The United States Secretary of the Treasury, Janet Yellen, said on Monday that the fiscal stimulus should guarantee people’s lives and that livelihoods are not permanently affected by the pandemic, Reuters reported.
“The success of the stimulus would mean returning to pre-pandemic unemployment levels, restoring jobs in the service sector,” Yellen said. He added that President Biden’s recovery plan will aim to alleviate pockets of poverty where specific aid will not reach.
The prolonged recession and slow recovery will come at a fiscal costwarned the former president of the Federal Reserve. He clarified that interest payments as a percentage of GDP are currently at 2007 levels. He indicated that a 100-year bond would likely have a very small market, “But the Treasury is moving toward a longer term debt “.
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