April 12, 2023
Greetings from Planet Biden: Janet Yellen says the U.S. economy is 'obviously performing exceptionally well'
By Monica Showalter
Inflation is kicking back up. The dollar is falling. People are pulling money out of even big banks now and buying gold. The dollar is losing its reserve status. Discouraged workers are dropping out of the workforce. Layoffs are coming. And recession is "baked in the cake."
But don't tell Janet Yellen, Joe Biden's Treasury secretary.
Out on Planet Biden, the nutty professor is telling us the economy is in good shape.
According to Fox Business (video here):
Treasury Secretary Janet Yellen said the U.S. economy and America’s financial system are doing well despite headwinds caused by the recent banking crisis and the Fed’s efforts to tame inflation.
Yellen spoke at a press conference Tuesday to mark the beginning of the World Bank and International Monetary Fund’s spring meetings and said that while there is still a chance of a credit contraction and economic downturn, she’s optimistic about the trajectory of the U.S. economy.
"I’ve not really seen evidence at this stage suggesting a contraction in credit, although that is a possibility," Yellen said. "I believe our banking system remains strong and resilient. It has solid capital and liquidity, and the U.S. economy is obviously performing exceptionally well with continued solid job creation, inflation gradually moving down, robust consumer spending. So I’m not anticipating a downturn in the economy, although, of course, that remains a risk."
That would be news to the IMF, of course, which foresees about a 50% dropoff in economic growth in the U.S. by next year, Fox Business noted, going from the already-meager 2.1% last year to 1.6% this year and 1.1% next year. Those are recession-style figures.
Not to worry, though, says Yellen. The economy is going swimmingly.
https://www.americanthinker.com/blog/2023/04/greetings_from_planet_biden_janet_yellen_says_the_us_economy_is_obviously_performing_exceptionally_well.html
