Biden Treasury Secretary Doesn’t ‘See Any Signs’ Of An Economic Downturn

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Four days after The New York Post ran the headline“It’s STILL The Economy Stupid!” with the Post among multiple other outlets reporting the disasterous findings of the U.S. Census Bureau that the number of Americans are living under poverty level has increased for the first time in three years, Biden Treasury Secretary Janet Yellen just told the nation she did not “see any signs the economy is at risk of a downturn” during a Monday interview on CNBC.

No, no, that’s not urine cascading down from on high, surely, its just the rain.

According to The Western Journal, citing the Census Bureau report obtained by USA Today, in the year 2022, 12.4 percent of the American people lived either at or below the federally designated poverty level, almost double the 2021 figure of 7.8%. Concurrently U.S. household income fell from $76,330 to $74,580 or $1,750. from its pre-COVID, Trump-Era peak, a year before Biden was sworn in. It has also subsequently dropped a precipitous 4.7%, or more than $4,000, according to the Post.

But don’t tell that to Yellen, our 77-year-old Treasury Secretary who told “Squawk on the Street” co-anchor Sara Eisen on Monday,

“We still have a good healthy labor market, consumer spending remains quite robust,”

“We’ve seen strong industrial production. I don’t see any signs that the economy is at risk of a downturn. And this is the best of all worlds, to see continued strength in the economy, a good strong labor market, and inflation moving down. And that is what we’re seeing.”

Certainly, don’t interrupt her long enough to say that in fact, unemployment increased to 3.8% in August, per the Bureau of Labor Statistics, according to our friends at the DC Enquirer. And definitely don’t remind her that approximately 60% of Americans live paycheck-to-paycheck, according to LendingClub.com.

She has just the thing for that after all, reminding the CNBC viewers that “Credit continues to be available, although the rates are clearly higher. That does make a difference in it. It has — it has made a difference in some sectors,” Yellen said.

She went on to remind Americans though that this is only a “slowdown,” a “cooling in the economy” from “record high levels, which is appropriate.” Just remember that when you’re paying $3.50+ for a gallon of milk and $6.25+ for a gallon of gas, its all just “appropriate” “cooling in the economy”

She said,

“But you know, we’re seeing some cooling in the economy, some slowdown of growth off record high levels, which is appropriate when the economy is operating at its potential. So I’m pleased by what I see in the economy. I — I think we’re achieving lower inflation, which is, of course, very important to households and a tremendously important objective, but still a good strong labor market.”

The Consumer Price Index jumped up by another 3.7% in August following a 3.2% increase in July, to a number that has already been steadily increasing since 2019 according to the Bureau of Labor Statistics.

Here at AGR, we previously told you how Dr. E.J. Antoni explain President Joe Biden’s claims that ‘Bidenomics’ is working, is “an utterly appalling claim for an American president to make right now, given the state of the housing market. The American Dream is owning your own home, and the policies of this administration have made that all but impossible for nearly an entire generation of Americans."

We told you that while Biden claims that Americans "aren't just finding more jobs," but are finding “higher-paying jobs” Antoni reminded Fox Business, that the average mortgage on a mid-sized home was $979 at the end of the Trump Administration. Today it’s $2,075, an eye-watering 112% jump in less than three years. No manner of “higher paying job” for most Americans can withstand that sort of increase.

By comparison, Yellen claiming that the current American economy is “the best of all worlds,” goes beyond appalling. It’s a slap in the face, a proverbial kick in the family jewels, assuming you haven’t had to hock them yet, it is a supreme, scathing insult to the very same Americans who felt the call against “The Rich Men North of Richmond,” in their very souls. We’ve already heard, ‘let them buy electric’ from this administration, and now we’re hearing that ‘Bidenomics’ is working and that what American families are dealing with today is not only “appropriate,” but apparently desirable.

This is ‘let them eat cake’ on steroids.

Economy, Fiscal Policy, National, DemocratMatthew HollowayNational, Economy, Joe Biden