Apparently, Treasury Secretary and former Federal Reserve Chair Janet Yellen believes in the power of manifesting. If you say something is true, then magically it becomes true. It would be fine for her to believe this, if Yellen didn’t hold a position of power over the nation’s economy.
Last year, Yellen announced that there is no sign of recession in the U.S. Sure, inflation robbed the middle class of its ability to afford essentials like food, housing, and a working vehicle. Also, we were supposed to overlook the fact that the ISM Purchasing Manufacturing Index had been in contraction for many consecutive months.
Fast-forward to December, and the Treasury Secretary decided that inflation will come down to the Fed’s 2% target by the end of 2024. Again, this is the power of manifesting at work, where evidence is unnecessary and assumptions are encouraged – such as the assumption that the oil price will stay where it is or go down during the next 12 months.
Now, Yellen is effectively declaring “mission accomplished” on the soft-landing narrative that current Federal Reserve Chairman Jerome Powell has been jawboning for over a year. In particular, Yellen proclaimed that the U.S. economy had achieved a soft landing and that she hopes “it will continue.”
Using her manifestation superpowers, Yellen cited December’s employment data as a reason for declaring a soft landing accomplished. In reality, however, unemployment is bottoming out and curling back up, which has historically signaled problems for the economy.
Besides, a closer look at the December jobs report reveals an unfortunate detail. The biggest jobs increase in December was in the government, with 52,000 government jobs being added that month.
Generally speaking, big government getting bigger isn’t good for America. And always remember, whenever the government wants to declare victory over unemployment, it can always just add tens of thousands of government jobs, paid for by taxpayers like you and me.
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Just because there are now more government employees, doesn’t mean the private sector is running on all cylinders. For example, the U.S. transportation and warehousing sector lost 23,000 jobs in December.
Plus, bear in mind that government reporters can always publish optimistic numbers immediately, and then revise them lower a month later, when the press isn’t paying attention. It’s an old trick, but they think it works, so they do it again and again.
There are other aspects of the employment landscape that Yellen can blithely ignore if she wants to. For instance, U.S. job openings are falling while the stock market, irrespective of the first few trading sessions of 2024, remains fairly close to its all-time highs.
And of course, the U.S. national debt is shamefully above $34 trillion now, even while interest rates are still elevated, so the government will have to pay high interest rates on high debt. Just for perspective, $34 trillion is roughly the values of the economies of China, Germany, Japan, India, and the United Kingdom combined.
That’s alarming, but evidently Yellen isn’t capable of negative emotions such as alarm. She’s part of a feel-good culture that can only exist at the upper levels of government, saying she wants Americans “to feel good about their future prospects.”
That’s easy enough if you have rich friends like Yellen does. For the other 99.99% of us, there’s no soft landing if America falls upon hard times.
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