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Treasury Secretary Janet Yellen downplayed fears of inflation when the Biden government demanded a $ 1.9 billion coronavirus stimulus package.
“As Treasury Secretary, I have to worry about all the risks to the economy, and the most important risk is that our workers and communities are frightened by the pandemic and the economic toll it takes, and that we are not doing enough to stop the pandemic “Yellen told CNN’s State of the Union on Sunday.
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“I have been studying inflation for years and worrying about inflation, and I can tell you: we have the tools to deal with the risk if it materializes,” she continued. “But we face a huge economic challenge here and huge hardship in the country. We have to address it. That’s the biggest risk.”
Treasury Secretary Janet Yellen speaks during a virtual round table with participants of Black Chambers of Commerce across the country about the U.S. rescue plan on Friday, February 5, 2021 from the South Court Auditorium on the White House comp. ((AP Photo / Jacquelyn Martin))
Yellen said she expects the U.S. to return to “full service” in 2022 if the stimulus package succeeds. Both chambers of Congress passed a resolution Friday that would allow Democrats to use budget reconciliation rules to pass the plan by a simple majority, rather than the 60 votes normally required in the Senate.
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“It is very clear that our economy is still in trouble,” President Biden said last week. “I know some in Congress think we’ve done enough to tackle the crisis in the country. Others think it’s better and we can afford to sit back and either do little or do nothing. That’s not what I’m doing. see. I see tremendous pain in this country. Many people without work. Many people go hungry. ‘
Biden’s comments come as the Labor Department reported that employment rose by just 49,000 last month, a sluggish start to the new year as coronavirus and restrictions imposed to curb its spread continued to weigh on businesses. The unemployment rate decreased to 6.3%.
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FOX Business’ Jonathan Garber and Megan Henney contributed to this report.