EXCERPT:
YELLEN: "Well, tried and tried to explain why we were doing the best we could. We did see a huge increase in prices, something like 20% increase in the general price level over about three years. Now, every advanced country saw exactly the same thing. When Russia invaded Ukraine, energy prices rose, food price increases were associated with that. This was a shock to Americans and it came on top of a long period in which people have been really struggling with high housing costs, high healthcare costs, energy price bills, childcare, making so many people feel it’s tough to lead a middle-class life. Now, when I look at the data, what it tells me is that wages also increased. According to our calculations, the typical wage earner is able to afford now the same basket of goods and services as back before the pandemic, with $1600 left over to save or spend. So, the typical worker is better off."