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During portions of an interview with CNN aired on Thursday’s broadcast of “OutFront,” Treasury Secretary Janet Yellen stated that she doesn’t see indications of a recession in the American economy right now, the Biden administration isn’t getting credit for economic problems avoided by its actions, and people should be patient as they wait for the results of the Biden administration’s policies.
Yellen stated, “I don’t see signs of a recession in this economy at this point.” And “We have unemployment at a 50-year low. There are two job vacancies for every American who is looking for work. We have solid household finances, business finances, banks that are well-capitalized, and we’ve been creating, [on] average, 300,000 jobs a month.”
She also said that over the medium term, “we have [a] historic investment in the strength of our economy, the passage of three very important bills.”
Yellen also argued that due to a rapid economic recovery, there are “problems we don’t have because of what the Biden administration has done. So, often one doesn’t get credit for problems that don’t exist.”
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In another part of the interview, CNN Senior White House Correspondent Phil Mattingly asked, “Is the kind of message at this point, to some degree, we’ve done the work. Be patient. It’s coming?”
Yellen responded, “Yes. But we’re beginning to see repaired bridges come online, not in every community. Pretty soon, many communities are going to see roads improve, bridges repaired that have been falling apart. We’re seeing money flow into research and development, which is really an important source of long-term strength to the American economy. And America’s strength is going to increase and we’re going to become a more competitive economy.”
Follow Ian Hanchett on Twitter @IanHanchett
