Treasury Secretary Yellen Optimistic About US Economic Path, Poll Finds Americans Struggling
By Treasury Secretary Janet Yellen remains confident that the US economy is on the path to avoiding a recession, saying the economy remains “strong and resilient” in an interview with ABC News’ Good Morning America on Monday.[0] Last week’s jobs report showed that the US economy added an impressive 517,000 jobs in January, according to the Bureau of Labor Statistics.[1] Unemployment fell to 3.4%, its lowest level since May 1969.[2] Yellen attributed this strong performance to legislation enacted during the Biden administration, such as the $369 billion Inflation Reduction Act, which has helped the central bank's effort to slow price increases.[1]
However, a recent ABC News/Washington Post poll showed that four in 10 Americans say they're worse off financially since Biden became president.[0] When asked about this persistent economic concern, Yellen said, “The country has been through a lot.”[1] She added that the COVID pandemic and Russia’s war in Ukraine have caused Americans to be concerned about inflation.[0]
Yellen also weighed in on a possible dispute in Congress over raising the nation's debt limit this summer, saying it “simply can’t be negotiable.”[0] She expressed optimism about inflation, saying, “What I see is a path in which inflation is declining significantly and the economy is remaining strong.[3] And really that's a path I believe is possible, and it's what I'm hoping we will be able to achieve.[2]
0. “Treasury Secretary Janet Yellen rejects recession fears, says economy is ‘strong'” ABC News, 6 Feb. 2023, https://abcnews.go.com/Business/treasury-secretary-janet-yellen-rejects-recession-fears-economy/story?id=96919098
1. “Treasury Secretary Janet Yellen rejects recession fears, says economy is ‘strong' – WEIS | Local & Area News, Sports …” weisradio.com, 6 Feb. 2023, https://weisradio.com/2023/02/06/treasury-secretary-janet-yellen-rejects-recession-fears-says-economy-is-strong
2. “Janet Yellen: You don't have a recession when you have the lowest unemployment rate in 50 years” kwwl.com, 6 Feb. 2023, https://www.kwwl.com/news/janet-yellen-you-dont-have-a-recession-when-you-have-the-lowest-unemployment-rate-in/article_b8de289c-f97a-51a3-8553-d957d2200350.html
3. “Yellen Touts Employment Jump in Playing Down US Recession Danger” BNN Bloomberg, 6 Feb. 2023, https://www.bnnbloomberg.ca/yellen-touts-employment-jump-in-playing-down-us-recession-danger-1.1879984
