Millionaire Treasury Secretary Janet Yellen, who is worth an estimated $20 million, appeared strikingly out of touch when questioned about inflation under President Biden. Despite claiming she goes to the grocery store “every week,” Yellen seemed unfazed by the skyrocketing prices that have burdened everyday Americans.
During an interview with Yahoo Finance’s Jennifer Schonberger, Yellen was asked a pointed question about the rising grocery prices, which have surged 20% since before the COVID-19 pandemic. Schonberger inquired, “Have you been to the grocery store lately?”
Yellen, without hesitation, replied, “I sure have — I go every week.”
Schonberger pressed further, highlighting the persistent sticker shock despite decreasing shipping costs and global food commodity prices. She asked whether the U.S. should invest in agriculture to boost the domestic food supply.
Before Schonberger could even finish, Yellen curtly responded, “No.”
She elaborated, “I think largely it reflects cost increases, including labor cost increases that grocery firms have experienced, although there may be some increases in margins.”
Yellen then claimed she had met with several grocery store CEOs, including the CEO of Target, who assured her they were cutting costs on essential items like bread, milk, and diapers. “I think that’s to be applauded, I think that kind of thing is helpful, but I would be reluctant to agree that we should be centralizing agriculture,” she added.
Yellen’s remarks about inflation were equally optimistic, predicting that it would hit “the Fed’s 2 percent target” by early next year. However, her assurances seem disconnected from the reality most Americans face at the checkout line.
Adding to the tone-deafness, the Biden administration announced steps to increase access to affordable housing. Yellen promoted this new initiative, which awards $85 million in housing funds to 21 state and local governments, during a trip to Minneapolis. She emphasized that the high cost of living post-pandemic, particularly in housing, has been a significant factor in inflation.
While the administration’s efforts to tackle affordable housing are commendable, Yellen’s apparent detachment from the everyday struggles of American families remains glaring. Her substantial wealth and privileged perspective raise questions about her ability to empathize with and effectively address the economic hardships faced by millions.
In a time when many Americans are grappling with the rising costs of groceries and housing, Yellen’s dismissive attitude towards the notion of investing in agriculture to boost food supply comes off as out-of-touch. Her swift dismissal of a potential solution underscores a disconnect between the elite policymakers and the people they are supposed to serve.
As inflation continues to squeeze American households, the administration’s credibility on economic issues is increasingly under scrutiny. Yellen’s blasé response to soaring grocery prices does little to instill confidence that the current leadership understands or is adequately addressing the financial pressures faced by everyday citizens.