The Republican governor of New Hampshire demanded on Sunday that President Joe Biden dismiss Treasury Secretary Janet Yellen, stating that she had’misled America’ about the status of the economy in the face of an impending recession.
After Yellen stated in a speech last month that she anticipated the economy to slow down in the coming months but did not believe a recession was “at all near,” the governor of New Hampshire, Chris Sununu, accused Yellen of failing to acknowledge the dire economic outlook.
The moderate Republican assertively stated on Sunday’s State of the Union program on CNN that “recession is coming.”
It comes as a recent poll reveals that the majority of Americans believe a recession is already underway, and a staggering 96 percent stated they feel at least some impact from the country’s cost of living rising due to decades-high inflation.
The president is currently spending the weekend bicycling close to his vacation home in Rehoboth Beach, Delaware.
He was seen biking with his Secret Service team while wearing a navy blue shirt, black shorts, and Ray-Ban sunglasses.
You cannot add $5 trillion to America’s balance sheet and just hope it goes away, Sununu stated in response to the president’s legislative initiative to tackle the COVID-19 pandemic.
The amount appears to relate to the total of the two stimulus acts that Donald Trump and Joe Biden, respectively, approved to revive markets that had been paralyzed for two years by the global pandemic.
Republican senators have asserted that the packages, particularly Biden’s, were to blame for the economy’s overstimulation and the recent 40-year high of 8.6 percent in inflation.
“I would sack the secretary of the Treasury. She absolutely misled America, in my opinion.” New Hampshire’s @GovChrisSununu discusses his concerns about the Federal Reserve’s handling of a potential impending recession with CNN’s @jaketapper. @CNNSotu #CNNSOTU pic.twitter.com/LASRXcrgBI
— CNN, July 10, 2022 (@CNN).
Sununu accused Biden officials of downplaying the issue rather than putting the same ideas into practice they are now, claiming they had been foreseeing a recession for months prior to the present fear.
I believe that the Federal Reserve has known this for some time. They have largely disregarded it. In reference to the Fed’s most recent move on interest rates, he remarked, “They should have been easing us into the correct rates and where we need to go over a year ago.”
A Treasury Secretary was quoted as responding, “Oh, well, it’s not inevitable.”
Well, of course, it’s unavoidable, he said. It doesn’t take four years of Dartmouth economics to understand that there must be a result when $5 trillion is added.
When asked what he would do to relieve the current financial pressure, Sununu responded directly, “Look, first, I would fire the Treasury Secretary.”
She absolutely misled America, in my opinion, since she didn’t want to take responsibility for the bad news. But it’s a component of public service. The governor remarked, “You have to accept both the good and the terrible.” But the more this administration insists that a recession isn’t inevitable, the more absurd that statement becomes.
He forewarned that the cost would materialize during “the toughest periods,” such as when families and people living on fixed incomes must pay for gas at the pump or heat their homes in the winter.
“Our energy costs are significant right now. Filling up your gas tank now costs twice as much. Baseload power is roughly twice as expensive to produce, according to Sununu. “And it all really bears fruit.” It won’t go away any time soon, either.
According to a recent poll conducted by The Economist and YouGov and released on Saturday, Sununu’s assessment of Americans is accurate.
In a survey conducted in early July, 57% of participants said they thought the US was going through a recession, while only 19% disagreed. About 25% of respondents were unsure.
High prices for goods and services are the strongest predictor of a recession, according to the majority of people (51 percent), suggesting that Americans are finding it more difficult to keep up with the cost of living.
The unemployment rate and job market, both of which are generally healthy, were the second-most popular indicator, though improvements there have been overshadowed by the rapidly rising consumer price index.
In spite of skyrocketing inflation, Biden’s Commerce Secretary Gina Raimondo defended her boss’ administration on Sunday, calling the economy “strong.”
Obviously, it’s annoying. You know, if you were to ask me how I feel about the economy, I would reply that it’s quite robust. she stated on Meet The Press on NBC.
“Unemployment is decreasing. Since the outbreak, we have restored every job that was lost. The financial sheets of people’s homes are sound.
The costs are considerable in the grocery shop, though. Prices are high when you fill up your automobile at the pump. American shoppers are aware of this.
Biden’s leadership has mostly consisted of giving Yellen and Fed Chair Jerome Powell a wide berth to manage the economic uncertainty, despite his May pledge to have a “laser focus” on bringing down high prices.
While the average price of gas remained above $4 per gallon in all 50 states, it rose to daily record highs in June before declining and gradually increasing again.
According to the most recent data on inflation from May, the average price of consumer goods increased at its fastest rate since 1981.
Only 4% of respondents to the survey conducted on Saturday claimed they were not feeling the consequences of inflation.
58 percent of respondents indicated they were personally touched “a lot,” while 38 percent said they were influenced “slightly.”