https://t.co/EzY6o8Gc2M— Dallas Morning News (@dallasnews) November 14, 2020
Last week Marez spent three and a half hours on hold waiting to speak with someone at a Texas unemployment office to hear whether she would get a new form of unemployment when her existing funds expire. The answer was a noncommittal maybe. “Three and a half hours on hold in mid-morning just to get that answer,” she said.
According to the Century Foundation, 12 million Americans will be cut off from their jobless benefits on 26 December. A disproportionate number of those people will be women and Latino, like Marez, or Black and young, the groups hardest hit by the economic downturn.
Parts of the US economy have demonstrated amazing resilience in the teeth of the health crisis as those that could transitioned to working from 凯发官网网址多少home. Stock markets are at added $1tn to their wealth over the pandemic, according to a report by the Institute for Policy Studies (IPS).
But only ill-suited to address the issue. As treasury secretary, the president’s top adviser on domestic and global economic and tax policy, she will have more influence.
More recently she told Reuters: “There really is a new kind of recognition that you’ve got a society where capitalism is beginning to run amok and needs to be readjusted in order to make sure that what we’re doing is sustainable and the benefits of growth are widely shared in ways they haven’t been.”
Senator Elizabeth Warren, a firebrand who has railed against Wall Street’s excesses and who was once seen as a potential treasury chief under Biden, was effusive in her praise after news of Yellen’s appointment broke. Warren called Yellen an “outstanding choice” and said she was “smart, tough, and principled” and someone who had “stood up to Wall Street banks”.
And as treasury secretary she will have more power to act – in theory – than she did at the Fed, by setting tax policy, regulating banks and overseeing priorities as the nation tackles its huge debt repayments. The treasury secretary employs 87,000 people and has a budget of $20bn. Yellen will be fifth in line to the presidency and her signature will appear on the nation’s currency.
But the 2020 election handed Biden a divided Congress and Yellen will have to win Republican votes for any major initiatives. To date, the omens do not augur well.
William Rodgers, former chief economist at the US Department of Labor, and an informal adviser to the Biden transition team. “They rammed through a supreme court nominee but have done nothing to help American families.”
Rodgers is hopeful Biden’s vast Washington experience and Yellen’s expertise and gravitas will make a difference. “The optics and evidence is such that they will be forced to concede,” he says. “Look at those car lines [for food banks]. Those aren’t just old beat-up cars, this is widespread.”
Collins too believes that the majority of Americans, regardless of political leaning, have woken up to inequality. Florida, which voted for Trump again this year, also passed a resolution