• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, September 23, 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

Biden’s relief plan could restore full employment by 2022

thevaultzby thevaultz
February 8, 2021
Reading Time: 3 mins read
thevaultzby thevaultz
in USA, America
0
Biden’s relief plan could restore full employment by 2022

US Treasury Secretary, Janet Yellen with President Biden and VP, Kamala Harris. Image: Getty

US Treasury Secretary, Janet Yellen has intimated that the country is still in a “deep hole” with millions of lost jobs but President Joe Biden’s $1.9 trillion relief plan could generate enough growth to restore full employment by next year.

Republican senators have argued that President Biden’s proposal is too expensive, citing criticism from Larry Summers, a Treasury Secretary under former President Bill Clinton, that passage of the measure could run the risk of triggering runaway inflation. Mr Summers also said that Biden’s plan would make less money available for other initiatives such as improving the nation’s infrastructure.

“Larry Summers is a liberal Democrat … in favour of big government spending and he has said, this is way too much,” said Republican Senator Pat Toomey.

RelatedPosts

US Shields Israel With 6th Veto Over War in Gaza

Democrats Introduce Bill To Protect Free Speech

Firings Over Kirk Remarks Spark Free Speech Fears

However, Ms Yellen, a former Federal Reserve Chair who is the first woman to lead the US Treasury Department, said the central bank had the tools to handle any potential inflationary threat. She added that the urgent need now is to deal with the problems raised by the pandemic-induced recession; “joblessness, lost small businesses and reopening schools.”

“We face a huge economic challenge here and tremendous suffering in the country. We have got to address that. That’s the biggest risk.”

1000 1 1
US Treasury Secretary, Janet Yellen speaking on Biden’s relief plan. Image: AP

The government reported on February 6 that the economy only created 49,000 jobs in January after cutting 227,000 jobs in December. Ms Yellen said the recent jobs reports raised fears that the job market is stalling with 10 million people still unemployed and 4 million who have dropped out of the labour market.

 “We’re in a deep hole with respect to the job market and a long way to dig out.”

Citing a report from the Congressional Budget Office, she added that the unemployment rate could remain elevated for years to come and it could take until 2025 to get unemployment back to 4%. The jobless rate stood at 3.9% a year ago before the pandemic hit.

She also predicted that if Biden’s relief package is approved, the country could get back to full employment by next year.

“There’s absolutely no reason why we should suffer through a long, slow recovery.”

The Biden package has also been criticized for setting the cutoff for $1,400 direct payments too high, allowing wealthier Americas to collect the payments. Ms Yellen said the administration was willing to negotiate with lawmakers, but did not specify what that threshold should be.

President Biden and his team have argued that a big economic package is needed to avoid the mistakes made in 2009 when the Obama administration was unable to get increased support through Congress, resulting in a long, slow recovery after the 2008 financial crisis.

Last week, the House and Senate approved the legislation necessary to pass President Biden’s package through a process known as reconciliation, which only requires 51 votes in the Senate.

House Speaker Nancy Pelosi, said she hopes to approve the specific budget details of the President Biden proposal over the next two weeks, in other to get the measure through Congress before current unemployment benefits run out in mid-March.

Tags: EmploymentJanet YellenJoe BidenRelief PackagesUSA
Please login to join discussion
Previous Post

Expand production capacity to take advantage of trade agreements – Prof. Quartey

Next Post

EPL Review: Manchester City beat Liverpool 4-1 at Anfield

[mc4wp_form id="1264"]

Related Posts

Barima Sidney Breaks Silence On Hiatus From Music Production
Entertainment

Highlife Music Set for Revival Through Online Platforms

September 23, 2025
China Establishes “Strategic Partnership” With Palestinian Authority
Asia

Three-Quarters Of UN Membership Recognize Palestinian Statehood

September 23, 2025
Congo Refuses To ‘Auction’ Mineral Resources
Africa

Congo Refuses To ‘Auction’ Mineral Resources

September 23, 2025
Lands Ministry Insists State of Emergency on Galamsey Not Immediate
General News

Fix The Country Demands Action as Galamsey Crisis Deepens

September 23, 2025
IMANIFesto Examines Parties’ Solutions to Ghana’s Energy Crisis 
Extractives/Energy

ASEC Rejects ECG Tariff Hike, Demands Accountability First 

September 23, 2025
Ghana’s First Lady, HE Lordina Mahama
General News

Ghana’s First Lady Calls for Global Action to Protect Children

September 23, 2025
Barima Sidney Breaks Silence On Hiatus From Music Production
Entertainment

Highlife Music Set for Revival Through Online Platforms

by Esther Korantemaa OffeiSeptember 23, 2025
China Establishes “Strategic Partnership” With Palestinian Authority
Asia

Three-Quarters Of UN Membership Recognize Palestinian Statehood

by Comfort AmpomaaSeptember 23, 2025
Congo Refuses To ‘Auction’ Mineral Resources
Africa

Congo Refuses To ‘Auction’ Mineral Resources

by Lawrence AnkutseSeptember 23, 2025
Lands Ministry Insists State of Emergency on Galamsey Not Immediate
General News

Fix The Country Demands Action as Galamsey Crisis Deepens

by Silas Kafui AssemSeptember 23, 2025
IMANIFesto Examines Parties’ Solutions to Ghana’s Energy Crisis 
Extractives/Energy

ASEC Rejects ECG Tariff Hike, Demands Accountability First 

by Prince AgyapongSeptember 23, 2025
Ghana’s First Lady, HE Lordina Mahama
General News

Ghana’s First Lady Calls for Global Action to Protect Children

by Evans Junior OwuSeptember 23, 2025
Barima Sidney Breaks Silence On Hiatus From Music Production
China Establishes “Strategic Partnership” With Palestinian Authority
Congo Refuses To ‘Auction’ Mineral Resources
Lands Ministry Insists State of Emergency on Galamsey Not Immediate
IMANIFesto Examines Parties’ Solutions to Ghana’s Energy Crisis 
Ghana’s First Lady, HE Lordina Mahama
[/vc_row_inner]

Recent News

  • Highlife Music Set for Revival Through Online Platforms
  • Three-Quarters Of UN Membership Recognize Palestinian Statehood
  • Congo Refuses To ‘Auction’ Mineral Resources
  • Fix The Country Demands Action as Galamsey Crisis Deepens
  • ASEC Rejects ECG Tariff Hike, Demands Accountability First 
The Vaultz News

Copyright © 2025 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 © 2025 The Vaultz News. All rights reserved.