{"id":122388,"date":"2020-11-29T06:46:25","date_gmt":"2020-11-29T03:46:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/will-a-janet-yellen-run-treasury-really-help-average-americans\/"},"modified":"2020-11-29T06:46:25","modified_gmt":"2020-11-29T03:46:25","slug":"will-a-janet-yellen-run-treasury-really-help-average-americans","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/will-a-janet-yellen-run-treasury-really-help-average-americans\/","title":{"rendered":"#Will a Janet Yellen-run Treasury really help average Americans?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a289aa550539\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a289aa550539\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/will-a-janet-yellen-run-treasury-really-help-average-americans\/#Why_two_favorites_lost_out\" >Why two favorites lost out<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Will a Janet Yellen-run Treasury really help average Americans?<\/strong>&#8221;<\/p>\n<div>\n                        Janet Yellen has a great \u00adr\u00e9sum\u00e9 to be our next Treasury secretary \u2014 Ivy league credentials in economics and vast experience at the Federal Reserve, including most recently as its chair.<\/p>\n<p>What isn\u2019t so good is her record at doing what is the most important part of any economist\u2019s job: Helping average Americans live better and more prosperous lives.<\/p>\n<p>I know this sounds like heresy given Yellen\u2019s rep not just in mainstream economic circles but in the mainstream <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>. Isn\u2019t she one of the architects of the Obama recovery following the 2008 financial crisis?<\/p>\n<p>Yes, but looking back, the Obama-Yellen recovery wasn\u2019t much of a recovery. During her tenure from 2014 to 2017, particularly in the \u00adObama years, Yellen was a devotee of Keynesian spending and keeping interest rates largely unchanged from the financial-crisis lows.<\/p>\n<p>Though understated in public, she also didn\u2019t shy away from engaging in politics. She supported Obama\u2019s fiscal agenda \u2014 higher taxes and regulations on businesses and entrepreneurs \u2014 not pushing back against what was clearly hampering economic growth and middle-income wages.<\/p>\n<p>She became a darling of the progressive left for her speech at the Boston Federal Reserve in 2014 to enact policies that shrink the country\u2019s allegedly daunting wealth gap, declaring it \u201chas been widening more or less steadily for several decades, to a greater extent than in most advanced countries.\u201d<\/p>\n<p>Well if that\u2019s the case, what did she do about it?<\/p>\n<p>Not much. The stock market was roaring \u2014 but gains in wages were pretty dismal for working- and middle-class Americans and the economic recovery was the weakest in modern history. The rich were indeed getting richer by sn<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing up financial assets supercharged by the policies of the Fed.<\/p>\n<p>That is, until the fiscal-policy mix under a GOP-led Congress and President Trump changed the \u00addynamic.<\/p>\n<figure id=\"attachment_16695698\" class=\"wp-caption alignnone aligncenter\"><img class=\"wp-image-16695698 size-large lazyload\" alt=\"US President Donald Trump \" width=\"1024\" height=\"682\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/11\/trump-26.jpg?quality=90&amp;strip=all&amp;w=300 300w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/11\/trump-26.jpg?quality=90&amp;strip=all&amp;w=640 640w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/11\/trump-26.jpg?quality=90&amp;strip=all&amp;w=1280 1280w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/11\/trump-26.jpg?quality=90&amp;strip=all&amp;w=1024 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/11\/trump-26.jpg?quality=90&amp;strip=all&amp;w=2000 2000w\" data-sizes=\"(max-width: 640px) 100vw, 1024px\"\/><figcaption class=\"wp-caption-text\"><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>The Fed \u2014 the same agency that Yellen ran \u2014 published a study in September noting that, miraculously, the income gap began to reverse during the Trump years. The Fed\u2019s \u201cSurvey of Consumer Finances\u201d stated unequivocally that \u201cbetween 2016 and 2019, families that were high wealth, had a college education, or identified as White non-Hispanic experienced proportionally smaller income growth than other groups of families but continued to have the highest income.\u201d<\/p>\n<p>Expect Yellen to propose massive new spending, tax increases and a lot more regulation in an economy still stricken by COVID. Serving Joe Biden, Yellen will undoubtedly pressure current Fed chair Jerome Powell to keep interest rates as low as possible.<\/p>\n<p>But printing money is a double-edged sword for anyone really worried about the wealth gap. Wall Street traders love it because you can borrow cheaply and buy stocks, which is one reason why we hit Dow 30K. But middle- and working-class savers who can\u2019t buy stocks continue to get screwed on low-yielding investments like bank \u00adaccounts.<\/p>\n<p>During Yellen\u2019s Senate confirmation hearings, Republicans will be doing a country a disservice if they don\u2019t raise her uneven economic record, and why bringing back the old will be good for the middle class she allegedly cares so deeply about.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_two_favorites_lost_out\"><\/span><strong>Why two favorites lost out<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Now that Janet Yellen is about to become Treasury secretary, the big question I keep hearing from my Wall Street sources is how did she get there?<\/p>\n<p>Wasn\u2019t Fed board member Lael Brainard, or possibly TIAA-CREF chief Roger Ferguson on the short list and one of them a lock for the job?<\/p>\n<p>Yes and no. Brainard and Ferguson were the top choices of the Biden team, according to sources with direct knowledge of the matter. But the thinking changed in Biden\u2019s inner circle about a week ago when it began to weigh the odds of a GOP-led Senate with Mitch McConnell as majority leader.<\/p>\n<p>People inside the Biden transition are pretty certain the GOP will win at least one of the two Georgia Senate runoffs, which means the Senate stays with the GOP. To get through Biden\u2019s ambitious fiscal-policy agenda \u2014 massive new spending and new taxes \u2014 he will need someone who\u2019s a known quantity to deal with the Republican leadership.<\/p>\n<p>No knock on Brainard or Ferguson, but neither has done much politicking over years. Meanwhile, I am told Yellen is in the catbird seat to retake the position of Fed chair as a replacement for Jerome Powell.\n            <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener noreferrer\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2020\/11\/28\/will-a-janet-yellen-run-treasury-really-help-average-americans\/\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Will a Janet Yellen-run Treasury really help average Americans?&#8221; Janet Yellen has a great \u00adr\u00e9sum\u00e9 to be our next Treasury secretary \u2014 Ivy league credentials in economics and vast experience at the Federal Reserve, including most recently as its chair. What isn\u2019t so good is her record at doing what is the most important part&#8230;<\/p>\n","protected":false},"author":1,"featured_media":122389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/11\/yellen.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[81188,82056,991,73809],"class_list":["post-122388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-janet-yellen","tag-11-28-20","tag-joe-biden","tag-treasury-department"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/122388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=122388"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/122388\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/122389"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=122388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=122388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=122388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}