The Biden administration continues its quest to convince Americans that they shouldn’t believe their own eyes and bank accounts.
Inflation remains sky high and shoppers realize how much more expensive groceries have gotten since Joe Biden’s inauguration, but officials like Treasury Secretary Janet Yellen continue pretending that this is all perfectly normal.
The latest example came during a recent interview, as the New York Post reported:
Yellen was quick to shoot down a question about grocery prices, which are up 20% from before the COVID-19 pandemic, during an interview with Yahoo Finance’s Jennifer Schonberger on Monday.
“Have you been to the grocery store lately?” Schonberger asked Yellen in the interview.
“I sure have — I go every week,” Yellen replied.
“It’s sticker shock, isn’t it? Just when you look at shipping costs, those have come down, global food commodity prices have also come down, but food prices still remain high. Should the US invest in agriculture to boost the food supply in this country?” Schonberger asked.
Yellen, who is worth an estimated $20 million, began to reply “No” before Schonberger even finished her question.
“I think largely it reflects cost increases, including labor cost increases that grocery firms have experienced, although there may be some increases in margins,” Yellen continued.
Her elitist response drew widespread criticism on social media:
The epitome of "the bubble." Treas Sec Janet Screamin' & Yellin says she doesn't experience any "sticker shock" when she shops for groceries.
Screamin, why does my 2x a month Wal-Mart trek which now cost me nearly DOUBLE than under President Trump?.https://t.co/d1ccaXmELS
— Larry Schweikart (@LarrySchweikart) June 26, 2024
#TreasurySecretary #JanetYellen – who is worth $20 MILLION – gives unbelievable response when asked if she goes grocery shopping and if she has felt 'sticker shock' #Democrats #Bidenomics #Inflation
Yellen is such an arrogant elitist who mocks us. Does anybody believe that she… pic.twitter.com/AMTNMDQA22
— judy morris (@judymorris3) June 26, 2024
Our Word on Wall Street panel weighs in on A.I. stocks are worth more despite the cost and how Treasury Secretary Janet Yellen is "not phased" by rising grocery prices pic.twitter.com/9KkwnR67KF
— Mornings with Maria (@MorningsMaria) June 26, 2024
Here’s some more coverage of Yellen’s remarks, per the Daily Mail:
Yellen added that she expects inflation to come down and says that it will ‘go back to the Fed’s two percent target’ by early next year.
The Biden administration announced new steps to increase access to affordable housing as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost of living in the post-pandemic years.
Yellen promoted the new investments on Monday during a visit to Minneapolis.
The investments include providing $100 million through a new fund to support affordable housing financing over the next three years, boosting the Federal Financing Bank´s financing of affordable housing and other measures.
She blamed the continued slow decrease in inflation on housing costs, rather than the administration’s policies.
The issue of inflation and the economy consistently remains one of the top issues for voters ahead of the 2024 election.
And here’s a clip from the interview:
