Biden Treasury Sec. Yellen claims economy is in new phase of ‘recovery’

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Treasury Secretary Janet Yellen claimed the United States economy is in a “new phase” of “recovery” and insisted that household finances for Americans remain in good shape.

This was despite the Bureau of Economic Analysis reporting Thursday that GDP (gross domestic product) had contracted for the second consecutive quarter, meeting a widely accepted rule of thumb for defining a recession.

“If you look at the economy, job creation continues, household finances remain strong, consumers are spending and businesses are growing,” she said.

Yellen’s personal household finances may be strong (TBEN reports she’s worth $20 million), but she’s a lot, way out of range. A report earlier this month indicates that the average American worker has lost $3,400 in annual wages as a result of skyrocketing inflation under President Biden. The average family with both working parents has seen a $6,800 pay cut.

Hell, things are so hard, far-left Representative AOC, who earns $174,000 a year, complains that her extravagant salary isn’t enough to raise a family.

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Yellen tells Americans their household finances are good, we’re actually in a ‘recovery’

Treasury Secretary Janet Yellen continued the White House tactic of playing semantics with the word “recession.” Because apparently Thursday was Opposition Day.

“We have entered a new phase in our recovery aimed at achieving steady, stable growth without sacrificing the gains of the past 18 months,” she said.

“We know there are challenges ahead. Global growth is slowing. Inflation remains unacceptably high and it is this government’s top priority to reduce it.”

Yellen’s comments mark an ongoing trend of Biden administration officials moving to a new extreme.

Telling the American people that we are entering a ‘new phase of our recovery’ is like telling a nurse that we are entering a ‘new phase of your treatment’. They are trying to make it as comfortable as possible for us at the moment.

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I didn’t see inflation coming

Yellen’s “recovery” shtick shouldn’t fool anyone at this stage of the game. She has always been wrong about the financial crisis this administration has sent America into since Joe Biden took office.

She’s definitely wrong about household finances.

A report in May indicates that nearly two-thirds of Americans are forced to live paycheck to paycheck in Biden’s economy, given that inflation was 8.3% at the time.

TBEN reported in June that the same percentage of Americans are “blowing through savings to fight inflation.”

Consumers stop spending because the economy is so big that they can spend excesses. They spend more because of the skyrocketing prices every day necessities force them to do so. And their finances are not sound because they use savings and credit cards to pay them.

Of course, this is the same woman who didn’t see the inflation crisis coming, despite being telegraphed from miles away.

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Yellen recently admitted she was wrong about the inflation concerns she had previously predicted would be a “small risk”.

The finance minister claimed that “unexpected and major shocks to the economy” were the cause of her original assessment.

Yellen also insists that the Biden administration is not responsible for rising gas prices and that the only way to solve the current crisis is to “switch to renewable energy sources to tackle climate change”.

“The way we can ensure reasonable energy costs for households is to move to renewables in the medium term to tackle climate change,” she said.

“That’s the way to free us from geopolitical moves in oil prices.”

In a healthy world, Yellen would resign for helping and instigating an economically illiterate government in the current destruction of the American people and their finances.

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