Yellen Acknowledges Economic Struggles Under Biden Despite Job Growth and Wage Increases

Treasury Secretary Janet Yellen spoke on Sunday about the concerns many Americans have regarding the economy under President Biden’s leadership. Despite positive indicators like low unemployment and economic growth, polls show that many voters are dissatisfied and trust Donald Trump more with the economy. Yellen pointed out that before the pandemic, many working-class families were already struggling with healthcare, energy, education, childcare, and housing costs, and the pandemic made things even more difficult.

Yellen acknowledged that inflation rates have risen since President Biden took office, with significant increases in the prices of everyday goods such as eggs, ground beef, and bread. She mentioned that the Biden administration is committed to addressing these rising costs and emphasized that wages have also gone up during this time, which has benefited most households.

Even though inflation is slowly decreasing, the Biden administration understands the concerns about the high prices of essential goods. Yellen mentioned that government studies indicate that wages have risen more than prices for households at all income levels. She reassured the public that while there have been price increases, wages have also gone up, which has made the typical American somewhat better off.

Overall, Yellen’s remarks highlighted the Biden administration’s acknowledgment of the economic challenges many Americans are facing and their commitment to addressing these issues.

Written by Staff Reports

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