Treasury Secretary Janet Yellen talks housing, inflation, recession, federal deficit

The Biden administration announced a series of new efforts to boost housing affordability, including $100 million to help finance affordable housing through the Community Development Financial Institutions Fund and calling on Federal Home Loan Banks to do more to boost their support of housing programs. US Treasury Secretary Janey Yellen detailed the efforts in a speech in Minneapolis, Minnesota. In an exclusive interview with Yahoo Finance's Jennifer Schonberger, Yellen says the initiatives are not a "silver bullet" for housing affordability but that the administration wants to use "every tool that we have" to lower the cost of buying a home. Housing costs have been a big factor in propping up inflation. Yellen expects inflation to come down, saying, "As we get into next year, I believe that inflation will go back to the Fed's 2% target." One thing she pointed to was the lag in rental prices, noting that many declines would only be seen when renters renew their leases, meaning that it could take longer for rent decreases to appear in the inflation data. Yellen, a former Federal Reserve chair, declined to comment on when she thinks the Federal Reserve will cut interest rates. She did say, however, that the economy is strong and that though growth may be slowing, she doesn't "see the basis, really, for a recession in the outlook." On the deficit, Yellen thinks that a debt crisis in the United States can be avoided as long as there is deficit reduction. She does bring up the expiration of the Tax Cuts and Jobs Act of 2017, saying that President Biden wants to preserve the tax cuts for those making under $400,000 but that "he would raise funds in order to find ways to cover that so that it doesn't just bust the deficit." Yellen demurred on commenting on the policies of a potential Trump administration, but did say the Tax Cuts and Jobs Act promised investments she claims never came and that "it gave huge tax breaks to corporations and to wealthy individuals, and it resulted in an enormous increase in the deficit and lowered tax revenues below historic norms."
#youtube #economy #inflation

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[cl]

It’s really despicable how our economic leaders never admit any responsibility for inflation. Note how she doesn’t even mention the role money printing has with inflation. Yet she was head of the Fed.

[nicolasbenson]

The economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[PianoMatronNeeNee]

Good Lord we’re in trouble with people like her in charge.

[joelrosales]

Bunch of bull crap with these rich people.

[jackie-sdlc]

in case you missed her points, she meant she doesn't know anything!

[gsyn]

she is more of a politician than an economist.

[peterponcedeleon]

She didn't answer one single question.

[bsmithu]

At Walmart, a stock order of 45 essential items that cost $127 in 2022 now totals $414. They're lying to you, everyday.

[cjgray]

“ I have no ideal what the hell I am doing “ Janet Yellen

[robertc]

They never do answer questions, it’s ashamed of how out of touch all of Congress is. And also it would help if the majority of these interviews would not be preprogrammed!!

[jenni]

We're not dumb Mrs. Yellen. You mentioned Target understanding families are having trouble with the cost of food yet Target has some of the highest food costs of any store in the area. Target understands when you actively work against families you lose money. The government needs to start cutting jobs, programs and agencies. "I think we've got a good strong economy." --- again we aren't stupid.

[billfrohberg]

Too much Kool Aid Janet. Simple solution? Quit

[underdog]

Doubt she's even seen a grocery receipt in 20 years. She has no clue how much food costs hurt someone who isn't sitting on $20 million dollars

[thomascauchois]

Why doesn’t the reporter ask follow up questions? These comments by Yellen are so provably wrong. Deficit reduction by Biden is totally wishful thinking.

[FreemanJameZ]

It's certain that this year will bring more challenging challenges. Looking back, I realized that I spent the entire previous year making expensive financial blunders because I was so consumed with worrying about my portfolio. I was forced to decide between raising my investments and purchasing a home. I discovered that the property I had bought needed more work than I had anticipated after deciding to sell my investments. It's becoming more difficult to determine how much longer I can take this.

[claytonjones]

Every time this woman speaks, she’s lying.

[uhhuh]

They don't even pretend they're going to cut spending anymore

[JackWalsh-dh]

Our economy is afflicted by uncertainty, housing troubles, foreclosures, global shifts, and the aftermath of the epidemic, all of which contribute to instability. To restore stability and drive growth, all sectors must urgently address rising inflation, slowing GDP, and trade disruptions.

[deirdreroberts]

we finally get a non-politician as secretary of treasury, a genius economist with 50 years dedicated to restructuring the economy to help poor people -- like that's her whole fucking thing since the 70s, she is like the best possible person to be secretary of treasury right now -- gives actual real answers to every question and doesn't talk down. youtube commenters: don't understand scary acronyms, declare her an out of touch rich politician

[Vintage_GenX]

She does not care about what is GOING to happen down the road because she will have left this life when everything in her mind it is other peoples problem.... she just has to buy time for herself and the other ancient people in the swamp.