The Incredibly Shrinking Janet Yellen

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Unleash Prosperity Hotline
Issue #1012
05/06/2024
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1) The Incredibly Shrinking Janet Yellen
Longtime HOTLINE readers may recall that we praised Janet Yellen's selection for Treasury secretary. We anticipated that as a former chairman of the Fed, she’d be for Biden what Robert Rubin was for Clinton – the voice of sanity in a cabinet filled with leftist ideologues who had no expertise about their department. (Pete Buttigieg knows nothing about transportation except how to ride a bike to work when the cameras are on him and Jennifer Granholm, who thinks her job is to deplete American energy supplies).

Boy were we wrong.

Yellen has been a major driver for climate change radicalism, global minimum taxes, soak-the-rich policies, and now anti-Trump tirades.

This weekend in Arizona she ranted about Trump being "a threat to democracy."

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She prefaced her remarks by acknowledging that politics "doesn’t seem like typical terrain for a treasury secretary." Then she took out a howitzer and started firing away.

She said that Trump-inspired “January 6 rioters who stormed The Capitol, spurred on by a line.” She called the former president an “authoritarian” and a “threat to democracy.” “Undercutting democracy undercuts a foundation of sustainable and inclusive growth," she fumed.

Yellen also brought up the discredited story that Trump wants to politicize the Fed saying that Fed independence "matters for financial stability and economic growth” – which strikes us as ironic because those are two things starkly missing under her boss.

It also strikes us as a sign of panic in the Biden admin.

Axios reports the rationale for the speech is the Biden team’s frustration that “voters have told pollsters that they trust Trump more on the economy than Biden."

Hmmm. We wonder why!

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2) Charts of the Day: How Does Biden Rank on Inflation?
Biden’s inflation rate today is STILL higher than at any time of the Trump presidency.

But Biden rates worse than all modern presidents except Jimmy Carter and Jerry Ford.

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3) Now Used Car Prices Are Surging
Speaking of Biden’s financial mismanagement, Gallup now shows cost of living is the top issue for a record-high 41% of Americans:

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We’ve all heard of voter discontent with the cost of housing, food, and energy. But anyone thinking of buying a car has their own form of sticker shock.

"The $25,000 car is fast becoming a unicorn," said Edmunds Consumer analyst Joseph Yoon. But it’s the price point the average American can afford, because that's the car a payment of around $400 a month will buy.

High-interest rates mean the average monthly car payment is now $744 a month, according to Kelley Blue Book.

That gap has forced Americans to chase a smaller and smaller number of used cars on the market. But the average amount of a used car purchase that's financed is still a steep $27,800, and interest rates for used cars are typically even higher than for new cars. Today’s used car buyer faces an average monthly payment of $549, a full 40 percent higher than the payment the average American can afford.

But Bidenomics is working.

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4) Next They Are Coming for Our Coffee

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5) Biden's Chief Economist Jared Bernstein Explains Bidenomics

If you have time to view this video, please watch it – but we are warning, it is deeply disturbing. (We are reasonably certain it has not been doctored, but can’t say that with 100% certainty.)

We transcribed the jibberish as accurately as we could:

Some of the language that the [modern monetary theory] MMT, and concepts are just confusing. I mean, the government definitely prints money, and it definitely lends that money, which is why the government definitely prints money, and then it lends that money by selling bonds.

Is that what they do? They, they, um, they, yeah, they they, um, they sell bonds. Yeah, they sell bonds, right? Since they sell bonds and people buy the bonds and lend them the money. Yeah.

So, a lot of times, a lot of times at least to my ear with MMT, the language and the concepts can be kind of unnecessarily confusing, but there is no question that the government prints money and then it uses that money to um uh uh so um yeah I guess I'm just I, I can't really talk. I don't get it. I don't know what they're talking about like because it's like the government clearly prints money. It does it all the time, and it clearly borrows. Otherwise, we wouldn't be having this debt and deficit conversation.

So, I don't think there's anything confusing there.

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Folks, this is the guy calling the economic policy shots over at the White House. Run for the hills.

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6) The Real Rabble-Rousers

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