This is a legitimate question when asked about Janet Yellen. She talks much, says little, and when she has said something has been proven to be wrong. Janet Yellen’s economic record is as poor as Big Guy Joe Biden’s foreign policy record.
In a recent interview this is Yellen’s response when asked why Biden’s poll numbers do not reflect her analysis of the economy.
Yellen responded, “I’m aware of that, and I think it’s our job to explain to Americans what President Biden has done to improve the economy. I think as inflation comes down, prices stop rising, and the labor market remains strong, Americans will begin to see that we have made meaningful progress. And importantly, the administration is making investments in America that will show up and improve conditions and more availability of good jobs in many parts of the country that have not seen a lot of progress. We’ve had good economic results on the coasts. Many parts of the country over the last several decades have been left behind, and now, as a result of the trifecta of legislation that’s been passed, the infrastructure bill, the CHIPS and Science Act, the Inflation Reduction Act, we’ve had over $500 billion in manufacturing investments that have been announced. We’re beginning to see some of those come to fruition, a new battery built in the middle of America, in places that really need good jobs, and I think this is really improving America’s prospects over the medium term, and, over time, Americans will see that and feel more hopeful about our prospects.”
Here are the facts of the direction of the economy, those ignored or probably not known by Yellen.
A key measure of the direction of the U.S. economy fell for the 19th straight month and once again indicated that a recession is looming. The leading economic index fell 0.8 percent in October, the Conference Board said Monday. The LEI is based on 10 indicators that tend to forecast the direction of the economy.
“The US LEI trajectory remained negative, and its six- and twelve-month growth rates also held in negative territory in October,” said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. “Among the leading indicators, deteriorating consumers’ expectations for business conditions, lower ISM Index of New Orders, falling equities, and tighter credit conditions drove the index’s most recent decline.”
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