Yellen blames 'aftermath' of COVID for Bidenomics' unpopularity with Americans
'Bidenomics' has yet to take hold in the hearts and minds of Americans
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Treasury Secretary Janet Yellen said the "aftermath" of the COVID-19 pandemic is part of the reason the administration's "Bidenomics" messaging isn't hitting home with Americans.
In an interview with Wall Street Journal's chief economics correspondent Nick Timiraos, Yellen was asked why she thinks the "Bidenomics" messaging isn't sticking and whether she was concerned about it.
Yellen pointed to the "aftermath" of the pandemic as the reason why the Biden administration's economic messaging isn't landing, saying she thinks "we've been through a lot."
HALF OF AMERICANS BELIEVE THEY ARE WORSE OFF UNDER BIDEN IN BLOW TO ‘BIDENOMICS’
Treasury Secretary Janet Yellen said the "aftermath of COVID" was why the administration's "Bidenomics" messaging isn't hitting home with Americans. (AP Photo/Mark Schiefelbein / AP Newsroom)
"The pandemic caused an enormous amount of disruption of people's lives, and we're still in the aftermath of what's been a serious shock," Yellen said on Tuesday.
"And we've had serious global shocks. And, although prices are rising at a much slower pace than they were, inflation is substantially off its highs," she continued.
"The level of prices of some things that people buy and are important to them are higher," the Treasury secretary said. "A good example would be rents. Rents have gone up considerably."
"Bidenomics" – the administration's often ridiculed attempt to brand President Biden's economic policies ahead of 2024 – has yet to take hold in the hearts and minds of many Americans.
Half of Americans believe their financial outlook has deteriorated since the 2020 election, a blow to Biden as he attempts to center his re-election campaign on the eponymous "Bidenomics."
A survey published by Bankrate last month shows that 50% of Americans say their financial situation has gotten worse since the 2020 presidential election. By comparison, just 21% think their financial situation has improved, while 26% believe it is unchanged.
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"The plight of the economy over the next 12 months may help to dictate whether it was wise, or not, for President Biden to trumpet the branding of ‘Bidenomics,'" said Mark Hamrick, senior economic analyst at Bankrate.
Among Americans who are feeling pessimistic about their financial outlook, about half – 45% – blame Biden and his economic policies. Another 35% think Congress is responsible, while 27% identified the Federal Reserve as the culprit.
FOX Business' Megan Henney contributed reporting.