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.
Share your thoughts
What do you want to see from Janet Yellen’s testimony? Join the conversation below.
“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.
Write to Kate Davidson firstname.lastname@example.org
Copyright © 2020 DowJones & Company, Inc. all rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
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.