Washington: America’s Finance Minister Janet Yellen has said that the country is still in a “deep abyss” due to the unemployment of millions of people, but President Joe Biden $ 1,900 billion relief plan will generate so much growth that will be enough to restore full employment by next year.
Republican senators say that the funding offered by Biden is too large and for this, he cites criticism of the proposal made by Larry Summers, the former finance minister of Bill Clinton. Huh.
Summers says that because of this Biden plan, less money will be available for other initiatives like improving the country’s infrastructure. Yellen said on Sunday that at the moment there is an urgent need to deal with the challenges caused by the epidemic such as recession, unemployment, closure of small businesses, and reopening of schools. The House and Senate last week approved a bill that is necessary to pass Biden’s economic package.
The government was told on Friday that in January, only 49,000 jobs were created in the economy. Yellen said, “We are still in a deep abyss in terms of the employment market, and the way out is very long.” He said that if Biden’s relief package is approved, the country can restore all this employment by next year.
