{"id":1637197,"date":"2022-09-08T20:06:06","date_gmt":"2022-09-09T00:06:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1637197"},"modified":"2022-09-08T20:06:21","modified_gmt":"2022-09-09T00:06:21","slug":"janet-yellen-we-have-experienced-one-of-the-quickest-economic-recoveries-in-our-modern-history","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-we-have-experienced-one-of-the-quickest-economic-recoveries-in-our-modern-history\/","title":{"rendered":"Janet Yellen: \u2018We Have Experienced One Of The Quickest Economic Recoveries In Our Modern History\u2019"},"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\">30<\/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-we-have-experienced-one-of-the-quickest-economic-recoveries-in-our-modern-history%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=1637197&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 <a href=\"https:\/\/www.dailywire.com\/topic\/janet-yellen\" target=\"_blank\" rel=\"noopener\">Janet Yellen<\/a> lauded the <a href=\"http:\/\/dailywire.com\/topic\/business\" target=\"_blank\" rel=\"noopener\">business<\/a> climate under President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a> as \u201cone of the quickest economic recoveries in our modern history.\u201d<\/p>\n<p>During a Thursday <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0939\">speech<\/a> at Ford\u2019s electric vehicle factory in Dearborn, Michigan, the official pinned the blame for crises like <a href=\"http:\/\/dailywire.com\/topic\/inflation\" target=\"_blank\" rel=\"noopener\">inflationary<\/a> pressures, <a href=\"http:\/\/dailywire.com\/topic\/supply-chain\" target=\"_blank\" rel=\"noopener\">supply chain<\/a> bottlenecks, and high <a href=\"http:\/\/dailywire.com\/topic\/energy\" target=\"_blank\" rel=\"noopener\">energy<\/a> costs on factors outside of the administration. Yet she praised the $1.9 trillion American Rescue Plan, the $740 billion Inflation Reduction Act, and other landmark packages signed by the commander-in-chief as causes for purportedly strong <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">economic<\/a> conditions.<\/p>\n<p>\u201cOur plan has worked,\u201d she commented. \u201cThe United States experienced the fastest pace of job creation in our history. Household balance sheets are strong. Businesses continue to invest. Our broad and inclusive recovery has outpaced that of many other large economies. And measured by gross domestic income, our economy continues to expand and is operating above levels that would have been predicted pre-pandemic.\u201d<\/p>\n<p>As measured by the far more often cited gross domestic product, however, the United States met the rule-of-thumb definition of a recession \u2014 two consecutive quarters of negative growth \u2014 last month as the economy <a href=\"https:\/\/www.dailywire.com\/news\/united-states-economy-shrinks-in-the-first-part-of-2022\">shrank<\/a> at a 1.5% annualized rate in the first quarter and <a href=\"https:\/\/www.dailywire.com\/news\/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth\">contracted<\/a> at a 0.6% pace in the second quarter. Yellen\u2019s remarks appear to be a pivot from her earlier <a href=\"https:\/\/www.dailywire.com\/news\/yellen-were-not-in-a-recession-were-in-a-transition-in-which-growth-is-slowing\">claim<\/a> that the nation is not in a \u201crecession,\u201d but rather a \u201cperiod of transition in which growth is slowing.\u201d<\/p>\n<p>\u201cIt\u2019s fair to say: by any traditional metric, we have experienced one of the quickest economic recoveries in our modern history,\u201d Yellen nevertheless said on Thursday.<\/p>\n<p>Meanwhile, the personal saving rate \u2014 the share of disposable income Americans devote to savings \u2014 was 5% in August, according to <a href=\"https:\/\/fred.stlouisfed.org\/series\/PSAVERT\">data<\/a> from the Bureau of Economic Analysis. Although households saved between 10% and 35% of their income in the months that followed the lockdown-induced recession, the personal savings rate is currently well below the 7% or more Americans typically saved through much of the last decade.<\/p>\n<p>With respect to inflation, which may be causing Americans to <a href=\"https:\/\/www.dailywire.com\/news\/three-quarters-of-americans-say-they-are-tightening-their-belts-to-deal-with-recession\">reduce spending<\/a>, Yellen deflected blame from the White House \u2014 although <a href=\"https:\/\/www.dailywire.com\/news\/biden-says-his-spending-agenda-took-america-from-an-economic-crisis-to-an-economic-recovery\">reports<\/a> indicate that the American Rescue Plan worsened <a href=\"https:\/\/www.dailywire.com\/news\/unemployment-rate-edges-upward-for-the-first-time-in-months-as-more-americans-return-to-work\">labor shortages<\/a> and contributed to other phenomena behind rising price levels.<\/p>\n<p>\u201cNow, Americans are rightfully concerned that higher prices are squeezing their day-to-day budgets and their longer-term savings,\u201d Yellen continued. \u201cThe causes of inflation are largely global. But the pain of inflation is personal. This administration\u2019s top economic priority is to combat inflation, even as we know the Federal Reserve has the primary role to play in restoring price stability.\u201d<\/p>\n<p>Biden has formerly pinned inflation on <a href=\"https:\/\/www.dailywire.com\/news\/biden-says-exxon-made-more-money-than-god-this-year-blames-them-for-gas-price-spike\">corporate price gouging<\/a> and \u201c<a href=\"https:\/\/www.dailywire.com\/news\/president-biden-blames-vladimir-putin-for-record-high-inflation\">Putin\u2019s Price Hike<\/a>.\u201d As year-over-year inflation reached its highest levels in June, the commander-in-chief <a href=\"https:\/\/www.dailywire.com\/news\/biden-claims-inflation-is-worse-everywhere-but-here-thats-not-even-close-to-true\">falsely claimed<\/a> that rising price levels are \u201cworse everywhere but here\u201d \u2014 though developed nations such as Germany, the United Kingdom, Canada, South Korea, and Japan had been experiencing lower inflation than the United States.<\/p>\n<p>Yellen, who recently <a href=\"https:\/\/www.dailywire.com\/news\/janet-yellen-vows-irs-audits-wont-rise-for-middle-income-americans-but-theres-a-catch\">argued<\/a> that an expanded Internal Revenue Service will not impact middle class Americans\u2019 audit rate, also expressed her willingness to pursue more tax increases.<\/p>\n<p>\u201cThis includes closing loopholes and returning tax rates for high earners and corporations to historical norms,\u201d she said. \u201cBy making everyone pay their fair share, these reforms will provide our government with additional fiscal room to make critical investments.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen lauded the business climate under President Joe Biden as \u201cone of the quickest economic recoveries in our modern history.\u201d During a Thursday speech at Ford\u2019s electric vehicle factory in Dearborn, Michigan, the official pinned the blame for crises like inflationary pressures, supply chain bottlenecks, and high energy costs on factors outside &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1637201,"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-1637197","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\/1637197","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=1637197"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1637197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1637201"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1637197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1637197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1637197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}