Treasury Secretary Janet Yellen made the unbelievable claim on CNN that she sees absolutely no signs of a recession despite raging inflation, two consecutive periods of negative growth, and a flailing stock market.
Spewing propaganda obviously directed by the Biden administration, Yellen had the nerve to tell Americans on Thursday to not believe their eyes or their bank accounts and to instead believe what leftists are telling them no matter how outrageous or ridiculous. Two plus two equals five after all.
“It’s very natural that growth would slow. And it has over the first three quarters of this year, but it continues to be OK,” she said on CNN’s “Erin Burnett OutFront.”
“We have a very strong labor market. I don’t see signs of a recession in this economy at this point.”
The Daily Mail is reporting that “real gross domestic product, a measure of all economic output in the country, increased by 2.6 percent in the third quarter despite a 1.6 decline in the first and a 0.6 percent drop in the second.”
(Video Credit: CNN)
Mortgage and rent rates are jumping. Inflation is at a 40-year high. The cost of living is currently unbearable for many Americans who are now having to make painful choices just to keep a roof over their heads, food on the table, and clothes on the backs of their children. But Yellen says we are not in a recession.
Goldman Sachs CEO David Solomon and JP Morgan CEO Jamie Dimon, as well as other economists, believe a recession is likely within the next year. Many believe it is already here.
Yellen asserted that while “inflation is very high – it’s unacceptably high and Americans feel that every day,” the US economy is still strong.
“If you look around the world, there are a lot of economies that are really suffering not only from high inflation but very weak economic performance, and the United States stands out,” she pandered. “We have unemployment at a 50-year low … We saw in this morning’s report – consumer spending and investment spending continued to grow. We have solid household finances, business finances, banks that are well-capitalized. This is not an economy that’s in recession and we continue to do well.”
From Janet Yellen this morning:
The Treasury is taking steps to mitigate potential risks in the Treasury market and private money market and bond funds.
She just stated that the US economy is healthy, financial system is resilient, credit quality is good.
— unusual_whales (@unusual_whales) October 24, 2022
As Americans take second jobs and cut severely back, President Biden was among the first of the leftists to celebrate the economy’s recent growth.
“For months, doomsayers have been arguing that the US economy is in a recession and Congressional Republicans have been rooting for a downturn,” Biden outrageously claimed in a statement. “But today we got further evidence that our economic recovery is continuing to power forward.”
Unsurprisingly, Biden took credit for falling gas prices.
“Now, we need to make more progress on our top economic challenge: bringing down high prices for American families,” the president said attempting to throw Americans a meatless bone.
Janet Yellen is the Anthony Fauci of economics. pic.twitter.com/RMf53SVNdj
— DonnaRobert (@MagaQ61) October 28, 2022
Economists have been ringing alarm bells over the out-of-control spending by Democrats and the economy for some time now. They are extremely skeptical that the latest GDP report represents healthy growth.
“If you take a step back and look at GDP, it’s gone effectively nowhere over the last year,” Mark Zandi, who is the chief economist at Moody’s Analytics, told NPR in an interview.
“One quarter or two it’s down a bit. This quarter it’s up a bit. But net-net, we’re kind of treading water,” he noted.
But to millions of Americans, it doesn’t feel at all like we are treading water. It feels like we are drowning.
Janet Yellen needs to remove her blinders. https://t.co/ArYnOzPhmY
— 𓁼 Ozarkian Mad Scientist (@KD0CQ) October 28, 2022
Yellen believes the Biden administration hasn’t gotten enough credit for the economy. She’s right… they should be fully blamed for a downward economic trajectory that’s heading toward a depression.
“There were several problems that we could have had, and difficulties many families American families could have faced,” she brazenly remarked. “These are problems we don’t have, because of what the Biden administration has done. So, often one doesn’t get credit for problems that don’t exist.”
She went on to say that there were “real tangible investments happening right now,” including a new $20 billion Intel plant outside of Columbus, Ohio. Whenever Yellen or the Biden administration is questioned about the economy, they trot out that Intel plant as if it is a charm to ward off bad economic juju.
I know Janet Yellen is a lot smarter than me & she says she doesn’t “see signs of a recession.” With the imploding real estate market, technology corporations forecasting significantly decreased earnings, & CEO warnings of “batten down the hatches”, I can see a few.
— Dave Coen 🇺🇸 🇬🇧 🇺🇦 (@jayhawk1956) October 28, 2022
Yellen also uproariously claimed that the nation’s infrastructure is continuing to grow.
“But you’re beginning to see repaired bridges come online – not in every community, but pretty soon,” she lamely vowed. “Many communities are going to see roads improved, bridges repaired that have been falling apart. We’re seeing money flow into research and development, which is really an important source of long-term strength to the American economy. And America’s strength is going to increase and we’re going to become a more competitive economy.”
Fed Chair Jerome Powell has warned previously that its interest hikes will bring “pain” in the form of higher unemployment and possibly a recession.
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