When asked whether she had experienced inflation-related sticker shock at the grocery store, Treasury Secretary Janet Yellen stunned the interviewer.
Under Biden, Americans are sometimes taken aback by the astronomical expense of a regular grocery shop trip, which has led to price increases in the double digits.
Yellen, who has an estimated net worth of $20 million, does not feel astonished by the grocery store costs.
Jennifer Schonberger, a writer for Yahoo! Finance, told Yellen that food prices are still high, even though transportation costs and the price of global agricultural commodities have both decreased. Schonberger started to ask Yellen if she was shocked by food prices, but Yellen blurted out, “No,” before Schonberger could finish her question.
Yellen acknowledged that supermarket companies have faced rising costs, particularly labor costs. However, Yellen claimed that inflation would fall and return to the Federal Reserve’s target rate of 2% by the beginning of next year.
While Americans are facing inflation, Biden said in a May appearance with CNN that they really had more disposable income than the polls show.
She did concede that inflation was a significant problem, which was a major reason for Biden’s declining popularity throughout his first half of office. But then he blamed corporations’ greed.
Americans are still struggling, and many were outraged by Biden’s remarks, so they let him have it on social media.
One of Trump’s most prominent agenda items is a 10% tariff on all imports and 60% on Chinese goods. He has also proposed reducing corporate taxes and eliminating taxes on tipped salaries.
At the start of this year, the debt surpassed $34 trillion, and earlier this month, predictions indicated that it would surpass $56 trillion by 2034.
As we approach the first presidential debate, the polls show that Biden is still behind Trump in the race by five points.
