Yellen Says Trump Doesn't Understand the Economy
Yellen Says Trump Doesn’t Understand the Economy
February 25, 2019 at 3:27 pm EST By Taegan Goddard 84 Comments
https://politicalwire.com/2019/02/25/yellen-says-trump-doesnt-understand-the-economy/
"SNIP....
Former Federal Reserve Chair Janet Yellen said that President Trump doesn’t have a good grasp of economic policy, NBC News reports.
Said Yellen: “Well, I doubt that he would even be able to say that the Fed’s goals are maximum employment and price stability, which is the goals that Congress have assigned to the Fed. He’s made comments about the Fed having an exchange-rate objective in order to support his trade plans, or possibly targeting the U.S. balance of trade. And, you know, I think comments like that shows a lack of understanding of the impact of the Fed on the economy, and appropriate policy goals.”
She added: “And when I continually hear focus by the president and some of his advisers on remedying bilateral trade deficits with other trade partners, I think almost any economist would tell you that there’s no real meaning to bilateral trade deficits, and it’s not an appropriate objective of policy.”
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Maybe GOP goals are not maximum employment? They can't help that the baby boomers are retiring to employment is high. But look how little of the tax cut windfall they spent on creating jobs. So wages did not go up.
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