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President Joe Biden and the Democrats are feeling the heart over the state of the economy after being in charge of Congress and policy-making for almost two years.
Economic issues are the number one concern for most Americans heading into the midterms, according to recent polls.
Biden’s White House is considering. A huge shakeup to his economic team following the midterm elections in November, and that will most likely begin with replacing Treasury Secretary Janet Yellen.
Axios reported, “While her potential departure would give Biden an opportunity to respond to public concern over his handling of the economy, it would also create an immediate political headache: finding a successor who can be confirmed by the Senate.”
The process is in the early stages and a decision on Yellen, or any Cabinet replacement, has not been made. Multiple sources stressed the outcome of November’s election, including who controls the Senate, will factor into whether she stays.
Yellen will also have some say in her fate, and with the world’s economy teetering, there could be a convincing case for her to stay.
In addition to Yellen, officials are also considering the possibility that Brian Deese, the director of the National Economic Council, will leave early next year.
If Deese leaves that gives Gene Sperling an opportunity to become the NEC director for a third time after he held the position during the Clinton and Obama administrations.
Cecilia Rouse is currently heading up the White House’s Council of Economic Advisers and she is likely to return to her academic position next spring, which will open up another Cabinet-level position that deals with the economy.
According to Axios sources, Tellen has made the White House mad on several occasions when she disagreed with political messaging on the economy, like when Biden and administration officials blamed inflation on “greedy” corporations and Biden’s decision to forgive student loan debt.
She has also made some public mistakes as well, such as admitting she was “wrong” about rising inflation and then last year she said it would be a “plus” if the Federal Reserve would raise interest rates.
The White House pushed back on Axios’ report.
“While we are prudently planning for potential transitions post-midterm, neither Secretary Yellen or Brian Deese are part of those plans,” White House senior adviser Anita Dunn said in a statement, the outlet reported.
Treasury spokesperson Lily Adams said that Yellen is not making any plans to leave the administration.
A White House official told Axios: “Chair Rouse will return to Princeton University at the end of her two-year public service leave, likely early spring 2023.”
What is clear is that this administration is “America Last” in all aspects.