The United States Secretary of the Treasury has supported the claim that the nation’s economy is “good” and “strong” under the Biden administration.
Janet Yellen made the comments during an exclusive interview with CNBC, which was released on April 8. According to the top official, only “some low-income consumers” are struggling in the current economic state but, overall, “households are in very good financial shape.”
Yellen gave the interview to host Sara Eisen after completing a four-day trip to China, where she reportedly met with local and federal leaders, including the mayor of Beijing and top leaders in the government.
According to the outlet, the Treasury Secretary shared with the Chinese leaders the American government’s frustration about the communist country issuing cheap exports of electric vehicles and solar panels throughout the globe and subsidizing the goods. She also issued a warning on behalf of the United States that China and other nations would see repercussions if they were to “fuel Russia’s war machine.”
After expressing her professional opinion that the “relationship” between Chinese and American government officials has been “deepened” in the economic realm, Yellen reacted to Eisen’s comment that the United States’ is bringing a “strong hand on the economy.”
The Treasury Secretary said she believed America’s economy is “good” and “strong” — having maintained a “very strong domestic demand” that has helped consumers. Yellen added that some citizens who receive lower income could be “exhausting their buffers of savings,” primarily those obtained during the COVID-19 pandemic, leading this demographic to experience a “bit more distress.”
But, she added, the overall economic state of households is “very good,” thanks to the “quite strong” financial system in place. Yellen also acknowledged that the risk for a recession is “always” a possibility, noting that unspecified “geopolitical developments” threaten to harm the economy that she said is “on a solid track.”
However, despite Yellen’s confidence in the state of the American economy under President Joe Biden and his administration, citizens have expressed opposing views.
Treasury Sec. Janet Yellen: "I think we can feel great about our economy! … The U.S. is firing on all cylinders!"
Just 14% of Americans say they're "better off" under Biden. pic.twitter.com/WLJvaXYeiK
— RNC Research (@RNCResearch) April 8, 2024
Biden, who is likely going to be in a rematch presidential election in November against his GOP rival, former President Donald Trump, is not inherently the preferred candidate to handle the economy, according to a Feb. 2024 NBC News poll. The survey found that Trump is favored over Biden by 22 points when voters were asked which candidate is better fit to manage the economy — with 55% of respondents choosing Trump and 33% choosing Biden.
