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Janet Yellen gives unbelievable response when asked about inflation : r/economy
https://www.reddit.com/r/neoliberal/comments/1dcm0yq/the_us_economy_is_absolutely_fantastic/
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•
9 hr. ago
ExtremeComplex
Janet Yellen gives unbelievable response when asked about inflation
Yellen - who is worth about $20 million - said she goes to the grocery store 'every week' and isn't shocked by the prices.
'It's sticker shock isn't it? Just when you look at shipping costs, those have come down, global food commodity prices have also come down but food prices still remain high,' said Yahoo! Finance reporter Jennifer Schonberger.
r/economy - Janet Yellen gives unbelievable response when asked about inflation
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u/Redd868 avatar
Redd868
•
8h ago
George Orwell — 'The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.'
It is hardly inflation that we're being told what we are ourselves experiencing isn't what is happening. The people in this country better start pulling their heads out of their asses, because it looks to me like the country is going down the tubes.
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u/jh937hfiu3hrhv9 avatar
jh937hfiu3hrhv9
•
8h ago
Housing is unaffordable because rich people like Janet Yellen and other Vulture Capitalists buy homes they do not need. If there were a limit on hoarding real estate there would be much more supply. The barrier to entry for buying and renting is ridiculous. There are people who can afford rent but do not have the three times income requirement, so apartments sit empty. Stop pretending throwing the public's money at the problem will fix it. Fix the systemic issues that benefit the rich at everyone else's expense.
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MysteriousAMOG
•
5h ago
JabbaThaHott
•
9h ago
I don’t understand what’s wrong with anything she said. We are not used to noticeable inflation because we haven’t had it in so long. Same with interest rates being above zero. Look at what was the norm in the 70s/80s versus now.
Inflation is definitely happening but it’s nowhere near as bad as it’s been historically. We used to expect prices to rise and fluctuate—the fact that it’s been largely kept at bay for the past 20-30 years is a some combination of policy choices/trade advantages but it’s not the norm.
The real problem is lagging wage increases, which the Fed doesn’t have effective tools to solve. That’s a whole other can of worms that is much more complex and will be difficult to incentivize without some innovative policy solutions. But I don’t think those solutions can be found through monetary policy tweaks, which is basically all the Fed can do.
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ExtremeComplex
OP
•
9h ago
It's only transitory you know.
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u/Ipeephereandthere avatar
Ipeephereandthere
•
9h ago
I think it’s because she said the inflation we are experiencing was suppose to be transitory.
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JabbaThaHott
•
9h ago
Well, it is…we just have extremely short time horizons now. It’s not going to be forever.
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Big-Satisfaction9296
•
9h ago
Lmao. I guess you’re never wrong if you just pick a definition that matches the outcome. It’s transitory but that time horizon is years.
The fact of the matter is she miscalculated how long inflation was going to last and has lost almost all credibility.
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JabbaThaHott
•
8h ago
So? Economists aren’t wizards. The policy toolkit is actually extremely limited, made even further so by political dysfunction. Stop yelling at the wrong people.
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Big-Satisfaction9296
•
8h ago
It is literally her job to know this stuff better than anyone else. She advises the preisdent on policy based off her understanding. She completely failed at her job.
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JabbaThaHott
•
8h ago
It’s “literally” not. I gather that you’re not an economist, given your comments. I don’t think you get how policy works. Nobody actually knows what the economy is going to do, that’s fundamentally true. But we know patterns and we know signals to tell if things are in the realm of normal or stable. She is saying that there is nothing alarming about the current state of things, and she’s right.
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Big-Satisfaction9296
•
8h ago
So you saying it’s not her job to understand the economy better than anyone else? Lmao ok.
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JabbaThaHott
•
8h ago
That’s not what I said at all. I think you’re picking fights on purpose so I’m not going to respond anymore.
You can choose to yell at the wrong people, I guess, if that makes you feel better. But again I think you’d do better to understand the situation at hand and redirect your anger at some of the very real and systemic issues behind inequality and economic distortions. But that’s just my two cents
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Big-Satisfaction9296
•
8h ago
I said it was her job to understand the economy better than anyone else as she is the economic advisor to the president. You said "its literally not". That is in no way true. Her job is to literally understand the current economic environment.
Janet has been consitently wrong for the past 3 years and she is largely to blame as the economic advisor to the president. The last few years has shown that she has a very weak understanding of the current state of the economy.
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Purple_Falcone
•
6h ago
*Stop yellen at the wrong people.
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Ipeephereandthere
•
9h ago
When will it end?
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JabbaThaHott
•
9h ago
I don’t know, nobody knows. When prices reach a sustainable point, obviously, but there are so many other factors in the mix—our expectations are all messed up, corporations are allowed to get away with obvious juicing of profits, there are trade issues, and our national political dysfunction makes any kind of meaningful policy overhaul unlikely. It’s not a great situation but it’s by no means catastrophic, at least not right now
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Ipeephereandthere
•
9h ago
I understand, but it is kinda her job to know….
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JabbaThaHott
•
9h ago
It’s not, actually.
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Ipeephereandthere
•
9h ago
So how can she claim it’s transitory?
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JabbaThaHott
•
8h ago
Because outside of catastrophic situations, that’s how inflation works. I get that an economist’s answers are going to seem cold—she’s not a populist firebrand. But the truth is sometimes the market is in need of a correction, and that’s what we’re seeing now, as far as anyone can tell.
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JabbaThaHott
•
8h ago
Because outside of catastrophic situations, that’s how inflation works. I get that an economist’s answers are going to seem cold—she’s not a populist firebrand. But the truth is sometimes the market is in need of a correction, and that’s what we’re seeing now, as far as anyone can tell.
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PaulOshanter
•
8h ago
The latest CPI report has annual food price inflation at 2.1% which is considered normal.
https://www.bls.gov/news.release/cpi.nr0.htm
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NotWoke23
•
8h ago
Now do houses, rent, autos, groceries, insurance, ETC lol.
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PaulOshanter
•
7h ago
The OP was specifically pointing out Yellen's thoughts on grocery prices. But if you're curious it's right there in the link, inflation total is 3.3% YoY
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burnthatburner1
•
8h ago
It was transitory…. it fell from 9% to around 3
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NotWoke23
•
8h ago
Biden also says the economy is great.
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