Former U.S. Treasury Secretary Janet Yellen: The risk of the U.S. economy falling into recession is rising

Former U.S. Treasury Secretary Janet Yellen said on April 10 that the economic policies of the new U.S. government are the "worst self-harm" she has ever seen. Against the backdrop of policies such as tariff increases, the risk of the U.S. economy falling into recession has risen.

Yellen served as the chairman of the Federal Reserve in the Obama administration and later served as the Secretary of the Treasury in the Biden administration. She said in an interview with CNN on the 10th that the current U.S. government's tariff policy may increase the annual expenditure of the average American family by nearly $4,000. In addition to the negative impact that tariffs may have on consumer spending, the U.S. economy is also facing a huge impact of uncertainty. Yellen said, "In the face of such great uncertainty, which company will make long-term investments?" The reduction in investment spending and consumer spending is likely to trigger an economic recession.

Yellen emphasized that in addition to tariff policies, the current government's cuts to public service agencies such as the Social Security Administration and the Internal Revenue Service, as well as the compression of government programs such as Medicaid and food relief, may harm the interests of low-income families. This series of policies is extremely "destructive."

Former U.S. Treasury Secretary Summers has recently warned about the prospect of a U.S. economic recession. In an interview with Bloomberg on the 8th, Summers said that due to the tariff measures being implemented by the Trump administration, the United States may be heading towards an economic recession, which may cause about 2 million Americans to lose their jobs and each family will face at least $5,000 in income losses.