Treasury secretary and former Federal Reserve chairwoman Janet Yellen was taken to task online this week following a Twitter post showing her raising a ‘pride’ flag at the department for the first time — a virtue-signaling gesture that critics took to be more important to her than dealing with rampant inflation.
In an editorial for The Daily Wire, Ben Zeisloft noted that “Pride Month” appears to be front-and-center with the Biden administration instead, as Americans continue paying record-high prices for gas, food, and shelter:
With persistent inflation eroding Americans’ buying power and tightening their budgets, one may think that the nation’s fiscal policymakers would be all-hands-on-deck to resolve the problems. But for the Biden administration, “Pride Month” takes priority.
Consumer price inflation is currently at 8.3% — the metric’s highest level in four decades. Gas prices are soaring past $4.75 per gallon — with no end in sight. Yet Treasury Secretary Janet Yellen found time this week to raise the rainbow flag.
“For the first time in our history, Treasury is displaying the Pride Flag to express our solidarity with LGBTQ+ Americans during Pride Month,” Yellen noted on Thursday in a tweet, adding that her department “remains committed to diversity, equity, and equal opportunity for all.”
But of course, not all employees at Treasury get special recognition, so, there goes that ‘equal opportunity for all’ schtick.
For the first time in our history, Treasury is displaying the Pride Flag to express our solidarity with LGBTQ+ Americans during Pride Month. @USTreasury remains committed to diversity, equity, and equal opportunity for all. pic.twitter.com/QJK5o2yuGn
— Secretary Janet Yellen (@SecYellen) June 2, 2022
Zeisloft went on to note that the most recent economic and inflationary data tell the story: The U.S. economy contracted at an annualized 1.5 percent rate during the first quarter of this year, marking two consecutive quarters of negative growth — textbook recession territory.
But it is worth remembering that real people living paycheck-to-paycheck are getting hurt while Yellen plays activist.
Over the past few days, I interviewed several residents of West Philadelphia — a Democrat-run, majority-minority neighborhood where median household income is 43% of the national average — on behalf of The Daily Wire. The consistent story was that skyrocketing inflation and gas prices are severely impacting their lives.
“It’s too high. I don’t know what happened, because the price of everything is too high now,” Mohamed, a resident and immigrant from French-speaking Africa, told the columnist.
“I drive to work and I go home. And anything else in between, I try to do it as I’m going home from work,” said Art, a maintenance worker who lives in Delaware but commutes to West Philadelphia. “It’s just too expensive.”
“The way prices with everything have gone up, I’ve had to start cutting back on what I spend money on,” Kahil, a high school student, noted. “There’s only one simple answer. Prices need to go where they used to be.”
“I was using maybe $30 per week. Now I use almost $100,” Iliassou noted regarding the new difficulties of keeping gas in his vehicle. “People don’t have money in their pockets anymore.”
Zeisloft went on to note that Yellen — who is an Ivy League-educated economist, former Fed chairwoman, and “academic” — confessed earlier this week she “was wrong” about inflation and the economy, appearing to simply toss in the towel.
But he went on to remind readers that the very policies she has been promoting are what have led to record-high inflation:
I am old enough to remember when Yellen insisted last year that “we’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” promising any potential inflation “spurt” from Biden’s policies would fade away by 2022.
Yet here we are in 2022 — and the same top fiscal policymaker who entered office on a vow to battle the “crisis of systemic racism” in the economy has nothing better to offer than “I was wrong” on her inflation forecasts — even as disadvantaged Americans suffer the most.
“Economics isn’t just something you find in textbook,” she told her staff at the beginning of the Biden administration. “Nor is it simply a collection of theories. Indeed, the reason I went from academia to government is because I believe economic policy can be a potent tool to improve society.”
It’s obvious that she was “wrong.” What is not obvious at all is what policies this Yale grad is now recommending to President Biden in order to reverse the current situation.
But hey…the ‘equity’ flag.