An expected Biden cabinet shakeup after the midterm elections could include Treasury Secretary Janet Yellen, according to a report by Axios.
The decision is not final and depends on the results of the election, sources close to the discussions told the outlet.
It will not be an easy change for President Joe Biden to make if the Senate goes into Republican hands after the midterms, since any successor will need Senate confirmation.
Yellen admitted over the summer that she made a mistake in saying that inflation would be short term and “temporary;” in fact, it is still over 8% after nearly a year and shows no signs of collapsing any time soon.
Economy a liability
The economy is one of Biden’s biggest liabilities going into the midterms, so it makes sense to replace Yellen.
Another economic official who may also be on the chopping block is Brian Deese, the director of the National Economic Council.
Both Deese and Yellen said in recent days that they had no plans to leave the administration.
“I’ve got my head down, and I’m certainly fully, fully absorbed in the work we’re doing,” Deese said.
Yellen’s spokesperson Lily Adams said that Yellen didn’t plan to leave the administration.
If Biden doesn’t do more to address the economy by 2024, however, he may very well be out of a job–if he even runs again.
The impact of inflation on the average wage-earner has been heavy, and non-essential spending is starting to slow down as people try to afford gas, food, and other necessities.
Biden has so far avoided saying the word “recession” except to say we are not in one, but he won’t be able to avoid it much longer if things continue like this.