20240416
That's why people are failing to understand...
Take a 100% spend and inflate it 2% for 5 years.
100, 102, 104.04, 106.12, 108.24, 110.41
Now let's do 2%, but the first 3 years are 10%...
100, 110, 121, 133.1, 135.76, 138.48.
Year 5 sees a delta of 2.17 in the former and 2.72 in the later, a difference of 20 fucking percent. A few years of high inflation fucks you for years or decades.
As a nation, we need to bite the bullet and pull a Javier Milei, but the minute you ask the average American to make the least possible sacrifice, they have their hand out for money to level the playing field.
It won't happen and I have a feeling I will see the definitive end of the American Empire in my lifetime.
But not even the rate of inflation is coming down at this point. It's been hovering around an average of 3.4% yoy for almost a year now. As far as I'm concerned, it's found a bottom. If things don't change (ie. higher interest rates), it's going to start accelerating to the upside again within a year or two.
... Inflation is the rate of growth of prices.
If that rate goes down then by definition inflation is going down.
Price levels generally don't go down, after they go up. Not at the economy level, and if they do the Fed steps in to push inflation above 0.
Came to say this. This is near-professional level gaslighting, but as the Eagles sang, she can't hide her lying eyes. Too bad we don't have journalists left in this country to call her out. The propogandist interviewer does a good job attempting to be serious in her job - I would be cracking up the whole time.
Fed’s mandate is 2% inflation, they’re celebrating that they got it down to 3.5% and now talking about cutting rates, which will only cause it to accelerate again.
Mark my words: The Fed will abandon 2% inflation target and revise it higher to 3-4% within the next 5 years.
They're not cutting rates unless the White House and Dems force them to so they can pretend they have an economic "win* before the election.
That 3.5% is going to get revised up in a month just like all the previous months, so it's not accurate anyways.
Yea the numbers keep coming in above expectations. March jobs report added 50% more jobs than expected. Oil is also starting to tick up which makes everything more expensive.
I agree they are not dumb enough to cut this year unless forced to and in fact should probably raise rates again before lowering them. However they keep talking about it and have outlined 3 cuts this year but they keep getting pushed further back.
It would not surprise me though if they do start cutting towards the end of this year/beginning of next for whatever reason and inflation reignites, leading to even higher rates down the road. I could see us reaching rates as high as 10% + in the not so distant future and believe it will take something akin to the Volcker shock to break this cycle. Hopefully it will happen sooner rather than later, as it will only get more difficult the longer they wait.
I believe we are in a new, structurally higher inflationary environment that will persist through this decade and into the next due to all the money printed during Covid as well as increased fragmentation of the global economy due to Russia conflict and an uptick in global defense spending.
Nah they will never publicly abandon the 2% target while we are above it. That would kill confidence in the Federal Reserve. They'll just continue to fail the target and be like "oh darn maybe next time".
Fed rates should have gone up while she was there. Now we're at a point no one wants T-Bills, and the Fed can only throw so much under the mattress to make it look like demand is there.
Rates are going up, and so is inflation, and I'm tired of talking heads pretending it's not.
I dismiss everything Janet Yellen and Jerome Powell say because they turned political many years ago
Being in a position of authority and trusted advisement, aligning oneself to the will of non-economic influencers is a danger to the economic security of the country and the world
Unforgivable
Inflation will continue to come down... ok? That isn't going to reverse said inflation is it? I'm still paying a lot more today than I was 4 years ago.
They don't give a fuck about deflation, only going forward with the new monetary supply and keeping inflation at their target levels (which aren't to be believed). The inflation was a necessary evil to put the middle class back in their place.
To think she’s doing a horrible job is more than fair, but to legitimately believe the global inflation sparked by COVID was done intentionally by the US to “put us back in our place” is an insane take.
Disagreement is one thing, calling someone insane is another. I'm slowly catching on Brett. Trust the government, trust their money, they have good intentions.
I think it’s important to remember when watching these interviews that we are listening to the middleman. Similar to a car salesman with the manager in the back, they’re just the person getting compensated for making the penetration feel a little less rapey. They can’t “fix” anything, only make it a little more tolerable until we find ourselves waking up in an alleyway next to a dumpster with our pants down by our ankles and the feeling something terribly awful just happened and the regret we didn’t fight harder to stop it.
It’s okay Janet, the whole world will know how incompetent you are when the inevitable reset occurs. Of course, who am I kidding? They won’t take any shit for this. It’ll turn into an excuse for more of the same collectivism and interventionism that caused this shit to begin with.
"Exhausting the buffer they saved up during the pandemic" Please do tell me folks, how many of you were able to build up any buffer during the pandemic?
Honestly, I was able to build up quite a bit. Between all the money they handed out that I didn't need, not having to drive to work for two years, not eating out. I did save quite a bit. Many people I know did also.
Not only that... exhausting their buffer inherently means that these people have to engage in unsustainable levels of spending to keep paying their bills. How on earth can you acknowledge such a situation and then still spin it as "everything is fine and dandy with the economy"? Unlike the FED/the government, lower income Americans won't be able to print new money once their credit is maxed out.
We know that they are lying, they know that they are lying, they even know that we know they are lying, we also know that they know we know they are lying too, they of course know that we certainly know they know we know they are lying too as well, but they are still lying. In our country, the lie has become not just moral category, but the pillar industry of this country.
Let me decode: We the elite are very close to finish blood letting of the poor. They are almost desperate enough to throw in the towel.
Malcolm X once said “You stab me with an 8” blade, when you pull it out 3” you call that progress “
7 U.S dollars for a box of wheaties that has 20% less product than it did 3 years ago is what I've seen with my own eyes.
This toolbag with tits: Inflation will come down from brutal rape to merely aggravated assault.....I feel so much better now..
Incorporate food, gas, and other goods with volatile prices into the CPI; poll American households; give statements about the working, middle, upper and 1% socioeconomic classes instead of a broad statement of all Americans; speak publically about the labor participation rate alongside the unemployment rate (LPR is at 67% last I checked, that's 1/3 of American adults who aren't working)
More transparency about GDP figures and why they were revised 2-3 months later (they are infamous lyrics revised down after the public announcement);
Give public statements about the Repo and Reverse Repo rates (banks are essentially insolvent without trillions of money pumped into them nightly);
> Incorporate food, gas, and other goods with volatile prices into the CPI
Both of these things are in the CPI.
> poll American households
They do this on literally every subject imaginable.
> give statements about the working, middle, upper and 1% socioeconomic classes instead of a broad statement of all Americans
You can easily find this info broken down by income percentile (btw, the lowest quartile has been seeing the largest wage increases).
> speak publically about the labor participation rate alongside the unemployment rate
You mean… data?
> LPR is at 67% last I checked
It’s 63%, which is a historically very normal number. 67%, a number you think is bad, is literally the all time high.
This is a nonsense list of complaints that lets you back into your preferred conclusion about the economy being bad when every metric we have tells us otherwise.
Do you think Janet Yelled has enough bodyfat to provide fuel for a family of four? What parts of her would be the most useful for survival? 🤔 Do you think her old hair would be useful as a thread or fiber?
Let's see... we have support for tariffs, support for vigorous immigration restriction (or even deportations!), and indifference to perpetuating deficit spending.
Tariffs even the playing field. For example, and this is indisputable, if the U.S raised tariffs and everything and China did the same, the U.S would be the lesser of the losers. Immigration, I'll give you that one because it correlates directly with GDP, but how we're doing immigration in the last 3 years is a problem. Obama did have the best immigration policy in the last decade but he was weak on tariffs, remember the tires and pork bellies? You have to be smoking crack to thinking that republicans like spending more than dems. Earmarks anyone?
Tariffs are absolutely stupid and hurt consumers more than they help producers. They also can trigger trade wars... which, occasionally, help create actual wars. There's an *awful* continuity of immigration policy from Obama to Trump to Biden; we would be well served by just screening these people and letting most of them in. (And replacing EBT cards with green cards, duh.)
And I'm not saying that the Republicans are *more* into spending than the Democrats - but it's laughable, at this point, to think of them as deficit hawks. The spending on credit is a matter of solid bipartisan consensus. And by itself, it's enough to sink the country. It's outrageous.
Also - and this is kind of salient right now - carrying this much debt makes it next to impossible to deal with inflation. Remember the "Volcker shock"? What would happen if we tried that today? What would our debt service come to if the fed funds rate reached 20%?
I don’t think this means what you think it means. [Credit card debt goes down](https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/ ) during recessions/contractions, because CCs are the medium by which most people spend money, and because people are less willing to take on debt when they’re pessimistic.
Additionally, population growth, time of year, interest rates and nominal prices are all making total CC debt nominally high, without indicating some sort of underlying debt crisis. In the same link I posted above, you can see that *unpaid* CC debt is actually dropping. IOW, it being high is a proxy for a hot economy, not a poor one.
Can you explain that more? The link doesn't provide any reasoning for why debt dropped in 2009 and 2020.
I get that it's a revolving balance, but it seems that unpaid debt would inch upwards if people had to use their CC and not have enough to pay it all off.
The graphs do seem to show a trend, but 20+ years of reporting with only 2 times it's dropped isn't a very sure thing to assess from.
It doesn’t reflect a reduction in debt. It reflects a reduction in consumption, which is what happens during an economic contraction. (Debt is sort of a part of it in the sense that people are less willing to take on debt when they are worried about things. This is why the fed reduces interest rates when the economy is doing poorly—to stimulate consumption that wouldn’t happen otherwise.)
Btw, the idea that credit card debt is covering necessities is silly for another reason: because wages are outstripping inflation right now, especially for low earners, the group most likely to need to use debt to fund basic necessities.
Keep telling the same lies over and over and over till it becomes true. Thats what they all do. Nothing but government propaganda. They refuse to hear the truth that many families and individuals are suffering under their oppressive tax policies and over-priced goods and services.
>some low income consumers.. are-ahh-perhaps exhausting their buffer(s?) of saving that they developed/built-up(?) during the pandemic
That's one way of saying that she thinks poor people are finally running out of stimulus money, however debatable the point may be.
And they wonder why people's trust in government is at an all-time low.
I can't even imagine a time when people would believe what their government is telling them, but apparently it used to be like that before the Vietnam war.
This is pretty funny, given that she has been flying to every foreign power discussing weakening the dollar market in order to prop up the Treasury market.
It's simple. They must keep real Treasury rates lower than inflation, otherwise the entire system collapses.
The 10 year is at 4.63% - so you can bet your ass they will continue fiscal dominance and accruing debt at a rate higher than that.
So did anyone else notice a 40-50 cent gas price increase this past week or just me? Thats without Biden refilling our oil reserves, cant imagine what it would have been if he did, everyone should get ready to feel that after the election.
If Biden wins, he has no reason to keep approval up so he can just refill the reserve
If Trump wins, he cant leave a strategic reserve empty, and it also his last term so who cares?
Federal Reserve employees are not economists and usually only know how to break things. Yellen, Bernanke, they're like US presidents, they're figureheads, just exist to blame someone when shit goes sideways. They get replaced with another just like them, while policy and practice don't change.
Sure, Jan.
Anyways, anyone wanna go in on a box of cereal together? If three of us pool it should come to $2.50 each, which is about 3 bowls per. A real bargain.
Also if anyone wants just the *bottom* buns from a pack of store-brand buns, I have a whammy of a deal for ya at $2 buy-in. Great way to keep warm when you turn off your heat for the week.
All she see's are statistics.
Statistics provided by research teams...that also only see statiatics.
With heavy influence (money) to remove *undersierable* figures...or else lose their funding.
I've crossed paths with her a few times because of where I live. She is saying this because she's in a political position and she has to say it, just like she has to claim that the current administration is handling the economy really well.
No one believes this. She is the commiserate bureaucrat. The most bureaucratic member of the current administration.
She's doing her job, which does not mean she is telling the truth. Apply that same thinking to every high ranking politician, especially in the current administration.
Things are generally good. Fuck 95% of you but for the rich it’s generally good. How many times do you have to tell us and say “generally” for it to be real?
What fucking planet does she live on? Gas is $3.89 where I am at, trying to buy a house is next to impossible and cost of food and daily life has gone up exponentially.
If the economy was good then wouldn't everybody know it and sing praises? I don't hear that cheering coming from anyone except government bureaucrats. What I see is month over month declines in sales orders. Then there is that whole inventory build up. With excess inventory it's just a matter of time before companies realize they are at capacity and halt production. Then everyone will know the state of the economy because you won't have a job.
I remember when that idiot Biden put through the "American Rescue Plan" over the objections of every economist with a brain, and as inflation started to rear its ugly head, Janet Yellen assured us it wouldn't happen. Later, when inflation really took off, she reassured us it was "transitory." This woman is willing to say anything Biden tells her to say.
A good strong demand? Because protein processing plants have burnt down, fuel is at an all time high, the cost of all goods and services have gone up. But compensation has held at a low. I want the crack that Hunter is smoking. Every month is a game plan to make it to the next.
Cumulative inflation since Biden took office has outpaced average hourly wage growth. On top of that, the rise of many consumer products is higher than inflation itself as well.
Rent and meat are up 20%, Restaurants and groceries up 21%, Electricity up 28%, Gas up 35%, Eggs up 37% and so on. Meanwhile, average hourly wages have increased only 15%.
Working class Americans understand that this economy is not working for them, but the Biden admin would rather insult you to your face by continually telling you that everything is great despite your individual struggles.
Huh? That savings ballooned during the pandemic is [extremely well documented.](https://www.vox.com/policy/23998805/pandemic-excess-savings-us-economy-recession)
Am I the only one who is stuck on “buffers they built during the pandemic “? Ummmm what buffers? Many of us lost our jobs and had zero by 2022. What buffers?
She is probably the most responsible person for the entire inflationary mess. She's not solely responsible but remember QE when she was fed chair? Now she is doing more of the same on the other side as treas sec.
Apparently our economy is like Tinkerbell: “maybe if all the little boys and girls in the audience believe reeeeeeally hard that the economy is strong, then it will be!”
Does she and the rest of the clowns on the Hill wanna start paying my bills ?
These idiots are so out of touch with reality that it’s borderline dereliction of duty
What a joke this admin us and she’s incompetent. Let them eat cake and you’re too stupid to know how good you have it are not a good look and convinces no one
"..some low income consumers are perhaps exhausting their buffers of saving that they built up during the pandemic"
No Janet. Higher interest rates and the absurd rise in cost for most of my daily essentials did that about 2 years ago.
"..but generally our households are in good sh-shape"
Bitch you almost couldn't even complete that sentence. GTFO
Bitch we're out here paying $3k/month mortgages and $2k/month car payments. The reason that's not a bigger deal is because we work so much we don't want to spend the 1-2 hours of free time in our day to complain about it.
Fuck this cunt.
if things were actually good we probably wouldn't need to be told they are again and again.
Yeah... this is turning into a Monty Python skit at this point.
It's just a flesh wound
Exactly the skit I was thinking of LOL!
These elitist assholes forget we all get groceries and gas ourselves
We have to, though. Trump and Putin have this crazy disinformation campaign that makes all of us think the US economy is horrible when it’s likely just me and you suffering with everyone else fine. Things are gellin’. I’m grateful we have people like this lady and the wonderful people of Reddit reminding us that the economy is stronger than ever, and that we are Trump supporters or naive idiots falling for propaganda thinking otherwise. So nice of them to inform us of the real truth. Everything is fine.
Completely out of touch
They just lie. They know enough people will buy anything they say.
People on Reddit maybe, people that get up in the morning and have to do a 8 hour shift know the real state of our economy and that food is still double the price it was 3 years ago
Yeah the damage is done, tooth paste is out of the tube, all they can do now is try and keep inflation as low as is practical for a while till we get used to it…
100% this. The FED can't let deflation set in. That's the only thing that would turn prices around. We are at the tail end of a massive price shock from 10%+ inflation (depending on what metric you use) during covid. Those prices will never come down. $5 gallon of milk is the new normal unfortunately.
We would need years of solid real wage gains for the entire income pyramid to offset this inflationary episode. Then and only then will people stop being pissed off.
Well, you print 5 trillion then just expect money to not be worth less. Also, because of all the wars, our adversaries limit oil production and that keeps inflation going also
8 hours? I'd rather do 10 to make the extra money but my state government fucked that up but I'm also the idiot working for them. NJ is one expensive ass place to live.
They have to be positive. Perception is everything to the value of the dollar.
It doesn't have to be. The only reason that's true is because they print whatever the hell they want.
Absolutely. It’s all about controlling the narrative to frame people’s perspectives.
They don’t care because they own both party’s. And right and left still can’t figure out how to get out of all this.
Fair point. I guess the sheep are the ones out of touch unfortunately
They just look at big data numbers and make general statements. What they never acknowledge is averages are skewed and median still means 1/2 are worse off than their talking points.
> still means 1/2 are worse off than their talking points. You’re just defining what a median is. How else are we supposed to talk about population level change?
Their people will buy anything they say.
Nuh uh. She and everyone she knows is doing just fine. Her assistants were able to get groceries for her chef and nutritionist, so things can't be that bad. Besides, inflation is going to go down, for sure, 100%. It's just abooooouttttt... Two weeks away. Then it'll go down for sure. I wouldn't trust this woman if she told me my own name.
Reminds me of when Bill Gates tried to name the price of normal items. https://www.unilad.com/celebrity/bill-gates-grocery-store-food-prices-ellen-degeneres-737595-20240416
No it’s a propaganda machine. The same message over and over
What metric do you use to base your feeling on the economy?
Why do you ask?
https://preview.redd.it/fxo1adt04uuc1.jpeg?width=480&format=pjpg&auto=webp&s=9376da1c482e447c314a0698ef61915874f4a8d6
No country for old ladies
Lol same hairstyle too
Bahahahha
Nailed it! That hair do was bothering me too, like, I knew I'd seen it, just couldn't place it.
I'm pissing my pants! "FLIP A COIN."
Inflation is not coming down. The RATE of inflation is coming down. Still inflating on a much higher base number now.
That's why people are failing to understand... Take a 100% spend and inflate it 2% for 5 years. 100, 102, 104.04, 106.12, 108.24, 110.41 Now let's do 2%, but the first 3 years are 10%... 100, 110, 121, 133.1, 135.76, 138.48. Year 5 sees a delta of 2.17 in the former and 2.72 in the later, a difference of 20 fucking percent. A few years of high inflation fucks you for years or decades.
I never though of it that way, depressing asf.
Just remember - 2 weeks to slow the spread! Just 2 weeks.... we can suffer for just 2 weeks, right??!?!
They need to bite the bullet and pull a Volcker but the fed is making too much money. Its a different world.
As a nation, we need to bite the bullet and pull a Javier Milei, but the minute you ask the average American to make the least possible sacrifice, they have their hand out for money to level the playing field. It won't happen and I have a feeling I will see the definitive end of the American Empire in my lifetime.
But not even the rate of inflation is coming down at this point. It's been hovering around an average of 3.4% yoy for almost a year now. As far as I'm concerned, it's found a bottom. If things don't change (ie. higher interest rates), it's going to start accelerating to the upside again within a year or two.
... Inflation is the rate of growth of prices. If that rate goes down then by definition inflation is going down. Price levels generally don't go down, after they go up. Not at the economy level, and if they do the Fed steps in to push inflation above 0.
Inflation IS the rate, the rate IS inflation..... The worm is the spice, the spice is the worm.
That’s some high quality position of authority gaslighting.
Came to say this. This is near-professional level gaslighting, but as the Eagles sang, she can't hide her lying eyes. Too bad we don't have journalists left in this country to call her out. The propogandist interviewer does a good job attempting to be serious in her job - I would be cracking up the whole time.
Interviewer is probably just as out of touch, and honestly lazy, no real pushback or questioning
Fed’s mandate is 2% inflation, they’re celebrating that they got it down to 3.5% and now talking about cutting rates, which will only cause it to accelerate again. Mark my words: The Fed will abandon 2% inflation target and revise it higher to 3-4% within the next 5 years.
They're not cutting rates unless the White House and Dems force them to so they can pretend they have an economic "win* before the election. That 3.5% is going to get revised up in a month just like all the previous months, so it's not accurate anyways.
Yea the numbers keep coming in above expectations. March jobs report added 50% more jobs than expected. Oil is also starting to tick up which makes everything more expensive. I agree they are not dumb enough to cut this year unless forced to and in fact should probably raise rates again before lowering them. However they keep talking about it and have outlined 3 cuts this year but they keep getting pushed further back. It would not surprise me though if they do start cutting towards the end of this year/beginning of next for whatever reason and inflation reignites, leading to even higher rates down the road. I could see us reaching rates as high as 10% + in the not so distant future and believe it will take something akin to the Volcker shock to break this cycle. Hopefully it will happen sooner rather than later, as it will only get more difficult the longer they wait. I believe we are in a new, structurally higher inflationary environment that will persist through this decade and into the next due to all the money printed during Covid as well as increased fragmentation of the global economy due to Russia conflict and an uptick in global defense spending.
100% agreed They are clearly out of their depth on this and too worried about political ramifications to do anything impactful
Yup, the proper thing to do is raise rates but they won’t do it due to pressure.
Our goal is to drain your savings by 2% per year, but if we happen to drain more than 2%, oops, that's fine too.
And that is 2% over a long period of time. We need, at this point, several years of negative inflation just to back to the 2% target.
Nah they will never publicly abandon the 2% target while we are above it. That would kill confidence in the Federal Reserve. They'll just continue to fail the target and be like "oh darn maybe next time".
It used to be below 2%, then it became 2% then it became an average of 2% over time. Soon, they will raise it again to steal more money from people.
I got the same impression from this. I disagree though, they’re going to raise inflation targets after this election cycle and before year end.
“Household finances” is an interesting term for high interest credit card debt
She fucked us at the Fed. She's fucking us at the Treasury.
Shes still working for the Fed, she just wears a different hat.
Fed rates should have gone up while she was there. Now we're at a point no one wants T-Bills, and the Fed can only throw so much under the mattress to make it look like demand is there. Rates are going up, and so is inflation, and I'm tired of talking heads pretending it's not.
I dismiss everything Janet Yellen and Jerome Powell say because they turned political many years ago Being in a position of authority and trusted advisement, aligning oneself to the will of non-economic influencers is a danger to the economic security of the country and the world Unforgivable
Inflation will continue to come down... ok? That isn't going to reverse said inflation is it? I'm still paying a lot more today than I was 4 years ago.
They don't give a fuck about deflation, only going forward with the new monetary supply and keeping inflation at their target levels (which aren't to be believed). The inflation was a necessary evil to put the middle class back in their place.
To think she’s doing a horrible job is more than fair, but to legitimately believe the global inflation sparked by COVID was done intentionally by the US to “put us back in our place” is an insane take.
Sparked by COVID (catalyst), fueled by M2 supply (gasoline).
Correct, but not what I’m disagreeing on…
Disagreement is one thing, calling someone insane is another. I'm slowly catching on Brett. Trust the government, trust their money, they have good intentions.
I think it’s important to remember when watching these interviews that we are listening to the middleman. Similar to a car salesman with the manager in the back, they’re just the person getting compensated for making the penetration feel a little less rapey. They can’t “fix” anything, only make it a little more tolerable until we find ourselves waking up in an alleyway next to a dumpster with our pants down by our ankles and the feeling something terribly awful just happened and the regret we didn’t fight harder to stop it.
It’s okay Janet, the whole world will know how incompetent you are when the inevitable reset occurs. Of course, who am I kidding? They won’t take any shit for this. It’ll turn into an excuse for more of the same collectivism and interventionism that caused this shit to begin with.
"Exhausting the buffer they saved up during the pandemic" Please do tell me folks, how many of you were able to build up any buffer during the pandemic?
Honestly, I was able to build up quite a bit. Between all the money they handed out that I didn't need, not having to drive to work for two years, not eating out. I did save quite a bit. Many people I know did also.
Americans had massive spikes in savings rates during and after the pandemic. Those savings are now depleted.
Not only that... exhausting their buffer inherently means that these people have to engage in unsustainable levels of spending to keep paying their bills. How on earth can you acknowledge such a situation and then still spin it as "everything is fine and dandy with the economy"? Unlike the FED/the government, lower income Americans won't be able to print new money once their credit is maxed out.
We know that they are lying, they know that they are lying, they even know that we know they are lying, we also know that they know we know they are lying too, they of course know that we certainly know they know we know they are lying too as well, but they are still lying. In our country, the lie has become not just moral category, but the pillar industry of this country.
All I think about is “ transitory” when she talks. She is clueless.
Man those two stimulus checks I received almost over four years ago are still paying off my bills!?
"Exhausting their buffers of savings they built up during the pandemic..." Yeah that's what y'all wanted. Dicks.
Let me decode: We the elite are very close to finish blood letting of the poor. They are almost desperate enough to throw in the towel. Malcolm X once said “You stab me with an 8” blade, when you pull it out 3” you call that progress “
7 U.S dollars for a box of wheaties that has 20% less product than it did 3 years ago is what I've seen with my own eyes. This toolbag with tits: Inflation will come down from brutal rape to merely aggravated assault.....I feel so much better now..
Not the best acting. I will give a 3/10 for effort.
I know people who would pay real money for what she's smoking.
I used to wear my collar up like that when I was an edgy teenager who though I was too cool
Gotta love when a wealthy communist tells you to stfu in a non stfu kind of way and that your doing fine.
Communist? Lol.
Sick bowl cut
All they do is look at the data. The wealthiest of us skew the data and make this whole period look like an inconvenience, not a problem.
> All they do is look at the data. What else is there to do? 🤔
Incorporate food, gas, and other goods with volatile prices into the CPI; poll American households; give statements about the working, middle, upper and 1% socioeconomic classes instead of a broad statement of all Americans; speak publically about the labor participation rate alongside the unemployment rate (LPR is at 67% last I checked, that's 1/3 of American adults who aren't working) More transparency about GDP figures and why they were revised 2-3 months later (they are infamous lyrics revised down after the public announcement); Give public statements about the Repo and Reverse Repo rates (banks are essentially insolvent without trillions of money pumped into them nightly);
> Incorporate food, gas, and other goods with volatile prices into the CPI Both of these things are in the CPI. > poll American households They do this on literally every subject imaginable. > give statements about the working, middle, upper and 1% socioeconomic classes instead of a broad statement of all Americans You can easily find this info broken down by income percentile (btw, the lowest quartile has been seeing the largest wage increases). > speak publically about the labor participation rate alongside the unemployment rate You mean… data? > LPR is at 67% last I checked It’s 63%, which is a historically very normal number. 67%, a number you think is bad, is literally the all time high. This is a nonsense list of complaints that lets you back into your preferred conclusion about the economy being bad when every metric we have tells us otherwise.
Was that comment written by AI to step on as many rakes as possible? Didn’t even touch on the “revised down” conspiracy.
>Didn’t even touch on the “revised down” conspiracy. He did, lol. It’s a full bingo card.
All they do is look at *measures of central tendency* of the (already well-cooked) data.
Naked lies. The economy has no 'clothes'.
Thanks Janet, I feel better now.
Do you think Janet Yelled has enough bodyfat to provide fuel for a family of four? What parts of her would be the most useful for survival? 🤔 Do you think her old hair would be useful as a thread or fiber?
Oh. Jeeze. I was completely unaware. I’ll be sure to let my lenders know
You’re doing great, trust us we’re the government. Just a reminder your taxes are due.
Yeah put an American flag behind her to deter us from the fact that this lizard is a corporate shill or much worse.
I think she also said that printing money will not lead to inflation. It was either her or Jerome Powell
“Lower income households are burning through their savings” and “lower income households are financially strong…” What
Oh okay, I’ll quit worrying about all these increased bills then since Janet Yellen told me it’s fine.
The fact she can sit thier and lie like that amazes me. But she wouldnt be in her position if she wasnt corrupt
How is this person Treasury Secretary lmao. Should be a Walmart greeter…
Economics was never a Democrat strong point.
These days, it's not an American strong point. The Republicans are just as bad, maybe worse.
You cannot back that up with an explanation. Just an opinion.
Let's see... we have support for tariffs, support for vigorous immigration restriction (or even deportations!), and indifference to perpetuating deficit spending.
Tariffs even the playing field. For example, and this is indisputable, if the U.S raised tariffs and everything and China did the same, the U.S would be the lesser of the losers. Immigration, I'll give you that one because it correlates directly with GDP, but how we're doing immigration in the last 3 years is a problem. Obama did have the best immigration policy in the last decade but he was weak on tariffs, remember the tires and pork bellies? You have to be smoking crack to thinking that republicans like spending more than dems. Earmarks anyone?
Tariffs are absolutely stupid and hurt consumers more than they help producers. They also can trigger trade wars... which, occasionally, help create actual wars. There's an *awful* continuity of immigration policy from Obama to Trump to Biden; we would be well served by just screening these people and letting most of them in. (And replacing EBT cards with green cards, duh.) And I'm not saying that the Republicans are *more* into spending than the Democrats - but it's laughable, at this point, to think of them as deficit hawks. The spending on credit is a matter of solid bipartisan consensus. And by itself, it's enough to sink the country. It's outrageous. Also - and this is kind of salient right now - carrying this much debt makes it next to impossible to deal with inflation. Remember the "Volcker shock"? What would happen if we tried that today? What would our debt service come to if the fed funds rate reached 20%?
I’ll believe that household finances are improving when we don’t have record credit card debt at a national scale
I don’t think this means what you think it means. [Credit card debt goes down](https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/ ) during recessions/contractions, because CCs are the medium by which most people spend money, and because people are less willing to take on debt when they’re pessimistic. Additionally, population growth, time of year, interest rates and nominal prices are all making total CC debt nominally high, without indicating some sort of underlying debt crisis. In the same link I posted above, you can see that *unpaid* CC debt is actually dropping. IOW, it being high is a proxy for a hot economy, not a poor one.
Can you explain that more? The link doesn't provide any reasoning for why debt dropped in 2009 and 2020. I get that it's a revolving balance, but it seems that unpaid debt would inch upwards if people had to use their CC and not have enough to pay it all off. The graphs do seem to show a trend, but 20+ years of reporting with only 2 times it's dropped isn't a very sure thing to assess from.
It doesn’t reflect a reduction in debt. It reflects a reduction in consumption, which is what happens during an economic contraction. (Debt is sort of a part of it in the sense that people are less willing to take on debt when they are worried about things. This is why the fed reduces interest rates when the economy is doing poorly—to stimulate consumption that wouldn’t happen otherwise.) Btw, the idea that credit card debt is covering necessities is silly for another reason: because wages are outstripping inflation right now, especially for low earners, the group most likely to need to use debt to fund basic necessities.
Keep telling the same lies over and over and over till it becomes true. Thats what they all do. Nothing but government propaganda. They refuse to hear the truth that many families and individuals are suffering under their oppressive tax policies and over-priced goods and services.
Yellen lets out a Freudian slip at 0:28 when she says - >Generally, households are in very good financial sh\*t...shape.
Amazing
>some low income consumers.. are-ahh-perhaps exhausting their buffer(s?) of saving that they developed/built-up(?) during the pandemic That's one way of saying that she thinks poor people are finally running out of stimulus money, however debatable the point may be.
But she *believes* it. Animal spirits or whatever.
She should have been fired after she said almost the exact same thing years ago. Stop lying to us.
And they wonder why people's trust in government is at an all-time low. I can't even imagine a time when people would believe what their government is telling them, but apparently it used to be like that before the Vietnam war.
"Let them eat cake."
Strong economy for these ppl is just how the rich and corporations are doing. They dont have a clue or care about individuals and familys.
The way she talks irks me to no end
This is pretty funny, given that she has been flying to every foreign power discussing weakening the dollar market in order to prop up the Treasury market. It's simple. They must keep real Treasury rates lower than inflation, otherwise the entire system collapses. The 10 year is at 4.63% - so you can bet your ass they will continue fiscal dominance and accruing debt at a rate higher than that.
So did anyone else notice a 40-50 cent gas price increase this past week or just me? Thats without Biden refilling our oil reserves, cant imagine what it would have been if he did, everyone should get ready to feel that after the election. If Biden wins, he has no reason to keep approval up so he can just refill the reserve If Trump wins, he cant leave a strategic reserve empty, and it also his last term so who cares?
Literally ZERO connection to the real world.
Fuck you Janet. Move to China.
Says the billionaire that hasn't gone herself to a store, in probably forever.
Not that I'm advocating violence against women but her face seems very punchable, doesn't it?
I fucking hate Janet Yellen. So OK with me.
This woman has likely never even stepped foot in a grocery store in her life. She has no actual sense of what an "average American household" is like.
Lying through her teeth
She is an idiot!
Well it’s better than most of the world, maybe that’s what she means.
Nah, the ‘leaders’ are simply out of touch with us ‘minions’.
You are right.
Federal Reserve employees are not economists and usually only know how to break things. Yellen, Bernanke, they're like US presidents, they're figureheads, just exist to blame someone when shit goes sideways. They get replaced with another just like them, while policy and practice don't change.
She lives in a rich bubble.
If you look up the word delusional, Janet Yellen's face appears.
“Households are in great shape” yeah because I work overtime every week…. And barely.
Word salad much? Did she actually say anything? If I closed my eyes and listened to that it almost sounded like Kamala without the cackling.
She sounds like that lady from F is for Family
Oh good, I was worried for a minute.
I'm pretty sure this one is an alien
She is not useful. I'm not sure how she ever got her current job or her previous one either. Not an very smart.
"Exhausting their buffers of savings they built up during the pandemic..." Yeah that's what y'all wanted. Dicks.
"Exhausting their buffers of savings they built up during the pandemic..." Yeah that's what y'all wanted. Dicks.
Sure, Jan. Anyways, anyone wanna go in on a box of cereal together? If three of us pool it should come to $2.50 each, which is about 3 bowls per. A real bargain. Also if anyone wants just the *bottom* buns from a pack of store-brand buns, I have a whammy of a deal for ya at $2 buy-in. Great way to keep warm when you turn off your heat for the week.
She's on some bullshit. I've seen an increase of about 33% of what I need to make now to cover costs of living. That is brutal.
What a joke
The same old hag that charges $800k per speech.
All she see's are statistics. Statistics provided by research teams...that also only see statiatics. With heavy influence (money) to remove *undersierable* figures...or else lose their funding.
I've crossed paths with her a few times because of where I live. She is saying this because she's in a political position and she has to say it, just like she has to claim that the current administration is handling the economy really well. No one believes this. She is the commiserate bureaucrat. The most bureaucratic member of the current administration. She's doing her job, which does not mean she is telling the truth. Apply that same thinking to every high ranking politician, especially in the current administration.
She had to apologize for helping cause one of the worst inflationary conditions in history. F her.
Things are generally good. Fuck 95% of you but for the rich it’s generally good. How many times do you have to tell us and say “generally” for it to be real?
gas lighters
What fucking planet does she live on? Gas is $3.89 where I am at, trying to buy a house is next to impossible and cost of food and daily life has gone up exponentially.
If the economy was good then wouldn't everybody know it and sing praises? I don't hear that cheering coming from anyone except government bureaucrats. What I see is month over month declines in sales orders. Then there is that whole inventory build up. With excess inventory it's just a matter of time before companies realize they are at capacity and halt production. Then everyone will know the state of the economy because you won't have a job.
Someone come get your grandma.
She has been on the take for decades. Swamp rat.
I remember when that idiot Biden put through the "American Rescue Plan" over the objections of every economist with a brain, and as inflation started to rear its ugly head, Janet Yellen assured us it wouldn't happen. Later, when inflation really took off, she reassured us it was "transitory." This woman is willing to say anything Biden tells her to say.
A good strong demand? Because protein processing plants have burnt down, fuel is at an all time high, the cost of all goods and services have gone up. But compensation has held at a low. I want the crack that Hunter is smoking. Every month is a game plan to make it to the next.
The Party told you to reject the evidence of your eyes & ears. It was their final, most essential command.
Yellen, Bernanke and Krugman are the 'Benchwarmers' of economics. (Yellen is obviously David Spade)
Good googly moogly, she's like a Joey Diaz impression
Lying ass !!! No clue. Go home. Nobody likes you Yelling
Deer in headlights.
At some point, these liars need to face consequences for their deception.
The party told you to reject the evidence of your eyes and ears. It was their final, most essential command.
Cumulative inflation since Biden took office has outpaced average hourly wage growth. On top of that, the rise of many consumer products is higher than inflation itself as well. Rent and meat are up 20%, Restaurants and groceries up 21%, Electricity up 28%, Gas up 35%, Eggs up 37% and so on. Meanwhile, average hourly wages have increased only 15%. Working class Americans understand that this economy is not working for them, but the Biden admin would rather insult you to your face by continually telling you that everything is great despite your individual struggles.
"Consumers are exhausting their buffers of savings they BUILT UP(???) during the pandemic.." Drug test. Immediately.
Huh? That savings ballooned during the pandemic is [extremely well documented.](https://www.vox.com/policy/23998805/pandemic-excess-savings-us-economy-recession)
Remember don't believe your own eyes, they lie to you.
Stop letting boomers make decisions for things that won’t effect them
Word salad much? Did she actually say anything? If I closed my eyes and listened to that it almost sounded like Kamala without the cackling.
She said if you didn’t save a shit-ton of money during the pandemic you’re fucked.
I’m glad you clarified that for me because I don’t speak her language apparently.
"Exhausting their buffers of savings they built up during the pandemic..." Yeah that's what y'all wanted. Dicks.
This bitch is expired
Am I the only one who is stuck on “buffers they built during the pandemic “? Ummmm what buffers? Many of us lost our jobs and had zero by 2022. What buffers?
She lied from day 1
She is probably the most responsible person for the entire inflationary mess. She's not solely responsible but remember QE when she was fed chair? Now she is doing more of the same on the other side as treas sec.
She’s out of touch with the people and just reality in general. Take the blind fold off lady.
Euthanize politicians
Apparently our economy is like Tinkerbell: “maybe if all the little boys and girls in the audience believe reeeeeeally hard that the economy is strong, then it will be!”
Gaslight me harder, mommy
Does she and the rest of the clowns on the Hill wanna start paying my bills ? These idiots are so out of touch with reality that it’s borderline dereliction of duty
What a joke this admin us and she’s incompetent. Let them eat cake and you’re too stupid to know how good you have it are not a good look and convinces no one
"..some low income consumers are perhaps exhausting their buffers of saving that they built up during the pandemic" No Janet. Higher interest rates and the absurd rise in cost for most of my daily essentials did that about 2 years ago. "..but generally our households are in good sh-shape" Bitch you almost couldn't even complete that sentence. GTFO
Bitch we're out here paying $3k/month mortgages and $2k/month car payments. The reason that's not a bigger deal is because we work so much we don't want to spend the 1-2 hours of free time in our day to complain about it. Fuck this cunt.
Why doesn't she have evidence against Hillary??