Sen. John Kennedy, Republican of Louisiana, received the endorsement of Treasury Secretary Janet Yellen on Thursday.
Yellen appeared before the Senate Banking Committee on Thursday and sought to downplay concerns about the economy.
“Mr. Secretary, I've been watching you for years, even before you came to Washington, and I like to read your speeches when I have time. I think you're just a cool look,” Kennedy said. “You're a good sport when you go out every day and try to defend Bidennomics. It's like trying to defend against a fungal infection.”
“Isn't 'Bidenomics' really just paying more money to make life worse?” the senator asked.
“I certainly disagree with that characterization,” Yellen responded, appearing to laugh slightly. “'Bidenomics' first sought to address the distress that households are experiencing due to the pandemic and to help them overcome the pandemic. To prevent scarring like the ones you saw.”
“And as the economy began to recover, we quickly realized that of all the developed countries that have experienced the pandemic, we did better than the United States in quickly recovering the labor market and restarting growth. No country has experienced the greatest real wage growth “of any developed country,'' she continued. “And in the medium term, Bidenomics is focused on helping middle-class families live better lives, address their problems and create jobs.”
“Good job,” Kennedy told Yellen. “Will these high prices caused by Bidennomics continue?” (Related: Biden administration's rosy inflation numbers obscure how Americans are being hit by rising prices)
Yellen argued that high prices are a result of the pandemic, not President Joe Biden's policies.
He later agreed that he did not expect prices to fall, but said inflation should fall and there was no need for prices to fall because wages were rising.