U.S. Treasury Secretary Issues Warning to Promote Biden’s $1.9 Trillion Economic Stimulus Plan

The new U.S. Treasury Secretary Yellen warned in an interview with CNN’s “state of union” program that the U.S. labor market is stagnating. If Congress does not quickly pass the $1.9 trillion economic stimulus plan to help workers find a solution to the epidemic Difficult way, the United States “may take several years” to get out of this pit.

Yellen said: “We have absolutely no reason to have to go through a long and slow recovery. I expect that if this plan is passed, we will be able to return to full employment next year.”

The new U.S. Treasury Secretary Yellen was interviewed on CNN.  Yellen said on the 6th: “The most important risk is that (if the bill is not passed), we will expose workers and communities to severe damage from the epidemic, which will harm our economy. We must ensure that the epidemic does not permanently damage their lives.”

In addition to calling for the passage of the bill as soon as possible, Yellen also refuted the remarks that too much economic stimulus bill would cause inflation.

Yellen stated on CNN that although she is worried about “all the risks facing the economy,” the “most important risk” is the failure to adequately help workers. She said that she spent many years studying inflation: “I have been studying inflation and worrying about inflation for many years. I can tell you that if that risk becomes a reality, we have enough tools to deal with it.”

On the evening of January 14, Biden announced a 1.9 trillion “American Rescue Plan”, the plan includes direct payment of 1,400 US dollars to most Americans; direct assistance to American companies and communities; and speed up The production and delivery of the new crown vaccine; ensuring the safe opening of schools, etc.

After a marathon-style overnight struggle, the U.S. Senate and House of Representatives passed a resolution on February 5th local time with 219 votes to 209 votes to rescue the $1.9 trillion “nuclear power” that the Biden administration has “cannot wait” The plan paved the way. In the future, the Democrats will be able to promote the Biden administration’s $1.9 trillion bailout plan with a simple majority (generally, legislation must be passed by 60 votes in the Senate) despite the unanimous opposition of the Republicans.

According to the Financial Times, since the outbreak of the new crown epidemic, the long-term unemployment rate in the United States has approached the highest level in history. According to the non-agricultural employment report released by the U.S. Bureau of Labor Statistics last Friday, the unemployment rate in the United States fell to 6.3% in January, but nearly 40% of unemployed workers have been unemployed for more than 6 months. Compared with last February, the current U.S. The number of employed people dropped by nearly 9 million. The U.S. economy created only 49,000 jobs that were “trivial” last month.

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