NEW YORK (TheStreet) -- Federal Reserve Chair Janet Yellen will testify to Congress Tuesday and Wednesday about the economy and future Fed policy.
We won't learn much about either, because the Fed refuses to recognize the facts on the ground.
Its policymaking committee recently stated inflation is below 2%. Yet, according to the Bureau of Labor Statistics, consumer price inflation has been accelerating since March and is now 4%.
Boing 747 Fades Out, but Lufthansa Files a Fresh One to JFK
Why JPMorgan Is Undervalued on Long-Term Earnings Growth Estimates
Low-Interest Rates Woes? High-Yield Closed-End Funds May Be the Cure
It asserts the economy and labor market are improving, but that denies the trials of most ordinary Americans whose wages continue to lag inflation or many who remain unemployed.
The Obama recovery has delivered 2.1% annual gross-domestic-product growth. That's about the same as the Bush expansion, but half the pace accomplished during the Reagan-Clinton era.
And the Bush-Obama economy has created 6 million jobs, whereas it would need 40 million to match the Reagan-Clinton record.
The unemployment rate has fallen steadily in recent months, mostly because so many jobless have quit looking for work and are no longer counted. For native-born Americans, the problem is absolutely dire, because nearly all the new jobs have gone to immigrants.
America's large universities, banks and technology companies have successfully pressured the Obama administration to permit virtually uncontrolled immigration to push down wages for higher-paying science, technology and finance occupations, and in lower paying industries, such as hospitality, where most of the employment growth has occurred.