{"id":1220587,"date":"2022-01-17T17:37:06","date_gmt":"2022-01-17T22:37:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1220587"},"modified":"2022-01-17T17:37:15","modified_gmt":"2022-01-17T22:37:15","slug":"janet-yellen-claims-on-mlk-day-that-the-economy-has-never-worked-fairly-for-african-americans","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-claims-on-mlk-day-that-the-economy-has-never-worked-fairly-for-african-americans\/","title":{"rendered":"Janet Yellen Claims On MLK Day That The Economy Has \u2018Never Worked Fairly\u2019 For African Americans"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjanet-yellen-claims-on-mlk-day-that-the-economy-has-never-worked-fairly-for-african-americans%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1220587&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Treasury Secretary Janet Yellen claimed on Martin Luther King Jr. Day that the United States economy has \u201cnever worked fairly\u201d for black Americans.<\/p>\n<p>Yellen \u2014 speaking at the National Action Network\u2019s Annual King Day Breakfast \u2014 <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0557\">interpreted<\/a> the civil rights leader\u2019s famous declaration that the Founding Fathers signed \u201ca promissory note to which every American was to fall heir\u201d to mean that \u201ceconomic injustice was bound up in the larger injustice he fought against.\u201d<\/p>\n<p>\u201cFrom Reconstruction, to Jim Crow, to the present day, our economy has never worked fairly for black Americans \u2014 or, really, for any American of color,\u201d Yellen asserted. \u201cWell, since taking office last January, our administration has tried to change that; to ensure that neither the figurative bank of justice \u2014 nor any literal economic institution \u2014 fails to work for people of color.\u201d<\/p>\n<p>\u201cIt has been a year of action, especially at the Treasury Department. We\u2019ve completed Treasury\u2019s first equity review, looking across the Department and asking: Where are our operations not as inclusive as they should be?\u201d she continued. \u201cWe\u2019ve brought on the most diverse leadership team in Treasury\u2019s history and hired the Department\u2019s first ever counselor on racial equity.\u201d<\/p>\n<p>\u201cAnd then there\u2019s Treasury\u2019s pandemic response. We knew that the communities hurt most by COVID were often communities of color, and so as we began implementing relief bills like the American Rescue Plan, we did so with equity in mind.\u201d<\/p>\n<p>After highlighting other efforts from the Biden administration \u2014 such as the Treasury Department injecting $9 billion into Community Development Financial Institutions and Minority Depository Institutions \u2014 Yellen said that \u201cthere is still much more work Treasury needs to do to narrow the racial wealth divide.\u201d<\/p>\n<p>Meanwhile, the Biden administration has presided over record-high inflation \u2014 which is <a href=\"https:\/\/www.businessinsider.com\/inflation-hurts-black-latino-hispanic-people-of-color-rural-households-2021-11\">hitting<\/a> communities of color, low-income families, and rural households hard.<\/p>\n<p>Economists from Penn Wharton Budget Model \u2014 a project of the University of Pennsylvania\u2019s Wharton School that evaluates public policy proposals \u2014 found that inflation trends require the typical American household to spend around $3,500 more in 2021 to achieve the same level of consumption as in previous years.&nbsp;<\/p>\n<p>Kent Smetters, who leads the project, told CNBC that wealthy households would need to spend a lower proportion of their income than low-income and middle-income households to maintain their living standards \u2014 adding that supply chain bottlenecks are worsening the disparity.<\/p>\n<p>\u201cWhat they happen to be buying has been hit harder by the supply crunch,\u201d Smetters said of poor households. \u201cIt\u2019s broader-based than in the past.\u201d&nbsp;<\/p>\n<p>Chris Wimer, who co-directs Columbia University\u2019s Center on Poverty &amp; Social Policy, expressed concern over the same phenomenon to CNBC. \u201cThey\u2019re essentially looking to stretch a dollar most days. It\u2019s going to lead to difficult choices between putting gas in the car or paying for your kids\u2019 child care or putting food on the table.\u201d&nbsp;<\/p>\n<p>Last week, the Bureau of Labor Statistics <a href=\"https:\/\/www.dailywire.com\/news\/the-dollar-drops-as-inflation-rises-heres-what-that-means-for-your-wallet\">reported<\/a> that consumer prices have risen by 7% over the previous year \u2014 the highest rate in roughly four decades. Likewise, \u201creal average hourly earnings\u201d \u2014 which weigh the effect of inflation \u2014 decreased by 2.4% from December 2020 to December 2021, slashing the purchasing power of American consumers.<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen claimed on Martin Luther King Jr. Day that the United States economy has \u201cnever worked fairly\u201d for black Americans. Yellen \u2014 speaking at the National Action Network\u2019s Annual King Day Breakfast \u2014 interpreted the civil rights leader\u2019s famous declaration that the Founding Fathers signed \u201ca promissory note to which every American &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1220587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1220587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1220587"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1220587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1220587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1220587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1220587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}