State Commissioners Cave BIG on 2024 Insurance Rate Increases
Yellen: Most People ‘Know that Prices Are Not Likely to Fall’ After ‘Maybe 20%’ Jump from Pre-COVID Levels
During an interview with ABC News on Thursday, Treasury Secretary Janet Yellen said that “most Americans know that prices are not likely to fall.” And that while there have been improvements in consumer sentiment, “apartment rents, food are maybe 20% higher than they were before the pandemic. And I think that’s something that influences sentiment.”
ABC News Washington Correspondent Elizabeth Schulze asked, “How do you convince Americans and voters that those prices might not go back to where they were before the pandemic?”
Yellen answered, “Well, I think most Americans know that prices are not likely to fall. It’s not the Fed’s objective to try to push the level of prices back to where they were, but to stop them from rising so wage gains exceed price gains.”
Schulze then asked, “Despite the strong economic data that you were talking about, we know that President Biden’s handling of the economy is at a record low. What do you say to Americans who see this data, but say they are just not feeling that economic strength?”
Yellen responded, “Well, first, I’d like to say that recent surveys suggest that picture is changing. We’ve seen a massive increase, improvement in consumer sentiment in recent surveys. The pandemic had a huge impact on so many households, apartment rents, food are maybe 20% higher than they were before the pandemic. And I think that’s something that influences sentiment. But what’s happening, for more than a year now — and I expect this to continue — is wages are rising more rapidly than prices.”
Follow Ian Hanchett on Twitter @IanHanchett
Business Insider to Lay Off 8% of Workforce
Business Insider has joined the trend of mass layoffs in the media sphere, announcing that eight percent of its workforce will be cut to “refocus” the company.
CEO Barbara Peng spilled the news in a Thursday memo to staffers, calling the move “unfortunate.”
“We have already begun to refocus teams and invest in areas that drive outsize value for our core audience,” Peng wrote in the statement, obtained by Variety. “Unfortunately, this also means we need to scale back in some areas of our organization.”
The staff cuts come after Business Insider officials told employees in April 2023 that ten percent of the workforce would be laid off.
“We’re saying goodbye to wonderful colleagues who have helped build Business Insider into what it is today,” Peng continued. “We are deeply grateful for their passion, energy, and teamwork, and we appreciate them.”
The Insider Union said that 22 of its members, along with “many of our non-union colleagues,” were laid off.
“From the timing of today’s announcement — not even a month after our layoff moratorium expired — it’s clear that management has been eager to lay more of us off,” said Emma LeGault, unit chair for Insider Union and a senior copy editor for Business Insider.
Peng said that former employees will receive a minimum of 13 weeks’ pay and medical coverage through May.
“The company also will offer career support services, including coaching sessions, resume review, and training on networking, interviewing, and negotiations,” reported Variety.
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