GOP Sen. John Kennedy of Louisiana told Treasury Sec. Janet Yellen that she is a “good sport” to attempt to “defend Bidenomics,” an endeavor that he compared to seeking to put up a defense of “fungal infection.”
During the hearing, Kennedy described Bidenomics as “paying more to live worse.”
Yellen, unsurprisingly, disagreed with the senator’s description of Bidenomics, claiming instead that Bidenomics sought to tackle the “pain” resulting from the pandemic and that it seeks to help middle-class families.
But as Yellen was delivering her spiel about Bidenomics, Kennedy interrupted her. “Good try,” he said. He asked Yellen whether high prices resulting from Bidenomics will stick around.
Yellen rejected the notion that Bidenomics caused high prices, but when pressed again by Kennedy on whether the high prices will remain in place, she said, “I don’t expect the level of prices to go down.” She said that “some prices will be higher than they were before the pandemic, and will stay higher, but wages have risen considerably.”
Kennedy pointed out that those who don’t receive increased pay are “screwed.”
When Federal Reserve board of governors chair Jerome Powell was asked during a “60 Minutes” interview whether prices will fall, he said that “prices of some things will decline, others will go up. But we don’t expect to see a decline in the overall price level.”
Powell noted that the prices of staples such as bread, milk, and eggs “are substantially higher than they were before the pandemic” and noted that this is thought to be a significant reason that people feel “relatively dissatisfied with what is otherwise a pretty good economy.”
Fed Chair Jerome Powell: The 2024 60 Minutes Interviewwww.youtube.com
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