Source: Financial News Agency Author: Xia Junxiong
① US Treasury Secretary Yellen said that compared with before the COVID-19 pandemic, food and rent costs paid by Americans now continue to rise, which is the main factor in voters' negative views on the economic outlook; ② According to a poll released last Sunday, nearly 60% of registered voters disapprove of Biden's economic policies, while only 38% agree.
On Monday (November 20), US Treasury Secretary Yellen said that compared with before the COVID-19 pandemic, food and rent costs paid by Americans now continue to rise, which is a major factor in voters' negative views on the economic outlook.
In an interview on Monday, Yellen pointed out that although the overall level of inflation has slowed, Americans are investing more in important expenses such as food than before the pandemic, which is still noteworthy for those who go shopping in stores.
According to data from the US Bureau of Labor Statistics, although the overall inflation rate has declined over the past year, food prices have always been higher than the benchmark inflation rate. There are many reasons for this situation, including the Russian-Ukrainian conflict, which has pushed up food prices, and restaurants have raised menu prices.
The increase in rent has also remained high. Yellen said, “Rents are rising at a slower rate now, but they are definitely higher than pre-pandemic levels.” She added, “So I do think we've made quite a bit of progress in reducing inflation, but Americans do notice that prices have indeed risen compared to the prices they were used to in the past.”
Yellen's remarks on Monday were in response to the American public's dissatisfaction with Biden's economics. Although US President Joe Biden and his team insist that the US economy is objectively strong, and this is due to so-called Biden economics, the public does not buy it.
According to a poll released last Sunday, nearly 60% of registered voters disapprove of Biden's economic policies, while only 38% agree. Polls also show that for the first time, Biden's approval rating in the 2024 presidential election was lower than that of former US President Trump.
However, Yellen insisted on standing up for Biden's economics on Monday. She said, “Our job is to explain to Americans what President Biden has done to improve the economy. I think as inflation falls, prices stop rising, and the labor market remains strong, Americans will begin to realize that we have made meaningful progress.”
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