as Federal Reserve chair and now as secretary of the Treasury, Janet Yellen has been woefully disconnected from everyday Americans and their current financial plight.
Few people have done more to destroy the American middle class than Janet Yellen. Both in her former capacity as Federal Reserve chair and now as secretary of the Treasury, she has been woefully disconnected from everyday Americans and their current financial plight. This arrogant detachment allowed her to recently declare that she sees no sign of a recession. Meanwhile, half of Americans feel like we’re already in one.
All this is a consequence of 40-year-high inflation, brought on by the government’s spending, borrowing and printing too much money. Yellen played a key role in all three steps, both through advocacy and actual implementation. During the Obama administration, Yellen had no problem participating in this downward spiral of federal finance.
The children of those would-be retirees are also struggling. With inflation-adjusted weekly earnings dropping almost 5% under the Biden administration and interest rates rising at the fastest pace in decades, young families have seen borrowing costs increase dramatically. For example, the monthly mortgage payment on a median price home is now more than twice what it was when President Biden took office.
Yet, even as the middle class are clearly being crushed, Yellen continues advocating for more taxes and spending, burdensome financial regulations, and the constant printing of money to pay for it all. She promotes, in other words, the burgeoning federal budget at the expense of the family budget, and still has the gall to say that 'everything is fine.' Perhaps that’s because she and the rest of the ruling class are doing just fine themselves.
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