(DailyEmailNews.com) – Confirming the entire Biden administration is out of touch with the struggles of hard-working Americans, Treasury Secretary Janet Yellen downplayed the dire state of the economy.
During a recent interview with Jennifer Schonberger from Yahoo Finance, Yellen addressed questions about the persistently high cost of groceries since the COVID-19 pandemic.
When asked if she has personally experienced the high prices at grocery stores, Yellen confirmed, “I sure have — I go every week.”
Schonberger then noted, “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.”
She then questioned Yellen whether the U.S. should boost its investment in agriculture to enhance the food supply.
Yellen, whose net worth is around $20 million, quickly responded with a “No” even before Schonberger completed her question.
She then went on to say, “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 also mentioned discussions with several grocery store CEOs, including Target’s CEO, who have been actively reducing prices on essential items like bread, milk and diapers.
She praised these efforts: “I think that’s to be applauded, I think that kind of thing is helpful, but I would be reluctant to agree that we should be centralizing agriculture,” Yellen stated.
Looking forward, the Treasury Secretary said she was optimistic about inflation trends and predicted they would align with “the Fed’s 2 percent target” by early next year.
Additionally, Yellen highlighted recent actions by the Biden administration to allegedly improve access to affordable housing after acknowledging that housing costs have significantly influenced inflation and living expenses in recent years.
To support this initiative, Yellen recently announced the department would allocate $85 million in housing funds to 21 state and local governments during her visit to Minneapolis.
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