Despite Skyrocketing Inflation, Janet Yellen Will Keep Pushing For Biden Spending Agenda

Despite Skyrocketing Inflation, Janet Yellen Will Keep Pushing For Biden Spending Agenda


Treasury Secretary Janet Yellen believes that the Biden administration’s spending agenda is worthwhile, despite potential spikes in inflation.

In an interview with Bloomberg News on Sunday, Yellen — who served as Chair of the Federal Reserve from 2014 to 2018 — affirmed that “if we ended up with a slightly higher interest rate environment” as a result of President Biden’s proposed outlays, it would “actually be a plus for society’s point of view and the Fed’s point of view.”

In the first months of his administration, President Biden has proposed trillions of dollars in new spending — including the American Jobs Plan, the American Families Plan, and a $6 trillion federal budget that incorporates both pieces of legislation. 

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Economists, however, are skeptical about the omnibus packages’ ability to encourage long-term economic growth. For instance, analysis from the University of Pennsylvania’s Wharton School shows that the American Jobs Plan, American Families Plan, and already-passed American Rescue Plan would create government debt that would

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