Joe Biden’s Treasury secretary, Janet Yellen, has had some startling things to say about the economy.
“I don’t see any signs that the economy is at risk of a downturn,” she claimed on social media. “And this is the best of all worlds.”
JANET YELLEN: "I don’t see any signs that the economy is at risk of a downturn. And this is the best of all worlds." pic.twitter.com/BphzNjGJvF
— Daily Caller (@DailyCaller) September 18, 2023
And Sen. Ted Cruz, R-Texas, had a reply to Yellen, and Biden.
“It Joe Biden were serious about reducing gas prices, he’d reopen federal lands for energy development,” he said.
In fact, under President Trump, America was energy independent and actually exporting products. Biden quickly reversed that when he took office and now the nation is dependent on sometimes-unfriendly nations for its energy supplies.
The Biden administration doesn’t seem to understand why the American people haven’t given them “credit” for the state of the nation’s economy. Maybe they finally need to wake up and realize that people don’t like how “Bidenomics” has fueled “Bidenflation.”
The Census Bureau recently released its annual reports on income, poverty, and health insurance coverage. The reports illustrate how families have lost ground since the Covid pandemic, and why low unemployment, or even rising wages, will not lead to positive feelings about the economy unless and until inflation gets under control.
American Households Losing Money
The most telling numbers in the reports come in Table A-2 of the income study. One column of that table lists household median income for a given year. (Median income refers to the 50th percentile of the distribution — that is, half of households made more than this amount, while half made less.) The numbers since the pandemic illustrate how American families have lost ground:
2020: $76,660 ($1,590 below 2019)
2021: $76,330 ($1,920 below 2019)
2022: $74,580 ($3,670 below 2019)