Powell And Yellen Praise Aggressive Stimulus Spending, Acknowledge Incomplete Economic Recovery In Congressional Testimony

With the $1.9 trillion American Rescue Plan now signed into law and new relief money flowing, Treasury Secretary Janet Yellen on Tuesday expressed her confidence in President Biden’s flagship stimulus bill as Federal Reserve chair Jerome Powell told lawmakers that the worst of the economic crisis was avoided thanks to “swift and vigorous” action from Congress and the Federal Reserve.Key Facts

Household spending is increasing, manufacturing is up and the housing sector has “more than fully recovered,” Powell said, but other sectors impacted by the virus and social distancing measures “remain weak” and unemployment remains high. In prepared remarks, Yellen noted that the economy is still down almost ten million jobs from before the pandemic but said she believes the economy may return to full employment next year.

theothersarahh pretty amazing that you need a crisis to initiate fiscal policy

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