{"id":2283439,"date":"2024-06-25T16:42:01","date_gmt":"2024-06-25T20:42:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/out-of-touch-questioned-about-grocery-store-sticker-shock-janet-yellen-says-shes-not-seeing-it\/"},"modified":"2024-06-25T16:46:58","modified_gmt":"2024-06-25T20:46:58","slug":"out-of-touch-questioned-about-grocery-store-sticker-shock-janet-yellen-says-shes-not-seeing-it","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/out-of-touch-questioned-about-grocery-store-sticker-shock-janet-yellen-says-shes-not-seeing-it\/","title":{"rendered":"Out of Touch: Questioned About Grocery Store Sticker Shock, Janet Yellen Says She&#8217;s Not Seeing It"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><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%2Fout-of-touch-questioned-about-grocery-store-sticker-shock-janet-yellen-says-shes-not-seeing-it%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=2283439&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>This summary pertains to commentary by \u200cRandy\u2062 DeSoto, found on the Western Journal, discussing\u200c issues concerning inflation and policy\u200d impacts \u2064under President Joe\u2064 Biden\u2019s administration,\u200d particularly in \u2064connection with\u200b Treasury Secretary Janet Yellen\u2019s \u2063remarks. In an interview with Jennifer Schonberger of Yahoo Finance, Yellen was questioned about her perception of rising grocery prices, which she downplayed, indicating that the increases reflected\u200c broader cost increases including labor. The piece critiques Yellen&#8217;s dismissal of concerns about inflation, pointing to\u2063 a 20% increase in grocery\u200b prices since pre-COVID times, despite her\u200d assertion that the impacts are not significant.<\/p>\n<p>Additional criticisms focus on Biden&#8217;s energy \u200cpolicies, which have seen increased costs for gasoline, therefore impacting the cost of goods like \u2064food that depend on transport. The piece also highlights the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-bidenomics-is-and-why-the-white-house-thinks-its-a-winning-2024-message\/\" title=\"Bidenomics: A Winning 2024 Message, Explained by the White House.\">growing federal deficit<\/a>, set to reach nearly $2 trillion in 2024, primarily driven by increased spending.\u200b DeSoto contends that while Yellen attributes fiscal pressures to legislation from the Trump administration, data suggests that federal revenue has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/amazon-wants-15-federal-minimum-wage-reports-small-businesses-would-be-hardest-hit\/\" title=\"Amazon Wants  Federal Minimum Wage; Reports: Small Businesses Would Be Hardest Hit\">hit record highs<\/a>, contradicting assertions\u2064 that Trump&#8217;s policies hindered fiscal health.<\/p>\n<p>The editorial\u200c implies that the underlying \u2063issue is less about insufficient taxation,\u200c and more\u200b about <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/japanification-how-americas-economy-could-see-a-permanent-decline\/\" title=\"\u2018Japanification\u2019: How America\u2019s Economy Could See A Permanent Decline\">excessive government spending<\/a>. It underscores a\u2062 disconnect between political leadership\u2019s\u2064 narratives on\u2063 economic health and the everyday experiences of Americans dealing with\u200b rising prices.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/%20\"><span>Randy DeSoto<\/span><\/a> <\/span> <span>   June 25, 2024 at 12:08pm <\/span> <\/span>  <\/header>\n<section>\n<p>Treasury Secretary Janet Yellen appeared to be truth-challenged when questioned about inflation and the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/with-a-2t-deficit-this-year-washingtons-fiscal-failure-is-worse-than-you-think\/\" title=\"Washington's fiscal failure is even worse than anticipated with a T deficit this year.\">rising federal deficit<\/a> under President Joe Biden.<\/p>\n<p>Yahoo Finance\u2019s <a href=\"https:\/\/finance.yahoo.com\/video\/yf-sits-down-treasury-secretary-150905913.html\" target=\"_blank\" rel=\"noopener\">Jennifer Schonberger<\/a> asked Yellen during a <a href=\"https:\/\/www.youtube.com\/watch?v=yblBRl02kgE&#038;ab_channel=YahooFinance\" target=\"_blank\" rel=\"noopener\">Monday interview<\/a>, \u201cHave you been to the grocery store lately?\u201d<\/p>\n<p>\u201cI sure have \u2014 I go every week,\u201d the treasury secretary replied.<\/p>\n<p>\u201cIt\u2019s sticker shock, isn\u2019t it?\u201d Schonberger questioned.<\/p>\n<p>\u201cNo,\u201d Yellen flatly stated.<\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">HOST: \u201cHave you been to the grocery store lately?\u201d<\/p>\n<p>YELLEN: \u201cI sure have \u2014 I go every week.\u201d<\/p>\n<p>HOST: \u201cIt\u2019s sticker shock, isn\u2019t it?\u201d<\/p>\n<p>YELLEN: \u201cNo.\u201d<\/p>\n<p>(Grocery prices are up 20%+ since Biden took office) <a href=\"https:\/\/t.co\/rmrzUfaGgh\">pic.twitter.com\/rmrzUfaGgh<\/a><\/p>\n<p>\u2014 RNC Research (@RNCResearch) <a href=\"https:\/\/twitter.com\/RNCResearch\/status\/1805593361497182544?\">June 25, 2024<\/a><\/p>\n<\/blockquote>\n<p>Schonberger followed up regarding grocery prices, \u201cI know they\u2019re not rising at the rate they were last year, but they\u2019re still up 20 percent from pre-COVID.\u201d<\/p>\n<p>\u201cWell, I think largely it reflects cost increases, including labor cost increases that grocery firms have experienced, although there may be some increases in margins,\u201d Yellen replied, without a hint of irony.<\/p>\n<div id=\"firefly-poll-container\">\n<p>Have you noticed an uptick in your monthly grocery bill?<\/p>\n<\/p><\/div>\n<p>Yes, that\u2019s how inflation works, Secretary Yellen. Costs go up to sellers of goods, like grocery store owners, and they pass those costs on to consumers, because otherwise owners can\u2019t continue buying from their suppliers or paying their employees.<\/p>\n<p>Oh, and wage increases are not keeping up with inflation.<\/p>\n<p>Heritage Foundation economist E.J. Antoni <a href=\"https:\/\/www.heritage.org\/markets-and-finance\/commentary\/biden-pretends-rising-food-prices-are-not-problem\" target=\"_blank\" rel=\"noopener\">calculated<\/a> the nearly 20 percent increase in cost of goods means Americans\u2019 inflation-adjust paycheck has dropped about $50 per week, $200 per month, or $2,400 per year.<\/p>\n<p>One strong driver of inflation is the <a href=\"https:\/\/www.westernjournal.com\/revealed-biden-taken-200-actions-increase-gas-prices-highlight-top-3\/\" target=\"_blank\" rel=\"noopener\">increased cost of energy<\/a> under the Biden administration, which is directly attributable to the president\u2019s policies.<\/p>\n<p>He shut down the Keystone Pipeline and greatly restricted oil and gas exploration on federal lands and robbed the <a href=\"https:\/\/www.westernjournal.com\/strategic-petroleum-reserve-historic-lows-biden-cancels-replenishment-order\/\" target=\"_blank\" rel=\"noopener\">Strategic Petroleum Reserve<\/a> to try to offset the lost production and keep costs down.<\/p>\n<p>The average price for a <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=pet&#038;s=emm_epm0_pte_nus_dpg&#038;f=m\" target=\"_blank\" rel=\"noopener\">gallon of gasoline<\/a> in Jan. 2021 when Biden took office was $2.42. It\u2019s currently $3.58. Food needs to be farmed using gasoline then transported to market using fuel and that increased cost all gets passed on to the consumer.<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/yblBRl02kgE?si=Oc0-rGZ7qq4T3-KR&#038;start=216\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"   style=\"display:none\"><\/iframe><\/p>\n<p>Additionally, there has been the massive increase in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysis-deficit-spending-is-deeply-harmful-to-long-term-economic-growth\/\" title=\"Analysis: Deficit Spending Is Deeply Harmful To Long-Term Economic Growth\">federal deficit spending<\/a> during the Biden administration, which is <a href=\"https:\/\/www.westernjournal.com\/watch-fox-news-host-confronts-wh-official-biden-lying-inflation-rate-trump-left\/\" target=\"_blank\" rel=\"noopener\">inflationary<\/a>.<\/p>\n<p>Schonberger asked Yellen about the Congressional Budget Office\u2019s newly projected nearly-$2 trillion deficit for 2024, <a href=\"https:\/\/www.westernjournal.com\/cbo-increases-projected-federal-budget-deficit-2024-400-billion\/\" target=\"_blank\" rel=\"noopener\">up $400 billion<\/a> from the CBO\u2019s February estimate.<\/p>\n<p>Yellen conceded that spending needed to be brought down or the country would face a debt crisis, but then sought to shift the blame to the <a href=\"https:\/\/www.westernjournal.com\/report-trumps-tax-cuts-end-2025-demand-congress-extend-now\/\" target=\"_blank\" rel=\"noopener\">Tax Cuts and Jobs Act<\/a> signed into law by then-President Donald Trump in 2017.<\/p>\n<p>She noted that many of the tax cuts are due to expire next year.<\/p>\n<p>Yellen argued that Trump\u2019s tax cuts \u201cresulted in an enormous increase in the deficit and lowered tax revenues below historic norms. I think it\u2019s responsible for many of the problems that we face now with our fiscal trajectory, so that would concern me to leave all of that in place.\u201d<\/p>\n<p>That simply is not true and Biden conceded as much during remarks he made in March 2022, saying the country <a href=\"https:\/\/www.westernjournal.com\/biden-unintentionally-concedes-trump-tax-cuts-working-treasury-sees-record-revenues\/\" target=\"_blank\" rel=\"noopener\">was experiencing<\/a> \u201cthe best economic growth we\u2019ve seen in this country in over 40 years. This has led to a substantial increase in government revenues and dramatically improved our fiscal situation.\u201d<\/p>\n<p>That\u2019s exactly what Trump and Republicans said would happen.<\/p>\n<p>The numbers speak for themselves. The federal government took in a record <a href=\"https:\/\/www.cbo.gov\/publication\/58592\/html#:~:text=In%202022%2C%20federal%20revenues%20amounted,the%20receipts%20recorded%20in%202021.\" target=\"_blank\" rel=\"noopener\">$4.9 trillion<\/a> in fiscal year 2022, which represented over a 20-year high as a percentage of the Gross Domestic Product of <a href=\"https:\/\/fred.stlouisfed.org\/series\/FYFRGDA188S\" target=\"_blank\" rel=\"noopener\">19.02 percent<\/a>.<\/p>\n<p>Revenue fell back to <a href=\"https:\/\/fiscaldata.treasury.gov\/americas-finance-guide\/#:~:text=In%2020232%2C%20the%20federal%20government%20collected%20%244.44%20trillion.\" target=\"_blank\" rel=\"noopener\">$4.44 trillion<\/a> in fiscal year 2023 as the economy slowed due to the massive <a href=\"https:\/\/www.westernjournal.com\/trumps-top-economic-advisor-lays-exact-causes-inflation-biden-falsely-blaming-others\/\" target=\"_blank\" rel=\"noopener\">inflationary<\/a> deficit spending spree the Democrats took the nation on. That amount still represented 16.23 percent percent of GDP, which is around historic norms.<\/p>\n<p>By way of comparison, the federal government took in <a href=\"https:\/\/www.cbo.gov\/publication\/53627\" target=\"_blank\" rel=\"noopener\">$3.3 trillion<\/a> in revenues in 2017, prior to the Tax Cuts and Jobs Act being implemented.<\/p>\n<p>Last week, The Wall Street Journal\u2019s editorial board, in an piece titled \u201c<a href=\"https:\/\/www.wsj.com\/articles\/u-s-debt-spending-congressional-budget-office-taxes-entitlements-biden-6b6f3ece\" target=\"_blank\" rel=\"noopener\">Soaring U.S. Debt Is a Spending Problem<\/a>,\u201d pointed out that federal revenue as a percentage of GDP is on solid ground.<\/p>\n<p>\u201cRevenue is expected to total 17.2% of GDP this year\u2014roughly the 50-year average before the pandemic,\u201d but, they added that spending is expected to hit 24.2 percent of GDP this year.<\/p>\n<p>Total federal expenditures in FY 2023 were <a href=\"https:\/\/www.westernjournal.com\/fact-check-biden-loves-claim-cut-deficit-numbers-highlight-painful-truth\/\" target=\"_blank\" rel=\"noopener\">$6.1 trillion<\/a>, not far behind the <a href=\"https:\/\/www.cbo.gov\/publication\/57170\" target=\"_blank\" rel=\"noopener\">$6.6 trillion<\/a> spent in 2020 during the height of the pandemic.<\/p>\n<p>This compares compares a pre-pandemic $4.4 trillion with a <a href=\"https:\/\/www.cbo.gov\/publication\/56324\" target=\"_blank\" rel=\"noopener\">$984 billion<\/a> deficit in fiscal 2019 under Trump.<\/p>\n<p>\u201cIf spending as a share of GDP remained at the pre-pandemic average, the deficit would be roughly $890 billion this year,\u201d the editorial board noted.<\/p>\n<p>Yellen can try to spin it any way she wants, but Americans are facing the impact of the Biden economy every day at the grocery store. The facts and numbers back it up, but so too does a simple trip to grab groceries.<\/p>\n<p>Further, the deficit problem is not that people are getting taxed too little, it\u2019s that the federal government is spending too much.<\/p>\n<hr>\n<div>\n<p><b><i>A Note from Our Deputy Managing Editor:<\/i><\/b><\/p>\n<p><i><span>\u201cWe don\u2019t even know if an election will be held in 2024.\u201d Those 12 words have been stuck in my head since I first read them. <\/span><\/i><\/p>\n<p><i><span>Former Lt. Gen. Michael Flynn recently made that comment to Floyd Brown, founder of The Western Journal. <\/span><\/i><\/p>\n<p><i><span>And if the leftists and the elites get their way, that\u2019s exactly what will happen \u2014 no real election, no real choice for the Electoral College, and no real say for the American people. <\/span><\/i><\/p>\n<p><i><span>The Western Journal is fighting to keep that from happening, but we can\u2019t do it alone.<\/span><\/i><\/p>\n<p><i><span>We work tirelessly to expose the lying leftist media and the corrupt America-hating elites.<\/span><\/i><\/p>\n<p><i><span>But Big Tech\u2019s stranglehold is now so tight that <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>without help<\/span><\/i><\/a><i><span>  from you, we will not be able to continue the fight. <\/span><\/i><\/p>\n<p><i><span>The 2024 election is literally the most important election for every living American. We have to unite and fight for our country, otherwise we will lose it. And if we lose the America we love in 2024, we\u2019ll lose it for good. Can we <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>count on you<\/span><\/i><\/a><i><span>  to help? <\/span><\/i><\/p>\n<p><i><span>With you we will be able to field journalists, do more investigative work, expose more corruption, and get desperately needed truth to millions of Americans. <\/span><\/i><\/p>\n<p><i><span>We can do this only with your help. Please don\u2019t wait one minute.<\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>  Donate right now<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n<p><i><span>Thank you for reading,<\/span><\/i><\/p>\n<p><i><span>Josh Manning<\/span><\/i><\/p>\n<p><i><span>Deputy Managing Editor<\/span><\/i><\/p>\n<p><i><span>P.S. Please <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>stand with us<\/span><\/i><\/a><i><span>  today.<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-44657\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-44657\">Summary<\/label><label for=\"more-info-tab-radio-44657\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-44657\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-44657\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Randy DeSoto has written more than 3,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book &#8220;We Hold These Truths&#8221; and screenwriter of the political documentary &#8220;I Want Your Money.&#8221;<\/p>\n<\/p><\/div>\n<div>\n<p>  Birthplace <\/p>\n<p>  Harrisburg, Pennsylvania <\/p>\n<p>  Nationality <\/p>\n<p>  American <\/p>\n<p>  Honors\/Awards <\/p>\n<p>  Graduated dean&#8217;s list from West Point <\/p>\n<p>  Education <\/p>\n<p>  United States Military Academy at West Point, Regent University School of Law <\/p>\n<p>  Books Written <\/p>\n<p>  We Hold These Truths <\/p>\n<p>  Professional Memberships <\/p>\n<p>  Virginia and Pennsylvania state bars <\/p>\n<p>  Location <\/p>\n<p>  Phoenix, Arizona <\/p>\n<p>  Languages Spoken <\/p>\n<p>  English <\/p>\n<p>  Topics of Expertise <\/p>\n<p>  Politics, Entertainment, Faith <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent interview with Yahoo Finance, Treasury Secretary Janet Yellen was questioned by Jennifer Schonberger about inflation and the growing federal deficit under President Joe Biden. When asked if she had recently visited a grocery store, Yellen responded affirmatively, stating, &#8220;I sure have\u2014I go every&#8230;<\/p>\n","protected":false},"author":662,"featured_media":2283440,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/06\/janet-yellen.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[32694,32693,32695],"class_list":["post-2283439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-grocery-store","tag-out-of-touch","tag-sticker-shock"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/06\/janet-yellen.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2283439","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\/662"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2283439"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2283439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2283440"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2283439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2283439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2283439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}