Detroit, MI
Michigan governor, treasury secretary talk inflation and finances at Detroit Economic Club
Whitmer, Yellen talk economy in Detroit
The secretary of the treasury and governor of Michigan discussed macro economic policy, inflation, and everything in between during a talk at the Detroit Economy Club Wednesday.
DETROIT (FOX 2) – The secretary of the treasury department was in Detroit on Wednesday for an appearance alongside the Michigan governor where Janet Yellen was interviewed by Gretchen Whitmer.
Together, the two sought to paint a rosier picture of the economy than the one many might expect after watching the news and evaluating their own finances.
Trading scripted questions with Whitmer, Yellen said at the Detroit Economy Club that she wanted to see President Joe Biden re-elected. In reflecting on the concerns of citizens over inflation that families are facing, she pointed to the Inflation Reduction Act.
“I think Americans are starting to feel better about the economy,” Yellen said. “Our economy has grown more, inflation has come down more and wages adjusted for inflation have risen more than in any other advanced country.”
She contended that 60% of Americans feel good about their personal financial situation, especially compared to other countries.
The secretary said inflation had fallen at the gas pump, at the price of cars and trucks, and television sets. But her GOP critics argue she failed to point out that prices of groceries, which are at their highest since January of last year.
Car insurance costs are also up, while health care costs are rising. And as air travel picks back up on Spring Break, airfare will also rise.