The United States is facing economic crises once more and it’s important to maneuver with urgency, Treasury Secretary-nominee Janet Yellen mentioned Tuesday, warning that inaction will produce a self-reinforcing downturn inflicting but extra devastation.
Yellen made the comment after US President-elect Joe Biden launched his economic crew on the Transition headquarters in Wilmington, Delaware. “I’ve spent my career trying to make sure people can work and achieve the dignity and self-worth that comes with it. Mr. President-elect, I know you’ve done the same. I saw that understanding during the last Great Recession and the Recovery Act that followed,” Yellen mentioned.
“And now we are facing historic crises again,” she mentioned, including the coronavirus pandemic and its economic fallout have induced a lot harm to American individuals and had a disproportionate impression “on the most vulnerable among us”. “Lost lives. Lost jobs. Small businesses struggling to stay alive or closed for good. So many people struggling to put food on the table and pay bills and rent,” she mentioned.
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“It’s an American tragedy,” she added. “And it’s essential that we move with urgency. Inaction will produce a self-reinforcing downturn causing yet more devastation. And we risk missing the obligation to address deeper structural problems. Inequality. Stagnant wages, especially for workers who lack a college education.” Biden mentioned nobody is best ready to take care of this disaster than Yellen. “She will be the first Treasury Secretary who was also Chair of the Federal Reserve, Vice Chair of the Federal Reserve, and Chair of the President’s Council of Economic Advisors. Janet is one of the most important economic thinkers of our time,” he mentioned.
“She has spent her career focused on employment and the dignity of work. She understands what a job means to people and their communities. Respected across party lines and around the world, by Main Street and Wall Street. An educator, a mentor. Above all the daughter of a working-class Brooklyn neighborhood who never forgot where she came from,” Biden mentioned.
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“Her husband, George, is pretty good too. He is a Nobel Prize recipient, but he’s the one who married up. Janet will be the first woman to hold this office. We might have to ask Lin-Manuel Miranda, who wrote a musical about the first Treasury Secretary, Hamilton, to write another musical for the first woman Treasury Secretary, Yellen,” mentioned the President-elect Biden.
Yellen pledge to work day by day in the direction of rebuilding that dream for all Americans, he mentioned.