Yellen says spend your savings

[TroglocratsRdumb]

Janet Yellen>>>> "bank balances are high, it's clear that most consumers, even lower income households, continue to have buffer stocks of savings that will enable them to maintain spending so I don't see a drop off in consumer spending as a likely cause of the recession in the months ahead"

https://www.realclearpolitics.com/video/2022/06/20/yellen_most_consumers_have_buffer_stocks_of_savings_to_offset_inflation.html

Comment:
Yellen wants people to spend their savings.
Inflation is already eating up people's savings.
People need their savings for retirement.
So what is going to happen when people's savings are all spent?
Is Biden going to just print more money?
We have crooks and idiots running our country.
People are going to suffer.

 

[jbrownson0831]

Janet Yellen>>>> "bank balances are high, it's clear that most consumers, even lower income households, continue to have buffer stocks of savings that will enable them to maintain spending so I don't see a drop off in consumer spending as a likely cause of the recession in the months ahead"

https://www.realclearpolitics.com/video/2022/06/20/yellen_most_consumers_have_buffer_stocks_of_savings_to_offset_inflation.html

Comment:
Yellen wants people to spend their savings.
Inflation is already eating up people's savings.
People need their savings for retirement.
So what is going to happen when people's savings are all spent?
Is Biden going to just print more money?
We have crooks and idiots running our country.
People are going to suffer.

Do they think even their zombies believe this horsepelosi?

 

[Oddball]

The level of Yellen's fiscal malfeasance here is criminal.

You don't get to be Fed Chair and/or Treasury Secretary by being a dunce....She's kneecapping the currency on purpose.

 

[White 6]

Janet Yellen>>>> "bank balances are high, it's clear that most consumers, even lower income households, continue to have buffer stocks of savings that will enable them to maintain spending so I don't see a drop off in consumer spending as a likely cause of the recession in the months ahead"

https://www.realclearpolitics.com/video/2022/06/20/yellen_most_consumers_have_buffer_stocks_of_savings_to_offset_inflation.html

Comment:
Yellen wants people to spend their savings.
Inflation is already eating up people's savings.
People need their savings for retirement.
So what is going to happen when people's savings are all spent?
Is Biden going to just print more money?
We have crooks and idiots running our country.
People are going to suffer.

Inflation is too many dollars chasing too few good, and they think citizens putting more of their dollars back into circulation is the answer?

 

[jbrownson0831]

Inflation is too many dollars chasing too few good, and they think citizens putting more of their dollars back into circulation is the answer?

More of what dollars? There are no "more".

 

[Meister]

Janet Yellen>>>> "bank balances are high, it's clear that most consumers, even lower income households, continue to have buffer stocks of savings that will enable them to maintain spending so I don't see a drop off in consumer spending as a likely cause of the recession in the months ahead"

https://www.realclearpolitics.com/video/2022/06/20/yellen_most_consumers_have_buffer_stocks_of_savings_to_offset_inflation.html

Comment:
Yellen wants people to spend their savings.
Inflation is already eating up people's savings.
People need their savings for retirement.
So what is going to happen when people's savings are all spent?
Is Biden going to just print more money?
We have crooks and idiots running our country.
People are going to suffer.

Just goes to show how disconnected the Hill is from Real America.
sad

 

[Oddball]

Just goes to show how disconnected the Hill is from Real America.
sad

No....Yellen is smarter than this.....She's deliberately aiming to cause more economic chaos.

 

[BlackSand]

Janet Yellen>>>> "bank balances are high, it's clear that most consumers, even lower income households, continue to have buffer stocks of savings that will enable them to maintain spending so I don't see a drop off in consumer spending as a likely cause of the recession in the months ahead"

https://www.realclearpolitics.com/video/2022/06/20/yellen_most_consumers_have_buffer_stocks_of_savings_to_offset_inflation.html

Comment:
Yellen wants people to spend their savings.
Inflation is already eating up people's savings.
People need their savings for retirement.
So what is going to happen when people's savings are all spent?
Is Biden going to just print more money?
We have crooks and idiots running our country.
People are going to suffer.

.

It's just one side of an age-old battle between the conflicting ideas of whether or not one can "spend their way to prosperity".
The argument is compounded by the fact that either method can work ...
And it is the decisions one makes that decide whether or not it succeeds or fails.

There is no set-in-stone blueprint for making either aspect work perfectly for everyone.
However ... There is more risk involved in the attempt to spend your way to prosperity.

.​

 

[Yarddog]

Janet Yellen>>>> "bank balances are high, it's clear that most consumers, even lower income households, continue to have buffer stocks of savings that will enable them to maintain spending so I don't see a drop off in consumer spending as a likely cause of the recession in the months ahead"

https://www.realclearpolitics.com/video/2022/06/20/yellen_most_consumers_have_buffer_stocks_of_savings_to_offset_inflation.html

Comment:
Yellen wants people to spend their savings.
Inflation is already eating up people's savings.
People need their savings for retirement.
So what is going to happen when people's savings are all spent?
Is Biden going to just print more money?
We have crooks and idiots running our country.
People are going to suffer.

Its how the elite look at the rest of us. Investment and generational wealth is for "Them"..... they look at most Americans as simply consumers who cant look that far ahead. And I suppose thats really how they want us to be.
controllable and needy.

 

[TroglocratsRdumb]

Its how the elite look at the rest of us. Investment and generational wealth is for "Them"..... they look at most Americans as simply consumers who cant look that far ahead. And I suppose thats really how they want us to be.
controllable and needy.

right, the Left-Wing Politicians looks at citizens as a crop that has to be harvested

 

[Slade3200]

Janet Yellen>>>> "bank balances are high, it's clear that most consumers, even lower income households, continue to have buffer stocks of savings that will enable them to maintain spending so I don't see a drop off in consumer spending as a likely cause of the recession in the months ahead"

https://www.realclearpolitics.com/video/2022/06/20/yellen_most_consumers_have_buffer_stocks_of_savings_to_offset_inflation.html

Comment:
Yellen wants people to spend their savings.
Inflation is already eating up people's savings.
People need their savings for retirement.
So what is going to happen when people's savings are all spent?
Is Biden going to just print more money?
We have crooks and idiots running our country.
People are going to suffer.

You have some serious comprehension issues. Nothing in her statement reflected a promotion or a desire to influence the public to do anything. She was giving a forecast and an analysis.

 

[Votto]

Janet Yellen>>>> "bank balances are high, it's clear that most consumers, even lower income households, continue to have buffer stocks of savings that will enable them to maintain spending so I don't see a drop off in consumer spending as a likely cause of the recession in the months ahead"

https://www.realclearpolitics.com/video/2022/06/20/yellen_most_consumers_have_buffer_stocks_of_savings_to_offset_inflation.html

Comment:
Yellen wants people to spend their savings.
Inflation is already eating up people's savings.
People need their savings for retirement.
So what is going to happen when people's savings are all spent?
Is Biden going to just print more money?
We have crooks and idiots running our country.
People are going to suffer.

Yellen the felon, only, she never seems to go to jail.

Why is that?

 

[Stryder50]

Here’s how much the average working boomer has saved for retirement​

...
The first is a survey of 1,000 working Americans conducted recently showing much, or little, they have saved for retirement. And the picture isn’t so much bleak as devastating.

Less than half of those surveyed have saved $100,000: Not even close to enough to support a median income of around $40,000 a year in retirement. One in six say they have saved nothing. A third are currently making no contributions. And it’s not just the young, who do at least have decades to make up the ground.

Respondents who are still working, with a median age of 60, have average savings of around $112,000.

One quarter of those surveyed, and 30% of millennials, said they were planning to rely on “cryptocurrencies” to finance some of their golden years.

Yes, good luck with that. Meanwhile the crypto bubble continues to deflate.

The survey was conducted on behalf of home financing and real estate website Anytime Estimate.

Probably the saddest part of the survey was that around 80% of people expected to see their living standards fall in retirement, while 10% feared they wouldn’t be able to retire at all.
...
That brings me to the second item: Yet more information on how Social Security’s underlying investments are doing.

In a word: Badly. As usual.

The Social Security dollars forcibly extracted from your paycheck have been poured so far this year into bonds paying interest of between 1.625% and 3%.

This, at a time when consumer price inflation is running at nearly 9%.

Last year your FICA dollars were blown on bonds paying just 1.4% interest, and in 2020 less than 1%. So large chunks of that money has already gone to what an old friend of mine used to call “money heaven.”

No wonder Social Security is in a deepening financial crisis.

The fund, almost uniquely among all the pension plans of the world, is invested entirely in low-paying U.S. Treasury bonds.

If you’re thinking that sounds like an unwise investment policy, you’d be right. But there is zero desire in Washington to change it. They like the cheap loans.

They’d rather cut your benefits, which is what they are fixing to do.

Social Security is a “defined benefit” rather than a “defined contribution” retirement plan, so your benefits aren’t directly tied to the investment returns from the underlying assets. Instead your benefits are set by law—but are supposed to be financed by the underlying assets. The poor investment returns mean those assets are running out. Which is why people are talking about cutting Social Security benefits.

Heaven forbid they should improve the returns.
...
Compare and contrast with sovereign-wealth funds run by other, less incompetent national governments around the world. Australia’s Future Fund just announced a change of leadership: Chief investment officer Sue Blake is standing down for personal reasons.

The Australian fund invests money on behalf of the Australian people, just as Social Security was supposed to invest on behalf of the American people. But there’s a big difference. Australia invests the money sensibly, in stocks, real estate, infrastructure, timberland, government bonds, corporate bonds, and so on.

Australia’s Future Fund was set up in 2006. Since then its average return has been 8.4% a year, well ahead of target and enough to increase the public’s original investment by 260%.

Out of curiosity I had a look at the equivalent numbers for our Social Security fund. Since 2006 it has earned an average return of 3.8% a year, enough to increase an investment by just 80%.
...

Here’s how much the average working boomer has saved for retirement

~~~~~~~~~~~~~~~
And for references;
https://www.usdebtclock.org/
(real time and some past trends/history)