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Biden’s policies will help unleash the devastating forces of inequality and climate change, Yellen says.

Treasury Secretary Janet Yellen will testify at the Senate Finance Committee on Wednesday.


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Jacklin Martin / Associated Press

Washington — The U.S. economy needs ambitious fiscal policy to unleash the devastating forces that have hindered the prosperity of millions of Americans, including racial inequality and climate change, Janet Yellen said. Treasury Secretary Janet Yellen told lawmakers Wednesday.

Yellen, who will testify in front of the Senate Finance Committee, defended the Biden administration $ 6 trillion budget For the 2022 fiscal year of the prepared testimony, Ask for policy Paid family vacations, modernization of infrastructure, reduced emissions, affordable housing and education, and more. Yellen said the private sector has not made enough of these investments to reverse long-term structural economic challenges such as reduced labor force participation and wage inequality.

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“We need to make these investments at some point, and now is the most strategic time financially,” she said in a prepared statement.

While federal debt increased during the pandemic, the Biden administration expects interest payments on federal debt to remain well below historic levels over the next decade.Yellen also said the administration is proposing payments for its long-term economic policy. Through tax increase For businesses and wealthy Americans.

“There are some tough trade-offs in fiscal policy, but this (a fairer tax law for a structurally sound economy) is not one of them,” she said.

Proposed by President Biden Plan to spend $ 4.5 trillion About infrastructure and social programs for the next 10 years. Yellen’s testimony begins this week with Democratic leaders discussing a wide range of childcare, climate and education packages to ease the party’s liberal concerns about the narrower range of bipartisan infrastructure proposals under discussion. I will come when I come.

In an interview with WSJ’s Timothy Puco, US Special Climate Envoy John Kerry explains the role the private sector and the country want to play in the fight against climate change. Photo: Rob Alcaraz / The Wall Street Journal

Write to Kate Davidson kate.davidson@wsj.com

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Biden’s policies will help unleash the devastating forces of inequality and climate change, Yellen says.

Source link Biden’s policies will help unleash the devastating forces of inequality and climate change, Yellen says.

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