Things are about to get worse!
President Biden’s U.S. Treasury Secretary Janet Yellen concerned Americans after she finally admitted that the United States labor force crisis is actually “quite depressed” compared to the pre-pandemic numbers. Yellen then blamed coronavirus for the problem instead of President Biden’s policies.
Not long ago, economists predicted that the supply chain crisis and labor shortage issues would rebound after more Americans got vaccinated. However, it still appears that even though many Americans have been vaccinated the labor shortage continues to grow which is impacting the supply chain crisis as well.
In Transcript provided by Face the Nation, Yellen said, “First of all, the programs that were put in place … really were intended to support households and families to get through this so they didn’t take a huge hit to their income. Americans feel good about their finances, and that’s not an accident.”
“The supply of workers is not back up to normally,” Yellen finally confessed. “Unemployment is low, labor force participation is quite depressed compared to pre-pandemic levels.”
This comes as a surprise to many since many officials in the Biden administration has refused to admit there is anything wrong with the economy in general.
Yellen then claimed that people aren’t working because they are afraid covid and also blamed that lack of sufficient child care for many families.