Treasury Secy Janet Yellen called 'clueless' over her out-of-touch remarks amid rising grocery prices

WASHINGTON, DC: Treasury Secretary Janet Yellen recently landed in hot water when she was questioned about inflation under President Joe Biden. She reportedly asserted that she frequents the grocery store "every week", downplaying concerns about skyrocketing prices.

In an interview with Yahoo Finance’s Jennifer Schonberger, Yellen dismissed queries about the 20% rise in grocery prices since before COVID-19. "Have you been to the grocery store lately?" Schonberger asked. "I sure have — I go every week," Yellen responded.

“It’s sticker shock, isn’t it? Just when you look at shipping costs, those have come down, global food commodity prices have also come down, but food prices still remain high. Should the US invest in agriculture to boost the food supply in this country?” Schonberger asked.

Janet Yellen not surprised by skyrocketing cost of groceries

Janet Yellen, estimated to be worth $20 million, responded "No", suggesting the price increases primarily stem from rising labor and other operational costs within grocery firms.

“I think largely it reflects cost increases, including labor cost increases that grocery firms have experienced, although there may be some increases in margins,” Yellen added.

Yellen cited discussions with CEOs of major grocery chains, including Target, who purportedly emphasized cost-cutting measures on essential items like bread, milk, diapers, and other “core purchases.” “I think that’s to be applauded, I think that kind of thing is helpful, but I would be reluctant to agree that we should be centralizing agriculture,” Yellen said.

Addressing inflation concerns, Yellen expressed optimism that inflation would recede to the Federal Reserve's target of 2% by early next year. She underscored the Biden administration's recent efforts to alleviate housing costs as contributing to inflation dynamics and the broader cost-of-living challenges post-pandemic.

During a visit to Minneapolis, Yellen highlighted a new initiative allocating $85 million in housing funds to 21 state and local governments, emphasizing its role in addressing economic disparities exacerbated by inflation. 

Janet Yellen slammed for her out-of-touch response to skyrocketing grocery prices

The internet brutally slammed Treasury Secretary Janet Yellen for her tone-deaf remarks about rising grocery prices. A social media user tweeted, "Another clueless dingbat, Democrats have never understood economics."

One individual said, "It's no wonder our economy is in shambles with leadership like this. Actually, surprised it's not worse."

Another added, "People really need to think of the character "Ebenezer Scrooge" from the movie "A Christmas Carol every time a multimillionaire speaks."

One person tweeted, "Most politicians - much like most ‘celebrities’ - can’t relate to most Americans on even the most basic level."

"It’s easy to be opinionated about the cost of living when you are rich," asserted another.

"Her net worth is 20 million. She hasn't been to a grocery store in 20 years. Guarantee it! Inflation is more like 40%," read one tweet.

"Like she does her own grocery shopping. C’mon man. Give me a break!" penned another user.

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.