Janet Yellen predicted that if Biden’s US$1.9 trillion package is passed, US will get back to full employment next year. — Reuters pic
Without that support, she said, “the unemployment rate is going to stay elevated for years,” perhaps not again reaching four per cent until 2025.“We need a big package, and we need to get this done quickly,” she told CNN. “I don’t have specifics for you today,” she told CBS. “These are matters that President Biden is discussing with members of Congress and is open to doing what is appropriate.”
Yellen, the first female Treasury secretary in US history, noted that women — and especially women of colour — had been particularly hard hit as the coronavirus pandemic forces them to balance jobs and childcare responsibilities.