U.S. News
Treasury Secretary Yellen says U.S. recession unlikely
WHAT YOU NEED TO KNOW:
- The United States is unlikely to suffer an economic downturn, despite sky-high inflation, US Treasury Secretary Janet Yellen said Thursday.
- “There’s nothing to suggest that there’s a recession in the works,” she said in an interview.
- Yellen, however, added that growth would “absolutely” slow down and gasoline prices were unlikely to fall anytime soon.
U.S. Treasury Secretary Janet Yellen said on Thursday she did not expect the U.S. economy to tip into a recession. She’s positive that growth would “absolutely” slow down and gas prices were unlikely to drop anytime soon.
“I don’t think we’re (going to) have a recession. Consumer spending is very strong. Investment spending is solid,” she told a New York Times Dealbook event.
“I know people are very upset and rightly so about inflation, but there’s nothing to suggest that a … recession is in the works.”
Yellen, who last week conceded she had been wrong about predicting inflation would be transitory, told the event she would not change U.S. policy decisions if she could go back in time.
“I wouldn’t do it differently,” Yellen said, saying President Joe Biden’s signature $1.9 trillion American Rescue Plan was needed to prevent a generation of Americans suffering from high unemployment rates.
“Things can always happen that you don’t expect. The world’s very uncertain,” she said.
President Joe Biden said that fighting inflation was the administration’s top priority, Yellen said. She added she did not expect gasoline prices, which just reached $5 a gallon, to come down anytime soon.
According to the secretary, American households were concerned about surging gas prices, which played a major role in shaping consumer expectations, but it was “amazing” how pessimistic Americans were about the economy given the fact that the United States now had the strongest labor market since World War Two.
Yellen said the president had done “what he can do” to address soaring high gasoline prices by instructing a historic drawdown from the Strategic Petroleum Reserve. She added that U.S. officials would also keep tightening sanctions in the hopes to punish Russia and get it to stop the war in Ukraine.
As the Federal Reserve tightened monetary policy to contain demand and bring inflation down, Yellen said she saw “a path to a soft landing” that would avoid a recession.
Source: Reuters
Mike Tracy
June 11, 2022 at 9:09 am
Janet Yellen is just as stupid as Biden!
She boasts Biden spent 1.9 trillion rescuing a horrible unemployment rate.
He paid people to sit on their freeloading fat useless asses to do nothing but vote for crooked Democrats. Yep, Biden gave them all a job! Just how crooked can anybody possibly get? Then, they say they can’t do anything about inflation and say they wouldn’t do anything differently. Of course not! They used 1.9 trillion dollars of “hard-working citizens” tax dollars to give “freeloading useless citizens a job sitting at home waiting for the next election. This country’s working citizens need to drag all these crooked Democrats and their freeloading voters out of Washington and give them all a free ride halfway to Hawaii. If any of them make it back to shore, we’ll give them another free ride to the same spot if they refuse to get their lazy useless freeloading asses to work.
Everett
June 11, 2022 at 12:49 pm
Mike says it all….except we were just coming out of the Hussein Soetoro spending recession and President Trump put our economy back on track to prosperity. Now look where we are!! Democrats are the real “evil” in America for the last 150 years! Slavery, abortions, record fuel prices, food shortages, men in women’s restrooms and sports, secret sex change operations on children, taxes, more taxes, higher taxes, speech censorship, citizen spying, record inflation, business killing regulations, highest crime rate in democrat run cities and voter fraud. Did I leave anything out?
CharlieSeattle
June 11, 2022 at 2:32 pm
Yellen is complicit leftist traitor! WE ARE IN A RECESSION…NOW!
Sean Richman
June 11, 2022 at 4:37 pm
The biden,obamba,soros government has totally screwed AMERICA in the area where”the sun don’t shine.Their agenda
“SUCKS”,as do the afore mentioned IDIOTS.
Brad Schriber
June 12, 2022 at 12:12 pm
Just another bray from a clueless communist. Trump had this one pecked, worthless. By the way could you get her Tollhouse cookie recipe? Hopefully she is better at baking than economics.
MY OPINION
June 13, 2022 at 11:27 pm
SO, WHERE DID THAT HARD EARNED MONEY GO TO…….! ? ALOT OF ILLEGALS :/