The US could return to full employment in 2022 due to the Biden Yellen stimulus package
Treasury Secretary Janet Yellen will paint an optimistic picture for the US economy as it emerges from the coronavirus pandemicand told lawmakers Tuesday that she sees growth as well as growth possibly full employment next year – due to President Joe Biden’s coronavirus stimulus package.
In a written testimony prepared for submission to the House Financial Services Committee, Yellen said of the US $ 1.9 trillion bailout bill being passed, “I am confident that people with the fundamentals of theirs.” Life’s other side of this pandemic will be intact I believe that a growing economy will hit them there. In fact, I think we can go back to full employment next year. “
Yellen said the Treasury Department is tasked with implementing much of the Biden stimulus plan and distributing the funds Working to expedite assistance in areas of greatest need, including the smallest small businessesthat are disproportionately owned by women and people of color.
The Treasury Department is also reducing some documentation requirements for Americans struggling to obtain funds to help them make rental and mortgage payments to expedite the implementation of a $ 30 billion housing aid plan. “”We cut off the bureaucracy for themwhile still sensible steps are being taken to prevent fraud and abuse, “Yellen said.
The Treasury Department also works closely with state, local, tribal and territorial governments to provide $ 350 billion in aid to them, She said. Finance officials said last week that the state and local aid program, which is still setting rules for how funds are used, will start distributing funds within about 60 days.
(Reuters; Photo: REUTERS / Leah Millis / file photo)