Yellen made the remark after US President-elect Joe Biden introduced his economic team at the Transition headquarters in Wilmington, Delaware.(Reuters Photo)
Yellen made the remark after US President-elect Joe Biden introduced his economic team at the Transition headquarters in Wilmington, Delaware.(Reuters Photo)

United States facing historic economic crises again, says Janet Yellen

“I’ve spent my career trying to make sure people can work and achieve the dignity and self-worth that comes with it. Mr. President-elect, I know you’ve done the same. I saw that understanding during the last Great Recession and the Recovery Act that followed,” Treasury Secretary-nominee Janet Yellen said
By Press Trust of India| Posted by: Harshit Sabarwal | Washington
PUBLISHED ON DEC 02, 2020 09:15 AM IST

The United States is facing economic crises again and it is essential to move with urgency, Treasury Secretary-nominee Janet Yellen said Tuesday, warning that inaction will produce a self-reinforcing downturn causing yet more devastation.

Yellen made the remark after US President-elect Joe Biden introduced his economic team at the Transition headquarters in Wilmington, Delaware. “I’ve spent my career trying to make sure people can work and achieve the dignity and self-worth that comes with it. Mr. President-elect, I know you’ve done the same. I saw that understanding during the last Great Recession and the Recovery Act that followed,” Yellen said.

“And now we are facing historic crises again,” she said, adding the coronavirus pandemic and its economic fallout have caused much damage to American people and had a disproportionate impact “on the most vulnerable among us”. “Lost lives. Lost jobs. Small businesses struggling to stay alive or closed for good. So many people struggling to put food on the table and pay bills and rent,” she said.

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“It’s an American tragedy,” she added. “And it’s essential that we move with urgency. Inaction will produce a self-reinforcing downturn causing yet more devastation. And we risk missing the obligation to address deeper structural problems. Inequality. Stagnant wages, especially for workers who lack a college education.” Biden said no one is better prepared to deal with this crisis than Yellen. “She will be the first Treasury Secretary who was also Chair of the Federal Reserve, Vice Chair of the Federal Reserve, and Chair of the President’s Council of Economic Advisors. Janet is one of the most important economic thinkers of our time,” he said.

“She has spent her career focused on employment and the dignity of work. She understands what a job means to people and their communities. Respected across party lines and around the world, by Main Street and Wall Street. An educator, a mentor. Above all the daughter of a working-class Brooklyn neighborhood who never forgot where she came from,” Biden said.

Also Read: Biden assembles administration as Trump cries foul in another call-in

“Her husband, George, is pretty good too. He is a Nobel Prize recipient, but he’s the one who married up. Janet will be the first woman to hold this office. We might have to ask Lin-Manuel Miranda, who wrote a musical about the first Treasury Secretary, Hamilton, to write another musical for the first woman Treasury Secretary, Yellen,” said the President-elect Biden.

Yellen pledge to work every day towards rebuilding that dream for all Americans, he said.

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The court, thereafter, gave him time till April 12 to place on record the links/urls which are yet to be removed.(AP file photo)
The court, thereafter, gave him time till April 12 to place on record the links/urls which are yet to be removed.(AP file photo)

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The counsel for the husband told the court that all the links to the objectionable content have not been removed by Facebook.
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The H-1B visa allows American companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.(Photo for Representation)

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A vial and syringe are seen in front of a displayed AstraZeneca logo.(Reuters)

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South Korea's Prime Minister Chung Sye-kyun speaks during an interview with Reuters in Seoul, South Korea, January 28, 2021. REUTERS/Heo Ran(REUTERS)

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China US have put aside their quarrel on virus origins to sign a trade deal.(afp)

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A participant holds a placard reading "One for all, all for one" during a rally in support of jailed Russian opposition leader Alexei Navalny.(REUTERS)
A participant holds a placard reading "One for all, all for one" during a rally in support of jailed Russian opposition leader Alexei Navalny.(REUTERS)

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Hours earlier, the top court -- stacked with justices appointed by the ruling Law & Justice party -- published a written justification of its October ruling, which tightened one of Europe’s strictest laws on ending pregnancies.(AP)

Thousands protest in Poland as abortion ruling is enforced

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Arriving passengers walk past a sign in the arrivals area at Heathrow Airport in London on January 26, 2021. (AP)

Covid-19: UK will review quarantine country list today

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The Biden administration would likely be loath to cancel the UAE deal because it could put at risk that nation’s peace agreement with Israel(AP)

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