August 17, 2022

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Janet Yellen, President Joe Biden’s surprise pick as Treasury secretary in the wake of his...

Janet Yellen, President Joe Biden’s surprise pick as Treasury secretary in the wake of his 2020 election victory, says there’s too much unfinished business to think about departing the role after just over a year on the job.
he biggest win of her tenure – an historic global agreement on corporate taxes that Ms Yellen engineered via careful international diplomacy – remains incomplete, with the US Congress yet to endorse it.
The administration’s ‘Build Back Better’ package of social investments is also in legislative limbo. Meanwhile, high inflation is marring assessments of the $1.9trn (€1.65trn) aid bill enacted last March.
“We still have a huge amount of important work to do,” Ms Yellen said last week in a statement to Bloomberg News. “I have no plans to leave Treasury anytime soon.”
After more than 15 years at the Federal Reserve – culminating in her chairmanship that ended in 2018 – Ms Yellen brought an authoritative voice to the Biden team’s early call to “go big” with fiscal stimulus. Assuring Democrats that low interest rates gave them more room for extended federal spending, she provided an economic rationale to the White House’s negotiations on Capitol Hill.
“We were trying to make sure that we took care of people so they could make it through the pandemic,” she said in the interview on Wednesday. “I have to say, I’m very pleased with the results.”
By many measures the American Rescue Plan, which delivered $1.9trn to households, businesses and states, was a success. Millions have returned to employment, the economy bounced back strongly and wage gains surged as employers scrambled to attract workers.
Ms Yellen highlighted that poverty measures have fallen, evictions are below pre-pandemic levels and the massive lines seen at food banks a year ago have disappeared.
“This is an extraordinary achievement,” she said.
Another key data point, however, has gone in an unwelcome direction. After Ms Yellen forecast in June that inflation would slow in the second half to around 3pc, it zoomed to a four-decade high of 7pc by December, overwhelming wage gains.
It’s expected to climb even higher in the January data due on Thursday. Republicans – none of whom voted for the relief bill – blame it for the cost-of-living surge. And they’re not alone in criticising the size of the package. 

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‘I have no plans to quit,’ insists Yellen as tax deal stalls and inflation bites appeared first on maserietv.com.