The greater risk was in not bolstering the economy, Treasury Secretary Janet Yellen said. | Al Drago-Pool/Getty ImagesTreasury Secretary Janet Yellen on Sunday defended the recently enacted Covid relief package, saying the benefits for the economy far outweigh any concerns that the burst of government spending could lead to inflation.
Speaking on ABC's "This Week," Yellen said, "We need to defeat the pandemic. This package really does that." President Joe Biden signed the $1.9 trillion relief package into law Thursday. Some economists, including former Treasury Secretary Larry Summers, have raised concerns the measure could lead to rising prices in coming months.
Yellen said the greater risk was in not bolstering the economy — saying the federal government needed to assist people who are out of work, who are facing eviction or foreclosure, or who simply don't have enough food to eat. "The most significant risk we face is a workforce that is scarred by a long period of unemployment. People being out of work, not able to find jobs, can have a permanent effect on their well-being. I think that's the most significant risk," Yellen said. "Is there a risk of inflation? I think there's a small risk. And I think it's manageable.
Inflation isn’t a problem for the GOP when the wealthy gets tax cuts and middle-class gets tax hikes...they must’ve forgotten their honorary POTUS of all-time...Ronald Reagan’s social inflation disaster. And it wasn’t the result of aiding Americans.
If you want to keep voters, you don’t lower income caps less than the previous administration which results in 11 million adults and 4 million children to be eliminated from receiving a stimulus check. Are possible lost votes worth it to save money on a trillion dollar bill.
Inflation vs People homeless and hungry. I choose People.
What's wrong with inflation? Isn't it better than people starving? Losing their jobs? Losing their homes? Dying?
I trust JanetYellen
We nolonger have to wory about inflation buy having too much money anymore, because we buy everything from china!
I find it interesting how the same Republicans and conservatives that the last four years acted like a drunken sailor at a strip club in regards to the deficit and debt are suddenly discovering their fiscally conservative roots again…
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She's got a big job ahead of her. Treasury and agencies like the IRS completely fell apart under Trump and Mnuchin. It may take a decade to clean up their mess.
If you voted for a republican legislator in 2020 please know they voted AGAINST you in 2021 when they voted NO on the stimulus checks.
Yes, as an old worn out saying goes: you focus on fighting the alligator nearest you before worrying about the rest.
Dave Ramsey would beg to differ “It’s peeing on a forest fire. It’s absolutely ridiculous.” This package sets aside 10% of the actual spend to HELP THOSE WHO REALLY NEED HELP. The rest is spent on political cronies, pet projects and special interest groups.
That’s not minimizing risk.. that’s saying don’t worry about it
We could’ve ended poverty... but yea means testing🤦♂️
Governmets can go own fiscal spending sprees but the central bank is usually arms length away and tightens the monetary policies. I'm not sure the central bank (i.e. Fed) is arms length away in this case as there are so many conflicts of interests with this group...economics
Who is she defending it from? I mean, who with any credibility is attacking it? Beside Politico. mediacomplicit
Funny, Republicans weren't concerned when they gave away $1.9 trillion to corporations and the 1%...
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