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Treasury Secretary Janet Yellen downplayed fears of inflation while the Biden government promotes a $ 1.9 trillion coronavirus stimulus package.
“As Treasury Secretary, I have to worry about all the risks to the economy, and the most important risk is to leave workers and communities affected by the pandemic and the economic toll it represents, that we don’t do enough to address the pandemic “Yellen told CNN’s” State of the Union “on Sunday.
JANET YELLEN SAYS THE MAIN REGULATORS WILL DISCUSS IF THE GAMESTOP’S VOLATILITY GUARANTEES ‘ADDITIONAL ACTION’
“I spent many years studying inflation and worrying about it, and I can tell you, we have the tools to deal with this risk if it materializes,” she continued. “But we face a huge economic challenge here and a huge suffering in the country. We need to deal with that. This is the biggest risk.”
Treasury Secretary Janet Yellen speaks during a virtual roundtable with participants from Black Chambers of Commerce across the country to discuss the American Rescue Plan, Friday, February 5, 2021, from the South Court Auditorium at comp. White House ((AP Photo / Jacquelyn Martin))
Yellen said he expects the United States to return to “full employment” in 2022 if the stimulus package is approved. Both chambers of Congress passed a resolution on Friday that would allow Democrats to use budget reconciliation rules to approve the plan by a simple majority, instead of the 60 votes that are normally required in the Senate.
BIDEN EXPENSES OF TRILLION DOLLARS CAN RESTORE THE LACK OF INFLATION SINCE THE 2008 CRISIS
“It is very clear that our economy is still in trouble,” said President Biden last week. “I know that some in Congress think that we have done enough to deal with the crisis in the country. Others think things are looking up and we can afford to sit and do little or nothing. This is not what I see. I see enormous pain in this country. Many people without work. Lots of people going hungry. “
Biden’s comments came at a time when the Department of Labor reported that employment increased by just 49,000 last month, a dazzling start to the year as coronavirus and the restrictions put in place to curb its spread continued to weigh on companies. . The unemployment rate dropped to 6.3%.
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Jonathan Garber and Megan Henney of FOX Business contributed to this report.