Thread: President Joe Biden

Originally Posted by misskit

a $4 billion pledge of support

Bribery and corrupt practice?

Originally Posted by misskit

re-entry of the United States into the Paris climate accord

Soon to be annulled by presidential edict when the shit hits the fan?

Originally Posted by misskit

the prospect of a nearly $2 trillion

Delivered when?

Meanwhile:

CNBC Exclusive: CNBC Transcript: United States Treasury Secretary Janet Yellen Speaks with CNBC’s “Closing Bell” Today

Feb 18 20214:55 PM EST

"Is that an economy that screams $2 trillion needed in stimulus?

JANET YELLEN: Well, I think it does. We have an unemployment rate that if properly measured in some sense, is really close to 10%.

In addition to over 9 million people unemployed, we have 4 million who’ve dropped out of the labor force, another 2 million who have seen reduced hours. So, we’re digging out of a deep hole."

CNBC Exclusive: CNBC Transcript: United States Treasury Secretary Janet Yellen Speaks with CNBC’s “Closing Bell” Today

Sven Henrich @NorthmanTrader

"So for years as Fed Chair the unemployment numbers she referenced were not properly measured?"

"For year folks that were questioning the veracity of official unemployment stats were dismissed as conspiracy theorists or just cranky bears. Now both Fed Chair Powell and Treasury Secretary Yellen admitting to UE stats being highly inaccurate strikes me as a rather big deal."

"But be clear: they both are admitting it now because it suits their agenda of more printing and bigger stimulus. It’s all rather disingenuous, cynical and method."

https://twitter.com/LiveSquawk/statu...11374518284290


Yellen says tax hike would pay for part of Biden infrastructure plan

February 19, 20215:20 AM Updated 13 hours ago

"U.S. Treasury Secretary Janet Yellen on Thursday said that tax hikes would be needed to pay for at least part of a big infrastructure, climate and education investment package that President Joe Biden plans to introduce later this year.Yellen, in an interview with CNBC, said details were still being worked out on the infrastructure and clean energy package, which would come on top of a $1.9 trillion coronavirus relief plan that is now working its way through Congress.

She said it would include clean energy investments to fight climate change and investments in education and training to build the skill levels of American workers and boost U.S. competitiveness.

“Certainly part of the package, the parts that are permanent, will be paid for in order to not raise long-term deficits, but we’re still working on the details of the package.”

The infrastructure, climate and education plan will probably be proposed later this year and would involve spending over a number of years, “and probably tax increases to pay for at least part of it would probably phase in slowly over time.”

Biden’s $1.9 trillion COVID-19 stimulus package aims to ensure that growth is strong enough to get back to full employment faster than recent baseline estimates from the Congressional Budget Office, which projected earlier this month that based on current laws, it would take until 2024 to reach pre-pandemic employment levels.

With the Biden stimulus plan and good progress on vaccines to defeat the pandemic, “I think we could be back to full employment next year,” she said.

Yellen downplayed the potential risk of inflation from trillions of dollars in new stimulus and infrastructure spending, saying that inflation has been low for a decade and the Federal Reserve has tools to deal with it.

“The greater risk is of scarring and people having this pandemic take a permanent lifelong toll on their lives and livelihoods,” if no further aid is provided, she said."

Yellen says tax hike would pay for part of Biden infrastructure plan | Reuters