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

Treasury Secretary Janet Yellen meets with U2's Bono in Dublin

  Treasury Secretary Janet Yellen meets with U2's Bono in Dublin Treasury Secretary Janet Yellen said Democrats should try and fix the nation's debt ceiling without GOP support ahead of her meeting in Dublin with Bono on poverty issues.'Should it be done on a bipartisan basis? Absolutely. Now, if they're not going to cooperate, I don't want to play chicken and end up not raising the debt ceiling. I think that's the worst possible outcome,' Yellen told The Washington Post in an interview.

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."

The inflation tax is not only real, it's massive

  The inflation tax is not only real, it's massive In 2021, the inflation tax will be as large if not larger than the revenues the federal government will collect from individual income taxes. The inflation tax is not only real, in 2021 it is really large. No wonder governments love central banks. Paul H. Kupiec is a resident scholar at the American Enterprise Institute (AEI), where he studies systemic risk and the management and regulations of banks and financial markets.

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.

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.

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."

Key Democratic senators silent on rising inflation, potential implications for Biden's massive spending bill

  Key Democratic senators silent on rising inflation, potential implications for Biden's massive spending bill With inflation hitting Americans' wallets, at least one moderate Senate Democrat may be in favor of hitting the brakes on President Biden's massive spending plan. Several others are silent on the issue.Several key Democratic senators have been notably silent on accelerating inflation trends in the wake of the new data. They include Sens. Catherine Cortez Masto, D-Nev; Mark Kelly, D-Ariz.; Maggie Hassan, D-N.H.; and Michael Bennet, D-Colo.

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.

Yellen ’s message on Covid and inflation is consistent, but just last month she provided a timeline when Americans might feel some relief. In an interview on October 24th Yellen said inflation is expected to continue rising in the coming months and ease by the “ mid -to-end” of 2022 . And producer prices rose 8.6 year-on-year, leading to the highest ever rise. Business executives say Yellen and Secretary of Commerce Gina Raimondo have paid attention to warnings about inflation , POLITICO reported last week, The White House’s West Wing seems too convinced that the problem will go away

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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Washington Nationals sued by ex-employees over vaccine firing .
The Washington Nationals are being sued by two former employees who were fired for refusing to comply with the team’s COVID-19 vaccine mandate. Lawrence (Larry) Pardo and Brad Holman were pitching coaches in the Nats’ organization. The two refused to get the COVID-19 vaccine for religious reasons and were fired by the Nats as a result. The team instituted a mandate on Aug. 12 that went into effect on Sept. 10, leading to the firing of both men.Now the two have filed a lawsuit against the club, TMZ Sports reports.

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