As Donald Trump prepares to return to the White House, CBS’s Stephen Colbert welcomed Treasury Secretary Janet Yellen to the Wednesday edition of The Late Show, where he lobbed a softball her way when he asked, “Could you have been a better cheerleader for the economy?” Also on the subject of Trump’s return, Colbert hailed former First Lady Michelle Obama’s decision to skip the inauguration, claiming she “came down with an incurable case of integrity.”
During the Yellen interview, Colbert wondered, “Why do you think – this past election made it clear that 49.9 percent of American voters don't agree with you or don't agree with The Economist and that the economy was, according to polling, one of the biggest reasons why people put Donald Trump back into office? Why do you think that message about the good economy, as you say, the best economy in the world right now, especially of the advanced nations, came out of COVID in the best shape, regardless of our inflation? Could you have been a better cheerleader for the economy?”
Voters do not compare the U.S. economy to other economies; they compare it with what it was under the last guy. Additionally, “Regardless of our inflation” is the sort of unintentional comedy that the late night comedy shows occasionally provide.
For her part, Yellen naturally refused to look inward, “Well, we tried and tried to explain why we were doing the best we could. We did see a huge increase in prices, something like 20 percent 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, and 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, child care, making so many people feel it's tough to lead a middle-class life.”
Earlier, during his monologue, Colbert happily reported, “There's going to be one person notably absent on Monday, because Michelle Obama will skip Trump's inauguration, and so far, no explanation has been given. What could it be? Some are speculating it's health-related and that she came down with an incurable case of integrity. You know what she always says? ‘When they go low, I go, 'byeee!'"
Colbert wants to celebrate Michelle Obama not attending Trump’s inauguration, but she also skipped Jimmy Carter’s funeral. Why? Whatever the reason, “integrity” is not it.
Elsewhere, Colbert also recalled, “One very special guest has been confirmed, because reportedly, the garbage truck that Trump used for a campaign photo op will appear in his Inauguration Day parade, which personally I find surprising for several reasons. First, those trucks usually take out the garbage. Second, you'll recall that Trump almost fell getting into the truck, and I assumed he had the door handle executed.”
Colbert also went after Coca-Cola for making a commemorative inauguration soda can, “A lot of corporations are bellying up to the all-you-can-smooch Trump butt buffet. But this next corporation stings. Yesterday, the CEO of Coca-Cola made the pilgrimage down to Mar-a-Lago and gave Trump this inaugural Diet Coke bottle with a picture of the White House and Trump's name right on the label. It's not the first time an autocrat has been honored with a soft drink. Who can forget the failed roll-out of Dr. Stalin?”
The photoshopped Dr. Pepper-Stalin spoof is something The Late Show made up for laughs, just like the idea that Trump is somehow comparable to a genocidal dictator who murdered millions of people is not a real thing.
Here is a transcript for the January 15 show:
CBS The Late Show with Stephen Colbert
1/15/2025
11:41 PM ET
STEPHEN COLBERT: There's going to be one person notably absent on Monday, because Michelle Obama will skip Trump's inauguration, and so far, no explanation has been given. What could it be? Some are speculating it's health-related and that she came down with an incurable case of integrity. You know what she always says? "When they go low, I go, 'byeee!'" Hi. Are you guys doing? You guys okay?
One very special guest has been confirmed, because reportedly, the garbage truck that Trump used for a campaign photo op will appear in his Inauguration Day parade, which personally I find surprising for several reasons. First, those trucks usually take out the garbage. Second, you'll recall that Trump almost fell getting into the truck, and I assumed he had the door handle executed.
Of course, a lot of corporations are bellying up to the all-you-can-smooch Trump butt buffet. But this next corporation stings. Yesterday, the CEO of Coca-Cola made the pilgrimage down to Mar-a-Lago and gave Trump this inaugural Diet Coke bottle with a picture of the White House and Trump's name right on the label. It's not the first time an autocrat has been honored with a soft drink. Who can forget the failed roll-out of Dr. Stalin? Dr. Stalin. Dr. Stalin.
…
COLBERT: Why do you think – this past election made it clear that 49.9 percent of American voters don't agree with you or don't agree with The Economist and that the economy was, according to polling, one of the biggest reasons why people put Donald Trump back into office? Why do you think that message about the good economy, as you say, the best economy in the world right now, especially of the advanced nations, came out of COVID in the best shape, regardless of our inflation? Could you have been a better cheerleader for the economy?
JANET YELLEN: Well, we tried and tried to explain why we were doing the best we could. We did see a huge increase in prices, something like 20 percent 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, and 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, child care, 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 and 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 $1,600 left over to save or spend. So the typical worker is better off.
