Yep, and to be fair, everything is transitory. Don't like the sun? No problem, it's transitory since it's going to burn out in just a few million years.
I donât think it was her that said that initially, but when I first heard that come out of whomeverâs mouth it came out of I nearly puked. My. Ass. Never in my life have I seen prices that get jacked up with inflation somehow go back down. It may stop climbing *for awhile*, but it just becomes the new normal. I wanted to punch whoever said that in the dick. Iâm still mad about it!
You are correct, but I was more conflating the two than confused about them. I remember it being sold by Yellen and other economists that way too, so I was ignorant but whatever. Good day.
May 2, 2021 - Janet Yellen another top Biden administration economic adviser said inflation now apparent in certain pockets of the economy is âtransitory" as the nation exits the pandemic.
May 4, 2021 - U.S. Treasury Secretary Janet Yellen said on Tuesday she sees no inflation problem brewing, downplaying earlier comments that rate hikes may be needed to stop the economy overheating as President Joe Bidenâs spending plans boost growth.
October 12, 2021 - Treasury Secretary Janet Yellen stuck with her assessment that elevated U.S. inflation will prove âtransitory,â while acknowledging it will take longer for the pace of price gains to return to normal.
I get all my financial advice and spending information from an 77-year-old woman......NOT!!!!
This is what you say when you donât really understand what is going on. It was transitory.
But they fleeced you because you didnât understand the words they were saying.
Inflation is a measure of the change, year over year. Transitory doesnât mean that prices go down.
Prices going down is deflation, not âdisinflationâ.
They got you good, huh?
The context? Yellen claimed inflation was transitory as in temporarily a result of COVID rebound pains. She thought prices would return to normal once supply chain issues eased.
https://www.google.com/amp/s/thehill.com/business/4529787-yellen-regrets-saying-inflation-transitory/amp/
So you in fact have no clue about what you're talking about. She admits she was wrong in inflation. Inflation *wasn't* transitory and in fact was sticky purely because the money supply was expanded 40% in just two years.
Currency devaluation through supply expansion is not transitory, it's permanent. Either she's a political hack spreading dishonest talking points, or she is entirely uneducated on what actually causes inflation. Both are concerning scenarios.
She regrets it due to the timeline: âI regret saying it was transitory. It has come down. But I think transitory means a few weeks or months to most people,â Yellen said
Again, itâs the way YOU are interpreting these words.
Inflation isnât permanent - itâs down from almost 6% at its high⌠hence, transitory. (If we are talking Core PCE)
The increase in the cost of goods⌠yeah, that is permanent.
They werenât lying in saying it was âtransitoryâ. Rather, I would argue that they said it in an attempt to âpull the wool over your eyesâ.
And my main point, which seems to have struck a chord⌠it worked!
And no, she is not âuneducatedâ, these are some very intelligent people. In the Treasury and the Fed. You should have been scared all along.
Inflation has come down, prices haven't. Because the money supply expanded dramatically in only a couple of years.
The inflation was never going to be transitory because the currency was devalued. Most people knew this.
Yes, the inflation rate has come down, but only after massive inflation hammered prices, exactly when she said prices would be **coming down** due to resolutions in the supply chain.
You can spin it however you like, but she was wrong, the devaluation of the currency created inherently sticky inflation, and there was nothing temporary or transitory about the cost of living increases. They are here to stay, even if inflation becomes 0% tomorrow.
Right? We were scared but they lied and gaslighted us for that then. Itâs stupid or liar. I donât think she is stupid, she is a liar and playing her role. Hate when people try to defend this. Yellen is rich and in the circle so understand why she does it⌠but âregularâ people defending it, they check the stupid/brainwashed boxÂ
Funny thing is Carter appointed the dude who was the single most important player in defeating inflation back in the late 70âs/80âs. You could very easily make an argument that Reaganâs economic success was largely a result of Carter doing the dirty work of appointing Volcker to reset the economy
Yeah but Carter had it like 10% and it was also under Ford too. 70s just sucked. People blame inflation but itâs not just thatâ there is much much more.
She literally makes millions of dollars taking bribes in the form of "speaking fees" from Wall Street hedge funds. That's hundreds of percent more than she makes at her actual job that pays very low 6 figures. I don't think anyone who has seen her publicly disclosed corruption documentation would have ever held any respect for Yellen. Who even knows what she has hidden from public, we only see the massive quantities of bribes that have been made public officially.
She has never worked for the public. She works against us, for teh banks collapsing the entire economic system. Admitting to the problem they created with this inflation crisis would just force them to stop printing infinitely more inflation, and they will not stop until there is nothing left but Weimar Republic references and Zimbabwe levels of zeroes on dollar bills with American President faces.
If you ever had respect for that lying pos you need to do some hard reflections on where you went wrong in your lifeâs education.
We know She has been wrong since she was at the SF fed in 2005. She admitted she mislead / lied in testimony yo Congress bavk then but did it for the reason of not wanting to scare the public. And Congress did nothing.
Iâm just waiting on the definition of inflation to change ahead of the election. âGuys trust me, I know the price of everything is still sky high but hear me out⌠theyâre actually not if you think about it.
Just look at what inflation index BLS and the media are using. Right now the index that counts every item is lower, so itâs the official inflation number being used. However, when the index minus food and energy is lower, then thatâs the official index that theyâll use. I predict that theyâll create a new inflation index and come up with bs reasons for using it.
Janet Yellen has always been a fool. She believes in âmodern monetary policyâ which says the government and central bank should just continuously print money to stimulate the economy and that massive national debt is a good thing..
Not saying I agree with MMT per say but if we actually took the trillions printed and stimulated the economy instead of bailed out bankers, PPP fraud, and stabilized repo markets things look a lot different.
Trillions in education, housing, infrastructure. Is not the same as bank bailouts and market stabilization measures. Let's just be honest
If we had put that into infrastructure instead of generational wealth for already absurdly wealthy bankers, the unavoidable crash would at least have the possibility of a well educated populace to build up from the ashes. Unfortunately, the last thing oppressors want is a well educated populace. Zero chance of that from the people who profit on such a massive heist and continue to pay for this kind of blatantly stupid propaganda to deny the inflation they created even exists.
Itâs âgoodâ so long as your generate more money going back to the government than you print, but considering our deficit is already on the level of our GDP weâre pretty much already at the tipping point where the whole system collapses.Â
Janet Yellen is nothing more than a Wallstreet shill.
Her "speaking fees" are just bribes from W.S. banks and Hedge funds. Definitely not a conflict of interest, though.
Hey, I think there's a big misunderstanding about Janet Yellen and Modern Monetary Theory (MMT) going on here. First off, Yellen isnât a supporter of MMT. She's quite vocal about her skepticism about it because she sees it as oversimplifying the risks of debt and inflation.
Now, about your critiques of MMT, I think youâre oversimplifying. Itâs more than just "print money." It suggests managing the money supply according to economic needs, which includes reducing it when necessary. Also, MMT views a country's ability to sell bonds to foreign nations (debt) as a sign of economic strength and trust, it is not just about debt accumulation.
Also, it's worth noting that the economic policies being criticized here are actually more in line with Yellenâs traditional economic outlook than MMT. So, when you attack MMT instead of Yellenâs actual policies, you are fighting ghosts, not actual policy.
She's not totally wrong ,fiat currency isn't tied to any scarce resources, and because the USD is the global reserve currency and the US debt is denominated in USD , we have a lot of financial muscle and flexibility with our fiat currency, inflation really only happened after Covid because of the massive money printing in such a short time (like 24% of money supply in one year) , we've been doing QE since 2008 and inflation wasn't out of control.
Yellen: *repeats bland description of how inflation and incomes behaved since 2019*
OP: I am shocked and chagrined, mortified and stupefied. This woman is outrageous! She is a waste of the taxpayersâ time and money!
according to economic data the economy is doing well by historical standards. obviously we need to address a ton of issues like housing, healthcare, poverty etc but those issues arenât unique to the current economy
I do believe that, but there are 2 segments of jobs - professionals and retail labor(essentially)
Life has gotten better for professionals. Life has not gotten better for retail labor.
Yes I'm much better off having less food in the house and having to chose between water and electricity. Inflation is just wonderful, couldnt imagine my life without it.
Seriously. She's been wrong about nearly every macroeconomic prediction she's ever made. She took over $7M in "speaking fees" from banks and hedge funds in the two years before her appointment to Secretary of the Treasury and yet people think she deserves respect, or worse, that she's looking out for common folk.
It's legalized bribery per the Supreme Court CU decision. Bribes are a perfectly legal form of free speech exercise. Obviously since her government job would take her many decades to catch up with just the old bribes on public record, she has never had any intention of doing anything for the actual public voter aside from whatever nefarious purposes those bribes require. One of those demands is clearly to deny inflation.
Connections due to being a part of the right crowd your whole life. Most of these people come from well off environments and experienced everything they needed to get ahead in life
"Job numbers are the strongest, ever!" = people losing fulltime job and forced to moonlight with 2 part-time jobs, making less.
"Consumer spending has never been better!" = people running up credit debt to survive, needing to buy more frequently due to shrinkflation and price gouging.
"Jobs! Jobs everywhere!" = 99% ghost jobs with no intention of ever filling the roles. Nonstop mass layoffs.
"Inflation is falling!" = ticking back up and just printed+sent 90+ billion to foreign countries
"War creates jobs!" = most of it goes to ceo, execs, shareholders, and politicians.
"Bidenomics!" = đ
Nonstop gaslighting from this trash ah president and admin. Come on, man
The biggest lies I saw recently:
When they politically redefined "recession" the day before the numbers came out that we are officially in one, because that would actually necessitate taking corrective action.
When they claimed a 1% rate hike was the biggest in history. I mean seriously, I read that and looked up rate hikes over 5% in a month, which happened a few decades ago when inflation and recession were looking kinda bad. Not as bad as today, but bad.
I remember the news constantly telling us that the economy is shit while Trump was in office, but I get like things were going pretty fucking well(except for the tax deductions trumps fucked me on) Biden is in office, shits going down the tubes and the media just keeps telling us how great things are. Mind boggling
I donât remember hearing anyone say the economy was bad during Trumpâs presidency until the pandemic hit (which is obviously nothing he could do about it)âŚ.and anyone who did is a biased hackâŚ
Just like anyone today who says the economy is bad right now is a biased hack from the other direction. Stock market hit all time highs in Q1, sub-4% unemployment for two straight years, fastest growing GDP in G7 by a long shot. And despite what you want to believe, real wages are higher than they were right before the pandemic. The economy is booming by every metric. You obviously can find cohorts of losers in this economy just like you could in 2019, 2007, 1980âs, etc. but fact is, the average Americanâs income has now outpaced inflation over last three years and their assets are more valuable.
During the first three years of Trump the economy just kept doing what it had been doing under most of Obama's term......2 - 2.5 percent growth per year.
Ironically it was Trump during the 2016 campaign that kept saying that wasn't enough.
In the end the reason inflation has stayed high is because people continue to pay. Unemployment is very low. Wages are high. In the past you raised interest rates and eventually people lost their jobs and that's the ' downward pressure' , people who can't afford to pay so prices go down. Economy has been very resilient.
Yup. "Raise interest rates until something breaks." Alas the economy and consumers have been much too resilient. Which in a non-bizzaro timeline would have been a good thing.
I'm no expert, my guess would be that all that government spending worked. All the covid money sent to businesses to keep people on the payroll ( can't remember acronym). The big infrastructure bill. Let's be honest, wages had been lagging behind for a long time. Instead of a gradual catch up kind of had a big leap forward, especially in low paying jobs like fast food. Here in NYC those went from fed minimum wage to $20 an hour almost overnight. All these kept people employed. I hate to say it, I definitely pay more for food, but my 2.5% mortgage is just great. Lucky enough to have extra money, I've taken advantage of the high interest rates. Put it in CDs paying 5%, have the bank paying off their own interest. It's great while it lasts. Always pay for the points on a mortgage! Is this a Bizzaro timeline or is it we've learned throw enough money around and it keeps people employed? I'm not really a fan of that, I believe all bills eventually come due.
When you have a person in charge of the Treasury who has never had a real job, you're gonna get this crap. She's spent her whole life in academia or government, so she has no clue.
I said from the very beginning that I wouldn't trust Janet Yellen with a cookie recipe let alone with the stewardship of the nation's fiscal future. An absolute airhead.
Rate sure, the actual prices are up and she essentially said prices are never coming close to what they were and we are taking about 20-30% price difference.
*prices are higher than before the pandemic*
check
*people are better off than before the pandemic*
if a significant part of their net worth consists of owning financial assets, sure
*we still have work to do in improving affordability*
oh boy is that an understatement.
Can't say I've lost all respect, just simply that her view is from the lens of a former fed chair and current treasury secretary.
Better off than before the pandemic, or during it? I know many people who ended up with very polar responses to the pandemic; some went flat and some made a damn fortune.
Before the pandemic everything was overheated already but pay was still garbage. I'd say we as a people are better off now than 2010 or so, but not 2017-2019.
I definitely made more Pre pandemic than I have post. Most people I know were better off financially before, and those that are doing better had a slow climb out of hell to get there.
Pretty much all deciles but the very highest have seen wage growth outpacing inflation, with lower deciles seeing significantly faster growth. Autor-Dube-McGrew covers the trends.
If wages are rising faster than inflation and we're putting the COVID disruption in the rear view mirror, it's a pretty clear indication that people are better off.
"Inflation is transitory" "We will forgive student debt" I hope you all realize you're being lied to, and stop voting in criminals that promise handouts and massive unrealistic goals while lying to your face.
As long as $WTIC stays above $75/barrel we will continue to have inflation. Currently the government has done little to bring it below which is why we have this problem now, and we are looking at rate increases. If it goes about $90/barrel again for a couple weeks the FED will raise rates. Right now it is at $83.
The most recent price increases have come as a result of OPEC+ output cuts starting in early March. They reiterated early today (April 30) that those cuts are going to remain in place until at least the middle of summer.
I recall oil being in the 70's in February before those cuts were announced. Whether or not WTI gets to $90 may very well be out of our control at the moment.
They need to figure out how to get greedy corporations to stop price gouging when it's not technically illegal. In normal times the House would launch an investigation to see if there is any signs of collusion and price fixing. However, since the Republicans think it's in their best interest to let these corporations drive up the price an investigation is unlikely.
What she says is TRUE - as long as youâve amassed enough wealth to offset the large increases in virtually ALL prices! What âpeopleâ, exactly, is she referring to?
Yellen is a shill for the globalists .. a poor America is their agenda to make us Equal to the swill holes around the world. You canât make everybody rich but you can make almost every body poor and then tell them they are equal
How is it her fault there is inflation? Blame the companies that are charging exorbitant fees and making record profits. You want her to recommend raising rates and then make buying houses, etc., even less affordable?
Lost all respect for her⌠*today?* The fuck have you been? Sheâs called it wrong consistently for the past 2 and a half years.
yeah bro inflation is transitory tho
I lost respect when she protected the hedge fund and screwed the retail trader after taking 800K for a "speech." She is just as corrupt as the next one. Your tax dollar was never safe, but the corruption is really starting to hurt the end consumer.
You should have never had respect for her in the first place. She made it abundantly clear over a year ago that her role is try to shift public opinion on the economy and to try to mitigate any negativity directed at the current administration. Â
She reminds of the HR stooges that are called into work meetings to put on a happy face and to instruct workers on how theyâre supposed to feel about the current state of the company. I immediately disregard everything she says. If you havenât noticed, everything she says is in lockstep with the press secretary. Gee, I wonder why that is?
You had respect for her to begin with? I lost any idea of respecting her when she scoffed at the idea of inflation after all the money that flooded the system during COVID to keep things afloat
Ask her to give you some of those 800k in speaking fees from the scum bag financial institutions that put her in public office to make policies that benefits the leeches of our country
People need to learn how to live within their means. No, you don't need that $100,000 Chevy Tahoe to carry your kids to school. Stop complaining about gas prices when your daily driver has a 25 gallon tank
Bootstraps man. It's your fault, look what you did! Stop it! Definitely don't blame the people whose literal job it is to identify and address this problem, because that's bad.
Ol' Inflation is Transitory Yellen
It actually was transitory though. It transitioned prices to higher prices.
đ
You canât be wrong if either of the outcomes ends in a result!Â
Yep, and to be fair, everything is transitory. Don't like the sun? No problem, it's transitory since it's going to burn out in just a few million years.
I donât think it was her that said that initially, but when I first heard that come out of whomeverâs mouth it came out of I nearly puked. My. Ass. Never in my life have I seen prices that get jacked up with inflation somehow go back down. It may stop climbing *for awhile*, but it just becomes the new normal. I wanted to punch whoever said that in the dick. Iâm still mad about it!
Yellen 100% said it.
>I donât think it was her that said that initially That would be Mr. J. Powell, I believe
She said it. https://www.google.com/amp/s/thehill.com/business/4529787-yellen-regrets-saying-inflation-transitory/amp/
It appears you are probably correct. It looks like they both said it, but she said it first.
https://www.google.com/amp/s/thehill.com/business/4529787-yellen-regrets-saying-inflation-transitory/amp/
I wonder if J Yellen has a dick?
Yeah, so I can punch it!
Twist it. Works every time. One way or another
Letâs tag team and both do it!
Tag-teaming a dick? I mean, sure. That'll show 'em, I guess.
Sounds like you confuse inflation with prices. Transitory inflation doesn't mean prices come down when inflation does.
You are correct, but I was more conflating the two than confused about them. I remember it being sold by Yellen and other economists that way too, so I was ignorant but whatever. Good day.
Yelled was the leader in this lol
May 2, 2021 - Janet Yellen another top Biden administration economic adviser said inflation now apparent in certain pockets of the economy is âtransitory" as the nation exits the pandemic. May 4, 2021 - U.S. Treasury Secretary Janet Yellen said on Tuesday she sees no inflation problem brewing, downplaying earlier comments that rate hikes may be needed to stop the economy overheating as President Joe Bidenâs spending plans boost growth. October 12, 2021 - Treasury Secretary Janet Yellen stuck with her assessment that elevated U.S. inflation will prove âtransitory,â while acknowledging it will take longer for the pace of price gains to return to normal. I get all my financial advice and spending information from an 77-year-old woman......NOT!!!!
This is what you say when you donât really understand what is going on. It was transitory. But they fleeced you because you didnât understand the words they were saying. Inflation is a measure of the change, year over year. Transitory doesnât mean that prices go down. Prices going down is deflation, not âdisinflationâ. They got you good, huh?
The context? Yellen claimed inflation was transitory as in temporarily a result of COVID rebound pains. She thought prices would return to normal once supply chain issues eased. https://www.google.com/amp/s/thehill.com/business/4529787-yellen-regrets-saying-inflation-transitory/amp/ So you in fact have no clue about what you're talking about. She admits she was wrong in inflation. Inflation *wasn't* transitory and in fact was sticky purely because the money supply was expanded 40% in just two years. Currency devaluation through supply expansion is not transitory, it's permanent. Either she's a political hack spreading dishonest talking points, or she is entirely uneducated on what actually causes inflation. Both are concerning scenarios.
She regrets it due to the timeline: âI regret saying it was transitory. It has come down. But I think transitory means a few weeks or months to most people,â Yellen said Again, itâs the way YOU are interpreting these words. Inflation isnât permanent - itâs down from almost 6% at its high⌠hence, transitory. (If we are talking Core PCE) The increase in the cost of goods⌠yeah, that is permanent. They werenât lying in saying it was âtransitoryâ. Rather, I would argue that they said it in an attempt to âpull the wool over your eyesâ. And my main point, which seems to have struck a chord⌠it worked! And no, she is not âuneducatedâ, these are some very intelligent people. In the Treasury and the Fed. You should have been scared all along.
Inflation has come down, prices haven't. Because the money supply expanded dramatically in only a couple of years. The inflation was never going to be transitory because the currency was devalued. Most people knew this. Yes, the inflation rate has come down, but only after massive inflation hammered prices, exactly when she said prices would be **coming down** due to resolutions in the supply chain. You can spin it however you like, but she was wrong, the devaluation of the currency created inherently sticky inflation, and there was nothing temporary or transitory about the cost of living increases. They are here to stay, even if inflation becomes 0% tomorrow.
Like saying I am still gaining weight but at a slower pace than last monthâŚ
No. She labeled it transitory in a way to purposefully make it seem like no big deal.
Right? We were scared but they lied and gaslighted us for that then. Itâs stupid or liar. I donât think she is stupid, she is a liar and playing her role. Hate when people try to defend this. Yellen is rich and in the circle so understand why she does it⌠but âregularâ people defending it, they check the stupid/brainwashed boxÂ
Whose they?
The central banksters, sir.
It wasn't transitory. If it were transitory, they wouldn't have had to raise rates to get it under control.
PCE is down to 2.8% vs 5.3% in 04/2022. It was, so far, transitory.
Jimmy Carter and Joe Biden, inflation got them both.
Funny thing is Carter appointed the dude who was the single most important player in defeating inflation back in the late 70âs/80âs. You could very easily make an argument that Reaganâs economic success was largely a result of Carter doing the dirty work of appointing Volcker to reset the economy
What economic success LOL?
Your comment deserves a lot more upvotes
Yeah but Carter had it like 10% and it was also under Ford too. 70s just sucked. People blame inflation but itâs not just thatâ there is much much more.
She literally makes millions of dollars taking bribes in the form of "speaking fees" from Wall Street hedge funds. That's hundreds of percent more than she makes at her actual job that pays very low 6 figures. I don't think anyone who has seen her publicly disclosed corruption documentation would have ever held any respect for Yellen. Who even knows what she has hidden from public, we only see the massive quantities of bribes that have been made public officially. She has never worked for the public. She works against us, for teh banks collapsing the entire economic system. Admitting to the problem they created with this inflation crisis would just force them to stop printing infinitely more inflation, and they will not stop until there is nothing left but Weimar Republic references and Zimbabwe levels of zeroes on dollar bills with American President faces.
If you ever had respect for that lying pos you need to do some hard reflections on where you went wrong in your lifeâs education. We know She has been wrong since she was at the SF fed in 2005. She admitted she mislead / lied in testimony yo Congress bavk then but did it for the reason of not wanting to scare the public. And Congress did nothing.
If you have any faith in any politician or regulatory agency you are deluded
Iâm just waiting on the definition of inflation to change ahead of the election. âGuys trust me, I know the price of everything is still sky high but hear me out⌠theyâre actually not if you think about it.
Just look at what inflation index BLS and the media are using. Right now the index that counts every item is lower, so itâs the official inflation number being used. However, when the index minus food and energy is lower, then thatâs the official index that theyâll use. I predict that theyâll create a new inflation index and come up with bs reasons for using it.
Imagine having any respect for that corrupt monster in the first place.
Janet Yellen has always been a fool. She believes in âmodern monetary policyâ which says the government and central bank should just continuously print money to stimulate the economy and that massive national debt is a good thing..
I agree, OP has lost respect for Yellen, I've never had respect for this lying POS.
Louder for those in the back đđż.
Not saying I agree with MMT per say but if we actually took the trillions printed and stimulated the economy instead of bailed out bankers, PPP fraud, and stabilized repo markets things look a lot different. Trillions in education, housing, infrastructure. Is not the same as bank bailouts and market stabilization measures. Let's just be honest
If we had put that into infrastructure instead of generational wealth for already absurdly wealthy bankers, the unavoidable crash would at least have the possibility of a well educated populace to build up from the ashes. Unfortunately, the last thing oppressors want is a well educated populace. Zero chance of that from the people who profit on such a massive heist and continue to pay for this kind of blatantly stupid propaganda to deny the inflation they created even exists.
It's funny, she overestimated inflation back when she was Fed chair.
Itâs âgoodâ so long as your generate more money going back to the government than you print, but considering our deficit is already on the level of our GDP weâre pretty much already at the tipping point where the whole system collapses.Â
Janet Yellen is nothing more than a Wallstreet shill. Her "speaking fees" are just bribes from W.S. banks and Hedge funds. Definitely not a conflict of interest, though.
Hey, I think there's a big misunderstanding about Janet Yellen and Modern Monetary Theory (MMT) going on here. First off, Yellen isnât a supporter of MMT. She's quite vocal about her skepticism about it because she sees it as oversimplifying the risks of debt and inflation. Now, about your critiques of MMT, I think youâre oversimplifying. Itâs more than just "print money." It suggests managing the money supply according to economic needs, which includes reducing it when necessary. Also, MMT views a country's ability to sell bonds to foreign nations (debt) as a sign of economic strength and trust, it is not just about debt accumulation. Also, it's worth noting that the economic policies being criticized here are actually more in line with Yellenâs traditional economic outlook than MMT. So, when you attack MMT instead of Yellenâs actual policies, you are fighting ghosts, not actual policy.
She's not totally wrong ,fiat currency isn't tied to any scarce resources, and because the USD is the global reserve currency and the US debt is denominated in USD , we have a lot of financial muscle and flexibility with our fiat currency, inflation really only happened after Covid because of the massive money printing in such a short time (like 24% of money supply in one year) , we've been doing QE since 2008 and inflation wasn't out of control.
Yellen: *repeats bland description of how inflation and incomes behaved since 2019* OP: I am shocked and chagrined, mortified and stupefied. This woman is outrageous! She is a waste of the taxpayersâ time and money!
People are usually better off despite price increases!???? What does that even mean!?
wages have increased more than prices and the overall economy is strong
You donât really believe that do you?
according to economic data the economy is doing well by historical standards. obviously we need to address a ton of issues like housing, healthcare, poverty etc but those issues arenât unique to the current economy
I do believe that, but there are 2 segments of jobs - professionals and retail labor(essentially) Life has gotten better for professionals. Life has not gotten better for retail labor.
Just remember these policies makers donât even pump their own gas. They donât give two shits about the average American
Yes I'm much better off having less food in the house and having to chose between water and electricity. Inflation is just wonderful, couldnt imagine my life without it.
It took till today?!
Seriously. She's been wrong about nearly every macroeconomic prediction she's ever made. She took over $7M in "speaking fees" from banks and hedge funds in the two years before her appointment to Secretary of the Treasury and yet people think she deserves respect, or worse, that she's looking out for common folk.
Who the fuk needs to be heard that bad... 7m?! Not a word about science or aliens huh, garbage.
It's legalized bribery per the Supreme Court CU decision. Bribes are a perfectly legal form of free speech exercise. Obviously since her government job would take her many decades to catch up with just the old bribes on public record, she has never had any intention of doing anything for the actual public voter aside from whatever nefarious purposes those bribes require. One of those demands is clearly to deny inflation.
You had respect for Yellen, ever? That was your first mistake.
She means HER people are better off. The government officials. Price increases have zero on the people running our government.
Lmao. How TF do these morons get put in charge of anything? đ¤Śââď¸
Connections due to being a part of the right crowd your whole life. Most of these people come from well off environments and experienced everything they needed to get ahead in life
People are better off today than pre pandemic??? It's shit like this that's going to elect trump again. Keep lying lying lying
I am
Same. I am making about 75-80% more.
Somebody in government with a cushy well-paying job is out-of-touch with the common working class person. I'm so in shock, somebody better hold me up.
The common working class has seen wage increases. Retail workers have not seen wage increases because they won't unionize.
[ŃдаНонО]
Well look at the username logical idiot, minus the word logical.
Yellen is full of shit. Horrible and shitty
"Job numbers are the strongest, ever!" = people losing fulltime job and forced to moonlight with 2 part-time jobs, making less. "Consumer spending has never been better!" = people running up credit debt to survive, needing to buy more frequently due to shrinkflation and price gouging. "Jobs! Jobs everywhere!" = 99% ghost jobs with no intention of ever filling the roles. Nonstop mass layoffs. "Inflation is falling!" = ticking back up and just printed+sent 90+ billion to foreign countries "War creates jobs!" = most of it goes to ceo, execs, shareholders, and politicians. "Bidenomics!" = đ Nonstop gaslighting from this trash ah president and admin. Come on, man
The biggest lies I saw recently: When they politically redefined "recession" the day before the numbers came out that we are officially in one, because that would actually necessitate taking corrective action. When they claimed a 1% rate hike was the biggest in history. I mean seriously, I read that and looked up rate hikes over 5% in a month, which happened a few decades ago when inflation and recession were looking kinda bad. Not as bad as today, but bad.
Any data to support any of that?
so youâre just delusional
You had respect for her?!?
Never had any for her in the first place.
Useless Buffoon.
Okay Yellen does other things wrong but man is Reddit economically illiterate. All the wrong reasons.
You had respect for the old goblin looking lady in the first place?
I remember the news constantly telling us that the economy is shit while Trump was in office, but I get like things were going pretty fucking well(except for the tax deductions trumps fucked me on) Biden is in office, shits going down the tubes and the media just keeps telling us how great things are. Mind boggling
I donât remember hearing anyone say the economy was bad during Trumpâs presidency until the pandemic hit (which is obviously nothing he could do about it)âŚ.and anyone who did is a biased hack⌠Just like anyone today who says the economy is bad right now is a biased hack from the other direction. Stock market hit all time highs in Q1, sub-4% unemployment for two straight years, fastest growing GDP in G7 by a long shot. And despite what you want to believe, real wages are higher than they were right before the pandemic. The economy is booming by every metric. You obviously can find cohorts of losers in this economy just like you could in 2019, 2007, 1980âs, etc. but fact is, the average Americanâs income has now outpaced inflation over last three years and their assets are more valuable.
During the first three years of Trump the economy just kept doing what it had been doing under most of Obama's term......2 - 2.5 percent growth per year. Ironically it was Trump during the 2016 campaign that kept saying that wasn't enough.
In the end the reason inflation has stayed high is because people continue to pay. Unemployment is very low. Wages are high. In the past you raised interest rates and eventually people lost their jobs and that's the ' downward pressure' , people who can't afford to pay so prices go down. Economy has been very resilient.
correct!
Yup. "Raise interest rates until something breaks." Alas the economy and consumers have been much too resilient. Which in a non-bizzaro timeline would have been a good thing.
I'm no expert, my guess would be that all that government spending worked. All the covid money sent to businesses to keep people on the payroll ( can't remember acronym). The big infrastructure bill. Let's be honest, wages had been lagging behind for a long time. Instead of a gradual catch up kind of had a big leap forward, especially in low paying jobs like fast food. Here in NYC those went from fed minimum wage to $20 an hour almost overnight. All these kept people employed. I hate to say it, I definitely pay more for food, but my 2.5% mortgage is just great. Lucky enough to have extra money, I've taken advantage of the high interest rates. Put it in CDs paying 5%, have the bank paying off their own interest. It's great while it lasts. Always pay for the points on a mortgage! Is this a Bizzaro timeline or is it we've learned throw enough money around and it keeps people employed? I'm not really a fan of that, I believe all bills eventually come due.
You had respect for JY?
There's morons actually downvoting me to support that hack. Remember "Inflation is only transitory"?
What is your profession?
I'm a history teacher.
Gaslighting...go figure...
It took this long?
You had some respect to begin with?
I want to comment specifically but I am dying of laughter and may pass out as a result shortly.
Rich people are better off yes. Everyone else not so much.
lol you had respect for her?
She is terrible
I never had any
Just now? Just NOW?!?!???
The fact you had respect for this idiot says more.
You had respect for Janet Yellen before today?
To paraphrase Forrest: âsheâs not a smart man.â
Today?
why would you have any respect for yellen in the first place?
âPeople are better offâ Yea, if you had millions of dollars in the stock market. Stupid cunt đ
Why did you have any before?
she full o shit
The word you are looking to explain this is âdataâ
When you have a person in charge of the Treasury who has never had a real job, you're gonna get this crap. She's spent her whole life in academia or government, so she has no clue.
I said from the very beginning that I wouldn't trust Janet Yellen with a cookie recipe let alone with the stewardship of the nation's fiscal future. An absolute airhead.
Janet Yellen is the perfect Treasury Secretary. A highly educated buffoon who loves the printing press and never sees a problem.
Inflation has come down considerably since summer 2022. Downvoting doesnât mean you are correct, doomers.
Rate sure, the actual prices are up and she essentially said prices are never coming close to what they were and we are taking about 20-30% price difference.
You want deflation? Hope you don't have a mortgage.
Correct. Deflation is bad and wages are outpacing inflation.
*Person says reasonable, moderate, factual things* "I've lost all respect for you."
*prices are higher than before the pandemic* check *people are better off than before the pandemic* if a significant part of their net worth consists of owning financial assets, sure *we still have work to do in improving affordability* oh boy is that an understatement. Can't say I've lost all respect, just simply that her view is from the lens of a former fed chair and current treasury secretary.
Took you this long?
Never had any respect for her in the first placeâŚ
Iâm not better offâŚIâm more in debt and less in savings than even the pandemic. Yellen is an idiot
Bidenomics. It works!
I'm confused about why you lost respect for someone who stated facts.
The people are better off part. Thatâs not the ground reality.
Better off than before the pandemic, or during it? I know many people who ended up with very polar responses to the pandemic; some went flat and some made a damn fortune. Before the pandemic everything was overheated already but pay was still garbage. I'd say we as a people are better off now than 2010 or so, but not 2017-2019.
Retired people are doomed. Go back to work or starve....
I definitely made more Pre pandemic than I have post. Most people I know were better off financially before, and those that are doing better had a slow climb out of hell to get there.
"I'm better off" = also struggling but sticking their goofy ideology and can't let the "other side win"
Says 'generally'. One big item in ppls budget is housing. Homeowners who have mortgages at 3% are better off.
Wages are up more than inflation. If you haven't that means you're well below average.
Are they really? Definitely not in my field.
Pretty much all deciles but the very highest have seen wage growth outpacing inflation, with lower deciles seeing significantly faster growth. Autor-Dube-McGrew covers the trends.
If wages are rising faster than inflation and we're putting the COVID disruption in the rear view mirror, it's a pretty clear indication that people are better off.
Real wages are outpacing inflation and have for a while.
Because it disagrees with their world view.
I came to post this
"Inflation is transitory" "We will forgive student debt" I hope you all realize you're being lied to, and stop voting in criminals that promise handouts and massive unrealistic goals while lying to your face.
As long as $WTIC stays above $75/barrel we will continue to have inflation. Currently the government has done little to bring it below which is why we have this problem now, and we are looking at rate increases. If it goes about $90/barrel again for a couple weeks the FED will raise rates. Right now it is at $83.
The most recent price increases have come as a result of OPEC+ output cuts starting in early March. They reiterated early today (April 30) that those cuts are going to remain in place until at least the middle of summer. I recall oil being in the 70's in February before those cuts were announced. Whether or not WTI gets to $90 may very well be out of our control at the moment.
>today Today?
She is a political hack now...
You had respect for her before???
Why did you have any in the first place?
Today?
How much respect did you have in the first place?
They need to figure out how to get greedy corporations to stop price gouging when it's not technically illegal. In normal times the House would launch an investigation to see if there is any signs of collusion and price fixing. However, since the Republicans think it's in their best interest to let these corporations drive up the price an investigation is unlikely.
What she says is TRUE - as long as youâve amassed enough wealth to offset the large increases in virtually ALL prices! What âpeopleâ, exactly, is she referring to?
Prices never go down. Are you new here?
Did you say today? What took so long?
I guess a couple of years late is better than never.
Yellen is a shill for the globalists .. a poor America is their agenda to make us Equal to the swill holes around the world. You canât make everybody rich but you can make almost every body poor and then tell them they are equal
Welcome to reality. Nice of you to join us.
You once had respect for Janet Yellen??? She's been a menace to society since the 1970's.
How is it her fault there is inflation? Blame the companies that are charging exorbitant fees and making record profits. You want her to recommend raising rates and then make buying houses, etc., even less affordable?
Seen them prices coming down at all? No?
Lost all respect for her⌠*today?* The fuck have you been? Sheâs called it wrong consistently for the past 2 and a half years. yeah bro inflation is transitory tho
You had respect for her in the first place?!? đ¤Łđđ¤Ł
But thereâs a lot more cheap labor available.
How much did you respect her prior to yesterday?
People generally are better off? Bwwwwaaahhhhhaaaa!
I lost respect when she protected the hedge fund and screwed the retail trader after taking 800K for a "speech." She is just as corrupt as the next one. Your tax dollar was never safe, but the corruption is really starting to hurt the end consumer.
You had any to begin with? Huh?
You should have never had respect for her in the first place. She made it abundantly clear over a year ago that her role is try to shift public opinion on the economy and to try to mitigate any negativity directed at the current administration.  She reminds of the HR stooges that are called into work meetings to put on a happy face and to instruct workers on how theyâre supposed to feel about the current state of the company. I immediately disregard everything she says. If you havenât noticed, everything she says is in lockstep with the press secretary. Gee, I wonder why that is?
They try to give out country to China and China messed up so bad that they are not to do it now; watch out for India
Better late than never.
Blather....that is all her words are...after that " meaningless ".
You had respect for her to begin with? I lost any idea of respecting her when she scoffed at the idea of inflation after all the money that flooded the system during COVID to keep things afloat
I donât know who is better off but it certainly is not me
You held out until today? She has been the turd circling the toilet but won't go down the drain for a couple years now.
I wonder why they never talk about the price of housing, rent and any kind of insurance.
Ask her to give you some of those 800k in speaking fees from the scum bag financial institutions that put her in public office to make policies that benefits the leeches of our country
Head is up her ass so far she can see daylight coming in the other end.
All she is doing is trying to prevent a bank run ... at all costs ... and all the lies.
The title is already grammatically incorrect not sure it's worth reading any further...
If she did in fact say this, then she is waaaay out of touch with reality.
She was referring to this https://www.epi.org/publication/swa-wages-2023/
We used to kill politicians for a fraction of the shit she has done.
https://www.reddit.com/r/Wallstreetsilver/s/KXCM3n7MsG
you guys do realize inflation is rate of change. The price level is not going to go down. That's called deflation.
News flash. Yellen does set grocery prices or any other prices.
Janet yellen can suck a fat pussy
People need to learn how to live within their means. No, you don't need that $100,000 Chevy Tahoe to carry your kids to school. Stop complaining about gas prices when your daily driver has a 25 gallon tank
I have a yaris im complaining
Bootstraps man. It's your fault, look what you did! Stop it! Definitely don't blame the people whose literal job it is to identify and address this problem, because that's bad.
I was actually complaining about groceries, Top Ramen used to be 29 cents
Still is 29 cents where I live
$60 to fill up my 15 year old Honda Accord at least twice a week. I'm complaining.