• About
  • Advertise
  • Privacy Policy
  • Contact
Monday, August 4, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Yellen insists on $1.9T relief package despite signs of economic recovery

February 22, 2021
thevaultzby thevaultz
in America, USA
0
Biden’s proposed spending plans won’t fuel inflation- Yellen

US Treasury Secretary, Janet Yellen. Image: AP

US Treasury Secretary Janet Yellen has insisted that a large stimulus package is still necessary to get the country’s economy back to full strength, despite reports suggesting that economic growth is off to a faster start than anticipated in 2021.

Last week, the Atlanta Federal Reserve predicted a Gross Domestic Product (GDP) growth of 9.5% in the first quarter with the pandemic receding. Recent data has also shown an increase in retail sales which has largely been attributed to the late-2020 stimulus checks from Congress, as well as steady gains in real estate and manufacturing.

In an exclusive interview sighted by The Vaultz News, the US Treasury Secretary said the $1.9 trillion relief package proposed by President Biden is still needed to help America get back to full employment in a year and further boost growth.

RelatedPosts

US To Require Up To $15,000 Bond For Some Business And Tourist Visa Applicants

New Tariff Policy Redefines US Global Trade Stance

US FBI Opens Permanent Office In New Zealand 

“We think it’s very important to have a big package [that] addresses the pain this has caused – 15 million Americans behind on their rent, 24 million adults and 12 million children who don’t have enough to eat, small businesses failing.

“I think the price of doing too little is much higher than the price of doing something big. We think that the benefits will far outweigh the costs in the longer run.”

Janet Yellen

Also, in spite of the reported economic growth, the unemployment rate is still high with 10 million workers still out of jobs. The US labour department indicates that millions of the unemployed people are victims of business closures instituted by governments in response to the pandemic

In addressing this, Yellen said that she feels President Biden’s $1,400 stimulus checks should be directed to these displaced workers especially.

“You know, there’s so much pain in this economy. I think these checks really will provide relief and they’ll help jump-start our economy, giving people money to spend when we can get out again and go back to our former lives. So you know, there’re a lot of families that are operating on the margin. And I think these checks will really help them.”

unemployme use
Millions of people have lost their jobs due to business closures as a result of pandemic. image: Getty Images

When quizzed about inflation, Yellen said she’s not worried that all of the government spending could cause inflation down the road.

“Inflation has been very low for over a decade, and you know it’s a risk, but it’s a risk that the Federal Reserve and others have tools to address. The greater risk is of scarring the people, having this pandemic take a permanent lifelong toll on their lives and livelihoods.”

The Treasury Secretary was also asked about the Congressional Budget Office’s projection that there will be a $2.3 trillion budget deficit in fiscal 2021, not including the $1.9T relief package. Yellen acknowledged that there “probably” would be “tax increases to pay for at least part of it that would probably phase in slowly over time.”

She added that parts of the administration’s infrastructure proposal would be paid for with tax increases on wealthy corporations and high-income individuals in a “Build Back Better” plan, something Republicans object to. Asked how much this plan would cost, Yellen said the plan was still being developed and the administration did not have a cost estimate yet.

Read Also: Biden’s relief plan could restore full employment by 2022

Tags: Janet YellenJoe Bidenstimulus packageTaxesUnemployment
Please login to join discussion
Previous Post

EPL Review: Manchester City beat Arsenal 1-0 at the Emirates

Next Post

Why inflation collapsed in the US but shot up in Ghana?

[mc4wp_form id="1264"]

Related Posts

Bernard Bediako Baidoo
General News

Bediako Baidoo Wins NDC Akwatia Primary Ahead of By-Election

August 4, 2025
Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
UK

Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears

August 4, 2025
A Painful Reminder Of Unresolved Hostage Situation
Opinions

If It’s Good Enough To Share Abroad, It Must Start at Home

August 4, 2025
UK Ties Palestine Recognition To Ceasefire Conditions
UK

UK Ties Palestine Recognition To Ceasefire Conditions

August 4, 2025
Olamide Reveals Music Executive Easier Path
Entertainment

Olamide Reveals Music Executive Easier Path

August 4, 2025
Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards
Vaultz Business

Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards

August 4, 2025
Bernard Bediako Baidoo
General News

Bediako Baidoo Wins NDC Akwatia Primary Ahead of By-Election

by Evans Junior OwuAugust 4, 2025
Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
UK

Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears

by Lawrence AnkutseAugust 4, 2025
A Painful Reminder Of Unresolved Hostage Situation
Opinions

If It’s Good Enough To Share Abroad, It Must Start at Home

by Comfort AmpomaaAugust 4, 2025
UK Ties Palestine Recognition To Ceasefire Conditions
UK

UK Ties Palestine Recognition To Ceasefire Conditions

by Lawrence AnkutseAugust 4, 2025
Olamide Reveals Music Executive Easier Path
Entertainment

Olamide Reveals Music Executive Easier Path

by Esther Korantemaa OffeiAugust 4, 2025
Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards
Vaultz Business

Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards

by Stephen M.CAugust 4, 2025
Bernard Bediako Baidoo
Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
A Painful Reminder Of Unresolved Hostage Situation
UK Ties Palestine Recognition To Ceasefire Conditions
Olamide Reveals Music Executive Easier Path
Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards
[/vc_row_inner]

Recent News

  • Bediako Baidoo Wins NDC Akwatia Primary Ahead of By-Election
  • Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
  • If It’s Good Enough To Share Abroad, It Must Start at Home
  • UK Ties Palestine Recognition To Ceasefire Conditions
  • Olamide Reveals Music Executive Easier Path
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.