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Politics: Inflation Will Only Drop by 2022 Midterm Elections If COVID Eases: Janet Yellen

GOP sees inflation as winning issue

  GOP sees inflation as winning issue Republicans are looking at surging inflation as a winning issue as the party molds its attack lines against President Biden and down-ballot Democrats ahead of the midterms. Annual inflation jumped to 6.2 percent in October, according to data released Wednesday by the Labor Department, reaching the highest level in more than 30 years. Prices rose 0.9 percent last month alone, marking the third straight month of accelerating inflation. Republicans have spent months blaming Biden and Democrats for rising food and gas prices, and inflation was a central focus of Gov.-elect Glenn Youngkin's (R ) successful bid for the Virginia governor's mansion.

US Treasury secretary Janet Yellen said controlling Covid -19 was key to taming inflation , as Joe Biden’s administration tries to stop rising prices derailing the US economic recovery and the president’s legislative agenda. “The pandemic has been calling the shots for the economy and for inflation The inflation worries also come at a time of potential transition for the US Federal Reserve, as Biden weighs whether to reappoint Jay Powell for a second term as chair or replace him. On Sunday, Yellen refused to be drawn on whether she supported Powell’s renomination. “I’ve said that I think chair

Treasury Secretary Janet Yellen on Sunday claimed that the end of inflation will depend on the pandemic and whether there is a “successful” response to COVID -19 by the Biden Administration. Brennan then listed off many grocery items that are facing skyrocketing prices, including milk, eggs and coffee, as well as gas, before asking, "When does it get better? When do those spikes abate?" "When the economy recovers enough from COVID that demand patterns – people go back to eating out, traveling more, spending more on services, and the demand for products, for goods begins to go back

As rising inflation threatens President Joe Biden's agenda and the Democratic majorities in Congress, Treasury Secretary Janet Yellen said that prices will only fall by the 2022 midterm elections if the pandemic eases.

U.S. Treasury Secretary Janet Yellen speaks to COP26 delegates following a keynote speech by British Chancellor of the Exchequer, Rishi Sunak, at SECC on November 03, 2021 in Glasgow, Scotland. © Christopher Furlong/Getty Images U.S. Treasury Secretary Janet Yellen speaks to COP26 delegates following a keynote speech by British Chancellor of the Exchequer, Rishi Sunak, at SECC on November 03, 2021 in Glasgow, Scotland.

"It's important to realize that the cause of this inflation is the pandemic," Yellen said on CBS News' Face the Nation Sunday. "The pandemic has been calling the shots for the economy and for inflation. And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do."

Joe Manchin and Larry Summers were both right about inflation but disagree on Biden's agenda. Who's right will determine the path of his presidency and the economy.

  Joe Manchin and Larry Summers were both right about inflation but disagree on Biden's agenda. Who's right will determine the path of his presidency and the economy. Manchin and Summers were both right to argue that inflation is bad and getting worse, but they disagree on Build Back Better. The stakes are massive.He's in his 60s or 70s, and he remembers when inflation was terrible in the 1970s - he's been warning about it ever since Joe Biden was elected president.

U.S. Treasury Secretary Janet Yellen said on Sunday that the United States was not losing control of inflation , and that she expected inflation levels to return to normal by the second half of next year. "On a 12-month basis, the inflation rate will remain high into next year because of what's already happened. But I expect improvement by the middle to end of next year - second half of next year," Yellen said. Supply chain snags have bedeviled the United States and other countries as economic reopenings spur a surge in demand.

Treasury secretary Janet Yellen blamed the COVID -19 pandemic for the record inflation increase the U.S. is seeing and said the country must continue to “make progress” against the pandemic to get inflation under control. CBS’s Face the Nation host Margaret Brennan asked Yellen in a pre-taped Meanwhile, National Economic Council director Brian Deese said on Sunday that he and President Biden were not wrong months ago when they downplayed inflation as a short- term issue caused by the pandemic. CNN’s Jake Tapper asked Deese if he and Biden were wrong in saying that inflation is

Asked if prices for the average American would be down by next November, Yellen linked economic recovery to COVID-19.

"It really depends on the pandemic," she said. "When the economy recovers enough from COVID, the demand patterns, people go back to eating out, traveling more, spending more on services, and the demand for products, for goods begins to go back to normal."

A worker shortage boosted annual wage growth to 4.9 percent in October. However, the increase has been overshadowed by the pace of inflation, which has led to an overall drop in real earnings and purchasing power in most industries.

Yellen acknowledged that the country has been seeing "some big increases in prices" due to a "dramatic increase in demand for products."

Yellen says COVID-19 pandemic is 'responsible' for inflation increases

  Yellen says COVID-19 pandemic is 'responsible' for inflation increases Treasury Secretary Janet Yellen in a new interview said the COVID-19 pandemic is the cause for the record inflation increase the U.S. is seeing nationwide.Asked by host Margaret Brennan on Sunday in a pre-taped interview on CBS's "Face the Nation" if she is confident prices for the average American will be back at normal levels by next November, Yellen said it "really depends on the pandemic.""The pandemic has been calling the shots for the economy and for inflation. And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do.

Janet Yellen can reassure us all she wants, but the reality for Americans is that prices are soaring and living standards are falling. Previously, Yellen promised us that inflation would end by the end of 2021, blaming price increases over the summer on the supply chain bottlenecks and shifting consumer demand as the country comes out of the pandemic. Inflation has surged to levels not seen in 30 years, marking a decline in real income amongst ordinary Americans, who were already struggling to get back to normal after a year or more in lockdown.

Adds Yellen , Republican criticism, Summers supports both billsBy Doina Chiacu - U.S. President Joe Biden's economic advisers defended his policies on Sunday amid rising inflation that they said was a global issue related to the COVID -19 pandemic, not a result of the administration's programs.U.S. c… Treasury Secretary Janet Yellen and Deese in separate television appearances said they expect that measure, as well as the .75 trillion "Build Back Better" domestic spending and climate investment bill to help bring down inflation . "There's an urgency to act," Deese said on CNN.

The consumer price index rose last month to over 6 percent, the highest in over two decades, according to a report released by the Department of Labor.

After months of defense rhetoric on rising inflation, the White House has shifted its messaging, candidly acknowledging the worsening economic issue that has cursed Biden's presidency.

White House National Economic Council Director Brian Deese on Sunday cited high inflation as a reason to push the nearly $2 trillion social spending and climate bill through Congress.

"This bill is actually going to address the core costs that American families are facing in child care, in housing, in health care," he said on ABC News' This Week.

Deese echoed Yellen in linking economic recovery to the country's COVID-19 response.

"We have to finish the job on COVID. We know that the more that people feel comfortable getting out into the economy, going to movies rather than buying television at home, working in the workplace, the more we can return a sense of normalcy to our economy," he said.

Recent polls paint a troubling picture for Biden, as Democrats face an uphill battle to maintain control of their razor-thin congressional majorities.

Seventy percent of Americans said the economy is in bad shape, and 55 percent disapproved of the president's handling of the economy in a new ABC News/Washington Post survey.

Newsweek reached out to the White House for further comment.

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Biden's spending binge makes Americans poorer, just before the holidays .
Families are struggling — Biden and his allies in Congress need to stop their destructive spending now.I say working families are high-class people - and we know how to do the math. Our budgets show us that the money we earn, even from all the extra hours we're working because of the government-funded labor shortage, isn't buying as much.

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