US Treasury Secretary Janet Yellen said on Wednesday that the strong performance of the US economy was proof that President Joe Biden's $1.9 trillion US Recovery Act was the right approach to avoid a slow and painful recovery from the Covid-19 pandemic in 2021.
In remarks at the U.S. Conference of Mayors in Washington, Yellen said the most dangerous thing at the time was “too little to do” with recovery spending.
“Many have argued that this recovery plan was not necessary, but I believe that looking at where we are today justifies the approach we took,” Yellen said in parts of her speech. “Gross domestic product growth is strong and inflation has slowed significantly. There are four million more jobs than before the pandemic.”
Unemployment is below 4%, the longest in 50 years, and wage gains are widely shared, including among younger and less educated workers, he added.
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