Biden and Yellen's Economic Contradictions
22 February 2024 By Abiodun Kareem Giwa
Treasury Secretary Janet Yellen and President Joseph Biden (Courtesy: AP)
The United States Treasury Secretary talked about inflation and rising prices recently. She said inflation has receded, but the high prices would remain, believing the wage rise had covered the difference between high prices and consumers. She repeated the Democratic Party's talking point to assuage the public of the government's concern about rising prices shortly after the president blasted grocers as responsible for the price hike.
Observers say President Joseph Biden was wrong to blame the grocers. They also noted that Janet Yellen contradicted the president, leading to a contradiction between the two. If Yellen says the prices would remain where they are, why is the president holding the grocers responsible?
Curious analysts say it is the election year, and it is not unexpected that the president and his treasury secretary are not on the same page about inflation and the resulting high prices that have refused to go despite the change in inflation. The president talked as a politician worried about the effect of high prices on his reelection prospects. In contrast, Yellen's statement represents the administration's economic policy.
Why didn't the president ask Yellen or his economic team before blaming the grocers? Doesn't the confusion show a lack of organization, showing the president having a different perspective from the treasury Secretary? Organizing is the first on the list of the jobs of Public Administrators taught in the classroom. One would expect governments at every level to be conversant with it. The issue here is about high prices and the effect on the public.
Lack of organization could deem efforts to do the right thing. Yellen failed to explain why high prices would remain despite receding inflation. Did she mean it served the public right to lose the wage gain to high prices? She meant that there is no solution to high prices, and the wage increase should cushion the wrong reality in economic expectations.
That being the case, the Biden administration must take responsibility for the painful prices Americans pay for groceries and other commodities. Workers don't expect to spend more than budgeted on purchases. Yes, budgeting is essential. The public learned from governments to budget. Every household wants money saved for future needs and not spending all they have at once.
The current economic situation will affect who becomes the next president. The economy stands tall among what concerns the electorate as most crucial about who to give their votes. Americans are not better off than four years ago. They waded through three years of hyperinflation, the government blaming the Ukraine-Russian war, whereas some of its economic policies were not pro-people but political.
Now that inflation has reportedly receded, the resultant high prices are still present with a loud murmur from the people. The worry that the electorate is not impressed has pushed the administration into face-saving tactics in the election years. It has tried to drive down prices at the gas station. Yet, gas price prices remain over $3:00 in New York and still to achieve the $2:86 it sold in New Jersey during Trump's administration. People discuss the developments that are placing the Biden administration in the negative.
The administration supporters cannot expect three years of brutal economic indices to go away suddenly for the offer of porridge that is still uncertain. Every administration must learn to give comfort when it matters. There was no time of economic discomfort under Trump despite the unsettling impeachments from the opposition. If politics were a saintly affair, it would not be wrong if Biden officials asked and continued with the policy of how Trump achieved economic stability.
Observers say President Joseph Biden was wrong to blame the grocers. They also noted that Janet Yellen contradicted the president, leading to a contradiction between the two. If Yellen says the prices would remain where they are, why is the president holding the grocers responsible?
Curious analysts say it is the election year, and it is not unexpected that the president and his treasury secretary are not on the same page about inflation and the resulting high prices that have refused to go despite the change in inflation. The president talked as a politician worried about the effect of high prices on his reelection prospects. In contrast, Yellen's statement represents the administration's economic policy.
Why didn't the president ask Yellen or his economic team before blaming the grocers? Doesn't the confusion show a lack of organization, showing the president having a different perspective from the treasury Secretary? Organizing is the first on the list of the jobs of Public Administrators taught in the classroom. One would expect governments at every level to be conversant with it. The issue here is about high prices and the effect on the public.
Lack of organization could deem efforts to do the right thing. Yellen failed to explain why high prices would remain despite receding inflation. Did she mean it served the public right to lose the wage gain to high prices? She meant that there is no solution to high prices, and the wage increase should cushion the wrong reality in economic expectations.
That being the case, the Biden administration must take responsibility for the painful prices Americans pay for groceries and other commodities. Workers don't expect to spend more than budgeted on purchases. Yes, budgeting is essential. The public learned from governments to budget. Every household wants money saved for future needs and not spending all they have at once.
The current economic situation will affect who becomes the next president. The economy stands tall among what concerns the electorate as most crucial about who to give their votes. Americans are not better off than four years ago. They waded through three years of hyperinflation, the government blaming the Ukraine-Russian war, whereas some of its economic policies were not pro-people but political.
Now that inflation has reportedly receded, the resultant high prices are still present with a loud murmur from the people. The worry that the electorate is not impressed has pushed the administration into face-saving tactics in the election years. It has tried to drive down prices at the gas station. Yet, gas price prices remain over $3:00 in New York and still to achieve the $2:86 it sold in New Jersey during Trump's administration. People discuss the developments that are placing the Biden administration in the negative.
The administration supporters cannot expect three years of brutal economic indices to go away suddenly for the offer of porridge that is still uncertain. Every administration must learn to give comfort when it matters. There was no time of economic discomfort under Trump despite the unsettling impeachments from the opposition. If politics were a saintly affair, it would not be wrong if Biden officials asked and continued with the policy of how Trump achieved economic stability.
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