Treasury Secretary Janet Yellen on Thursday argued in favor of $1.9 trillion in coronavirus stimulus.
Although the U.S. economy is seeing vast improvement as coronavirus restrictions are being scaled back, Yellen said on CNBC’s “Closing Bell” that President Joe Biden administration’s proposed $1.9 trillion relief package is necessary because the economy remains in a “deep hole.”
“One question, I think, that’s still out there, is whether we need $1.9 trillion of stimulus,” host Sara Eisen opened with Yellen, noting that many numbers are back to “pre-pandemic levels, if not higher.”
She then asked, “Is that an economy that screams $2 trillion needed in stimulus?”
“Well, I think it does,” Yellen replied. “We have an unemployment rate that, if properly measured in some sense, is really close to 10 percent in addition to over 9 million people unemployed, we have 4 million who dropped out of the labor force, another 2