Treasury Secretary Tells Americans Their Finances ‘Are Fine’

While the average American continues to grapple with the dwindling economy, Treasury Secretary Janet Yellen insisted on Tuesday that Americans’ household finances were “quite strong.”

Sec Yellen Econ-Splains To Average Americans: Your Finances Are Fine, Everything Is Fine https://t.co/6vSSgoNm1c pic.twitter.com/VdJVz6OWKG

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Yellen said during an interview on CNBC that the economy and Americans’ household finances are strong even though she admitted that some families with lower income might have some hard time.

“I believe inflation will continue to come down… I think we’ve got a good, strong economy,” she claimed.

“We’ve got very strong domestic demand, consumers are holding up — some low income consumers are perhaps exhausting their buffers of saving that they built up during the pandemic, we’re seeing a little bit more distress at the household level there, but generally households are in very good financial shape, our financial system is generally quite strong,” the Biden admin official added.

Yellen’s comments do not align with polls that show average Americans struggling under President Joe Biden’s administration, with many of them believing that their economic health was worse under Biden than it was under former President Donald Trump.

Several polls by the Brookings Institution conducted in late March showed that Americans have not enjoyed any favors from the Biden economy.

According to a New York Times poll conducted early last month, only 26% of Americans saw the nation’s economic conditions under Biden as “excellent or good.” Twenty-three percent of the respondents found the economic conditions “fair” whale the remaining 51% deemed the conditions “poor.”

Another March poll from CBS News gave the trophy to Trump when voters were asked to directly compare the economy under him to Biden’s. Only 38% of the respondents had rated Biden’s economy as good while a whopping 65% went with Trump.

Yellen’s claims that “inflation will continue to come down” also tells a different story from a survey by Economist/YouGov late last month. In the survey, only 21% of respondents believed the idea of the economy getting better while 52% saw it as getting worse.