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Janet Yellen On Meet the Press

Janet Yellen was on Meet the Press Sunday morning in a fluffy interview touting Biden's $4 trillion socialist proposal while downplaying any problems. 

 Chuck Todd let Yellen pump up Biden's plan for well over three minutes before getting in a second question.

When Todd finally got in a word, he defended Biden's plan "You just made a case these are investments and they are worthy of deficit spending."

Tag Team Format

Yellen responded to Todd in tag team format that "Over the long haul deficits need to be contained".

Over the the long haul deficits have not been contained for many decades but we keep pretending. 

"Right", "right", "right" said Todd at least a ten times while nodding approval in the interview.

Inflation

Nearly six minutes into the interview Todd asked his first real question but it was struggle for him to get it out, noting the current jump in inflation was a "supply chain issue more than anything else."

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Yellen dismisses inflation with this line: "The spending that's been proposed in the jobs plan comes into effect once the economy is back on track and the spending from the rescue plan that's coming into force is spent. It’s spread out quite evenly over eight to 10 years so the boost to demand is moderate. The Federal Reserve has the tools to address inflation should it arise."

Is Yellen Still on the Fed?

Seemingly forgetting she is no longer on the Fed, Yellen continued "We will monitor that very carefully. I don't believe inflation will be an issue but if it becomes an issue we have tools to address it."

Who is we?

What tools does the Treasury Secretary have or is Yellen still on the Fed?

Productivity

Yellen expects productivity to rise. "There will be great returns from investing in research and development and enabling families to participate with paid leave and child care support in the workforce."

It's widely understood that government spending, public unions, and government-sponsored programs in general increase productivity. Right?

Don't worry, there are no concerns anyway until eight to ten years from now.

By then there will be another recession which no doubt will require still more socialist meddling to address. 

Mish