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Saturday, July 2, 2022

Yellen assures recession not inevitable

REHOBOTH BEACH, Dell ( Associated Press) – Treasury Secretary Janet Yellen said Sunday she expects the US economy to slow in the coming months, but a recession is not inevitable.

Yellen offered a dose of optimism, even as economists became increasingly concerned about rising inflation and a possible recession from Russia’s invasion of Ukraine.

During an interview on ABC’s “This Week” program, the official also expressed his openness to a federal gas tax exemption to help drivers with prices. Many lawmakers consider this a time when the average price of gasoline is about $5 per gallon ($1.32 per liter). The tax is 18.4 cents per gallon (4.8 cents per liter).

Asked if the government was looking into it, Yellen said, “It’s definitely an idea worth considering.” He added that President Joe Biden “wanted to do everything he can to help consumers.” “It’s one of the tools,” Energy Secretary Jennifer Granholm said, but told CNN’s “State of the Union” that “part of the challenge with the gas tax is, of course, it funds the roads.”

Yellen said overall consumer spending in the United States remains strong, noting that spending patterns are changing, given the impact of rising food and energy prices. The family’s savings during the coronavirus pandemic will help in sustaining the expenses, the official said.

The national savings rate has fallen to about 6% from pre-pandemic levels, reaching 16.6% in 2020, the highest on record since 1948, and 12.7% in 2021.

“I expect the economy to slow down,” Yellen said. “It’s growing at a very high rate and the economy has recovered, and we’ve achieved full recruitment. We look forward to the transition to steady, steady growth, but I don’t think a recession is inevitable.”

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

World Nation News Desk
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