https://justthenews.com/politi..._campaign=newsletter

On Monday, US Treasury Secretary Janet Yellen appeared on CNN where she responded to poor economic approval ratings, saying Americans are nonetheless optimistic on a personal level.

“What do you say, Secretary Yellen, to the clear majority of Americans who simply do not believe that the administration is helping them?” asked CNN host Erin Burnett.

Yellen replied that “it is important to recognize that when they’re asked how are they personally doing, over 70% of Americans say that they’re very comfortable with their financial situation. So, they seem to perceive the economy as a whole as doing less well than they are personally.”

“But most Americans feel good about their own economic situation,” she concluded.

The poll in discussion was commissioned by CNN and as of the end of July 2023, 75% of the nation feels the economy overall is in “poor” shape.

Also on Monday, US gasoline prices reached an almost 10-month higher of $3.85 per gallon, according to AAA.

The government just told you that you feel good about the economy... now you better start feeling good about it. Don't worry, we'll keep reminding you.

Obviously the polls are wrong.

Meanwhile
Workers making more than $100K laid off at alarming rate as number of US millionaires plummets

I’m in that group and not too happy about it

Even the rich are having a tough go of it in this economy.

Americans earning at least $125,000 a year are being laid off at three times the rate of those with low or moderate incomes, according to research from Bank of America, citing data on jobless benefits deposited in customer accounts.

In its report, Bank of America cited a “shift up in higher-income unemployment” in July, which saw a 70% increase versus a year ago in the number of six-figure earners who received unemployment benefits.

“Lower- and middle-income households remain fairly resilient, while higher-income households appear to be feeling more of a pinch from the labor market,” the Bank of America report read.

Sectors that offer high-paying jobs such as tech and finance have been beset by layoffs over the past few months.

Meta, Amazon, Alphabet, and other Silicon Valley companies have laid off more than 227,000 people since the start of the year, according to Layoffs.fyi.

Meanwhile, Wall Street giants such as Goldman Sachs, Morgan Stanley, and Citigroup have let go of thousands of employees.

Americans earning six figures are becoming jobless at three times the rate of low-income workers, according to Bank of America.
With the stock market recovering from 2022, high earners have seen their 401(k)s bounce back in a big way — a far cry from a year ago.

The number of American adults whose assets total $1 million fell by 1.8 million to 22.7 million at the end of last year, according to the Global Wealth Report put together by analysts at Credit Suisse and UBS.

Last year, the US, which has the highest concentration of millionaires (38% of the total worldwide), suffered the steepest decline in the number of those worth at least seven figures.

“With the NASDAQ down 33% and the S&P down 20% in 2022, this caused the major fall amongst millionaires who saw robust growth in prior years in their 401(k)s and IRAs,” Ted Jenkin, the co-founder of Atlanta-based exit planning consultancy firm Exit Stage Left Advisors, told The Post.

Layoffs in tech and finance have hit six-income earners hard.

The rough economic waters are taking their toll on many of the country’s higher-income earners.

The ultra-wealthy also felt the pinch.

In 2022, the richest 500 people on the planet lost a collective $1.4 trillion, according to figures from the Bloomberg Billionaires Index.

In July, there was a 70% increase in the number of six-figure earners who received unemployment benefits.

Supply chain snarls, the Russian invasion of Ukraine, China’s inability to shake free from COVID outbreaks, soaring levels of inflation, and tanking stock markets conspired to put a dent in the net worth of the nation’s wealthiest denizens.

“Much of the decline in wealth in 2022 was driven by high inflation and the appreciation of the US dollar against many other currencies,” said Anthony Shorrocks, one of the authors of the Global Wealth Report.

“Similarly, financial assets contributed most to wealth declines while non-financial assets (mostly real estate) stayed resilient, despite rapidly rising interest rates.”

Shorrocks added: “But the relative contributions of financial and non-financial assets may reverse in 2023 if house prices decline in response to higher interest rates.”

I have always said you can make a poll say what ever you want by asking the questions in certain areas of the country.

She has no clue. Or senile.

There were a couple of news reports that the inflation rate averaged out so far this year is 3 1/2% EXCEPT for food and energy costs, those were higher.

And we all know that energy prices never affect anything but the pump prices…

Labor is typically the largest expense a business has. Which saves the most cost with the least amount of effort, laying off four or five $15/hr stocking clerks or one $125k/year manager? Just saying.

quote:

Originally posted by shovelhead:
She has no clue. Or senile.

I can't speak to her being senile, but she absolutely has a clue. But she's the lefties' trained parrot, so what would you expect her to say?

quote:

Originally posted by shovelhead:
There were a couple of news reports that the inflation rate averaged out so far this year is 3 1/2% EXCEPT for food and energy costs, those were higher.

And we all know that energy prices never affect anything but the pump prices…

I mean damn. Whenever I see that bandied about, I'm like, wait a minute... Energy costs propagate through everything, if it's gone/going up, so will everything else. SMDH.

The sad truth is that the vast majority of Americans are worse off since Biden took office due to the inflation that has occurred under his watch.

And instead of attempting to curb inflation, the actions by the Biden Administration have only exacerbated it. The largest of these have been, get this, the "INFLATION REDUCTION ACT" and the continuation of student loan payment deferments.

quote:

Originally posted by shovelhead:
There were a couple of news reports that the inflation rate averaged out so far this year is 3 1/2%..

I know I'm preaching to the choir here shovelhead. But as you know that 3 1/2% is only a year over year increase. Looking back over the time Biden has been in office is probably closer to 25%. Very few family incomes have risen 25% over the past three years.

The truth is, the vast majority of Americans are poorer since Biden took office and they know it.

quote:

Originally posted by shovelhead:
She has no clue. Or senile.
…

Maybe Yellen is just a lying bitch.

quote:

Originally posted by divil:

quote:

Originally posted by shovelhead:
She has no clue. Or senile.
…

Maybe Yellen is just a lying bitch.

Which makes her supremely qualified for her job.

We can all pull for her being laid off in early 2025, think of all the money taxpayers will save!

quote:

Originally posted by Rightwire:
The government just told you that you feel good about the economy... now you better start feeling good about it. Don't worry, we'll keep reminding you.

She's just channeling the good witch, if you say it three times, a lie becomes the truth....

Just remember the economy is good, close your eyes, tap your heels together three times and say 'There's more funds at home'

Almost always, I make my own coffee before I drive to work. Staying in a hotel as part of my work today. I was shocked to pay $4.11 for a medium cup of coffee. Not Foo-foo coffee - a cup of black coffee. If I were to make this my daily habit, that’s just shy of $95.00 for coffee. It’s starting to feel like the days of Jimmy Carter, all over again.

quote:

Originally posted by chuck416:
Almost always, I make my own coffee before I drive to work. Staying in a hotel as part of my work today. I was shocked to pay $4.11 for a medium cup of coffee. Not Foo-foo coffee - a cup of black coffee. If I were to make this my daily habit, that’s just shy of $95.00 for coffee. It’s starting to feel like the days of Jimmy Carter, all over again.

chuck, not sure of your math on this.

There’s 365 days a year, so $4.11 x 365 = $1500
There’s 250 workdays a year, so $4.11 x 250 = $1028
There’s 30 days in an avg month, so $4.11 x 30 = $123
There’s 20 workdays in an avg month, so $4.11 x 20 = $82

All this to say it’s expensive beyond belief, but if you meant to calculate the yearly amount I think you will have a heart attack…

Considering 70% of the population is living paycheck to paycheck I doubt it. 80% don’t have 800 to cover a car repair.

Par for the course with these disgusting elitist ivory tower assholes.

This is dangerous stuff for the Biden administration. Of all the things they lie about- which is everything- this is the one they can't get away with. Americans know the condition of their finances, and those of their family and friends.

The Biden administration can lie about climate change, foreign policy decisions and a whole list of things but Americans know that the economy is not robust and saying that Americans are financially secure is a lie they can't get away with.

This Yellen imbecile is about the worst of them all. I don't care what her CV says- she comes across like a genuine idiot, the real deal. If you moved her plate five inches, she'd probably starve to death.

quote:

Originally posted by 1s1k:
Considering 70% of the population is living paycheck to paycheck I doubt it. 80% don’t have 800 to cover a car repair.

I don't remember where I read this but years ago there was an article that said a large majority of Americans were only 3 to 4 pay checks away from being homeless.

Also that a vast majority's of Americans could be bankrupt by a minor medical emergency. I do not remember what the dollar amount of that emergency was.