Janet Yellen’s disappointing transformation from economist to politician

[Chris]

More hypocrisy from the left. Janet Yellen’s disappointing transformation from economist to politician

...Yellen has long warned that the enormous national debt is a serious issue. Indeed, just in 2017, she said she was “very worried about the sustainability of the U.S. debt trajectory” and called it “the type of thing that should keep people awake at night.” Yellen offered this warning when the ratio of federal debt held by the public to the size of the economy was at just 75% — now, it’s over 100%.

But Yellen’s tune has changed now that she works for a Democratic president with massive spending ambitions. We’ve already spent an astounding $4 trillion on COVID-19 relief, much of which proved inefficient and rife with fraud. Yet Yellen is defending President Biden’s push to blow out the budget with trillions more and dismissing debt concerns.

We think it’s very important to have a big package [that] addresses the pain [COVID-19] has caused,” Yellen said on CNBC. “I think the price of doing too little is much higher than the price of doing something big. We think that the benefits will far outweigh the costs in the longer run.”

The economist-turned-politician is making this argument even as the economy is projected to recover without more stimulus and as nonpartisan projections show our post-pandemic budget trajectory is even more disastrous.

Yellen’s flip-flop on the minimum wage is even more glaring....

[texan]

I saw a really good presentation on the state of the economy. It was targeted towards Texas Oklahoma and Arkansas businesses.

They covered all the key indicators. We are in good shape until about 2030's. There are some longer term potential unsolved debt issues. But in the short term we are going to bounced back pretty big. It was part of Vistage International.

[donttread]

Lockstep all the way. Whether it be the power itself, or the process ideals sem to die after appointments or elections. You would remember just a few years ago the country had a fir about increasing the debt ceiling. Every day folks were discussing the actual numbers and many opposed the increase as they seemed to be getting wise to what "shutting down the government" really means and that it does NOT affect congressional salaries and benes.
But whatever they did after that has buried the issue and now the news doesn't even focus on debt ceiling increases and the people aren't even aware. Sort of OK they really cared and we promised some $#@! we don't mean so next time they won't know.
I predicted that we would raise debt 10 trillion in the time of COVID. We have 4 plus 2 about to be doled out, much of it for nothing to do with Corona at all. But then there will be the less direct cost, state unemployment not covered by grants , federal programs increased or created. Hell the bill even includes money for schools. Why? They were closed the staff was paid and tax bills sent out.

Anyway how much would you guys and gals guess for the increase in debt for 2020 and 2021. I do think it will be at least 9 trillion with maybe 1/3 or 1/2 directed properly to actually help people who were effceted.
I also predicted an increase in the percentage of the wealth held by the top 1% during this time which I think was around 39.5 % going into 2020 but my memory may be failing me. Later I predicted that small businesses would lose market share ( low hanging fruit I know)
What are thoughts on all of that and the economic effects of the debt and transfers of wealth and market share?

[carolina73]

Yellen turned political under Obama as head of the Federal Reserve. She knew she should have increased interest rates and didn't. Then when Trump took office she suddenly wanted to raise them but backed down under pressure.

Low interest sounds great but it causes people hide from more conservative savings and investments.

[testsubjectalpha]

Janet is a severe disappointment. An LSD'r