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Treasury Secretary Yellen says she does not see signs of recession [Video]
WHAT YOU NEED TO KNOW:
- Treasury Secretary Janet Yellen said Thursday that she does not see any signs of recession in the near future.
- Yellen’s comments come after the Commerce Department found data that the U.S. economy rebounded in the third quarter of the year.
- Though she acknowledged that inflation is “unacceptably high,” she said that the economy is not in recession and “we continue to do well.”
Treasury Secretary Janet Yellen said Thursday that she does not see any signs of recession in the near future.
Her remarks come following a GDP report from the Commerce Department that revealed the U.S. economy expanded at a 2.6% annual rate in the third quarter. That means the streak of back-to-back contractions raising fears of a recession could end.
“Look, what we’re seeing right now is solid growth this quarter. Growth has obviously slowed following a very rapid recovery from high unemployment,” Yellen said in an interview with CNN’s “Erin Burnett OutFront.”
“We’re at a full employment economy. 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. We have a very strong labor market. I don’t see signs of a recession in this economy at this point,” she continued.
“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,” she added. “This is not an economy that’s in recession and we continue to do well.”
Yellen did acknowledge that inflation is “unacceptably high.”
“Americans feel that every day,” she said, noting that it will likely take a few years to see prices fall back to levels “that people are more accustomed to.”
Polling has shown that inflation will play a key role in the midterm elections as Republican candidates have repeatedly slammed Democrats’ record with the economy.
Yellen previously faced criticism after admitting that her assessment last year — that inflation posed a short-term threat during the pandemic — was “wrong.”
Source: The Hill
Miriam Burtoff
October 31, 2022 at 7:26 am
Unfortunately every person is suffering from inflation in the United States. “The Consumer Price Index increased 8.5 percent for the year ended March 2022, following a rise of 7.9 percent from February 2021 to February 2022.” and “Oct 13, 2022 — The annual inflation rate in the US slowed for the third month running to 8.2% in September of 2022, the lowest in seven months” googled results. For Yellen to make statements that are untrue destroys her credibility. It is imperative we have valid answers from the current administration. When they make statements ‘there is no inflation’ translates into: we will do nothing about it and continue on the course of spending the money we print.
paulkersey50ca
October 31, 2022 at 1:16 pm
apparently neither yellen nor the talking heads at nbc do their own shopping. but nbc will never let you down if you are looking for someone to cheer lead for the socio-fascist new world order.
ox
October 31, 2022 at 9:10 am
That’s very Bolshevik of Yellen. I wouldn’t see any signs of a recession also, if my boss was the incompetent Lying Corrupt Quid Pro KING Joe. It doesn’t look good for Corrupt Quid Pro if Bolshevik Yellen differentiates from the false narrative. Yellen should be put out to pasture with KING Joe.
Greg Maness
October 31, 2022 at 11:01 am
November 8th, 2022. Reality caves in…
CPO Bill
October 31, 2022 at 5:05 pm
Got her nose up biden’s ass!
Murel Hall
October 31, 2022 at 5:12 pm
I hope and pray daily for it to cave in, as Greg said. We have a state elected School Superintendent running for Governor. We need to vote for America not for the third world country that the Democrats are creating.
David Rabe
November 1, 2022 at 12:02 am
She’s a liar just like Joe Biden.When’s the last time she filled her gas tank up.Another piece of Shit that works for Biden and the rest of the White House’s piece of crap.They all Need to go to Pasture and live miserable lives.Biden and his Cronies need to be put on an Island and do the rest of us a huge favor and live there for the rest of the time they have on earth.There is a special place for all of them in Hell.
Leslie
November 1, 2022 at 7:28 pm
Yes this administration is totally out of touch, they don’t have to fill up those big suburbans, their drivers fill them up before they drive the pos elite everywhere! They don’t have to worry about their stomachs, all that gets taken care of for them. Yellen needs to get glasses so she can see what’s going on, but she’ll probably still lie about it….. Everything is still going up, more and more homeless and hungry everyday! As long as Biden has his 12 year olds and ice cream he thinks everything is great!