United States: On Tuesday, Yellen is to try to retake the mantle of framing Biden’s economic stewardship by insisting that Americans are in a stronger position now than when the Biden administration began.
Voter Concerns Shift Amid Economic Indicators
Discussing incoming results a week before the November 5th presidential elections in extracts of remarks to a banking conference made public by the Treasury, Yellen cheered for strong US economic growth, record low unemployment, decreasing inflation and rising wages, as reported by Reuters.
Known inflation after COVID-19 pandemic Voters in the seven swing states that will determine the winner of the election have shifted their focus from the conventional signs of economy to the increased cost of goods and are voting for Republican Donald Trump.
Reuters/Ipsos poll in mid-October revealed that 61 percent of voters in the swing states are of the opinion that economy is headed in the wrong direction with 68 percent endorsing the same for cost of living.
Trump outperforms his Democratic rival Kamala Harris in terms of polls on the economy even though the US has recorded a healthy growth rate that is driving global economy and outcompeting others.
Trump’s Rhetoric Resonates
Remarkably, one of the chants heard at the Trump rallies is that the country is now worse than it was four years ago.
Yellen who has praised billions of dollars in investments due to the Biden’s clean energy, infrastructure and semiconductor policies tried to remind the voters through her speech to the American Bankers Association of how worse off the country was in January 2021.
There were thousands of deaths each day for COVID-19 when President Biden and Vice President Harris assumed their positions. ‘‘According to Yellen, it was 50 percent higher than the current level of unemployment.”
Economic Resilience Amid Challenges
Today on the other hand, the United States economy is healthy. What we have witnessed is healthy expansion of the economy marked by sustained consumer and business spending despite the fact that inflation has eased drastically.
Looking Ahead
Further, more positive numbers are anticipated in the week ahead, with 3% GDP growth forecasted to be more than 3% on Wednesday but payroll’s growth is expected to be weakened by the Boeing strike that involves 33,000 workers.
Yellen admitted that further efforts were required to reduce the cost of living, however, she stressed that wages increased more than inflation rates, as reported by Reuters.
“Which means that the typical American can afford more goods and services than before the pandemic. And Americans are starting new businesses at a record rate, reflecting optimism about the economy,” she said.