{"id":557128,"date":"2021-06-08T15:22:04","date_gmt":"2021-06-08T19:22:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=557128"},"modified":"2021-06-08T15:22:07","modified_gmt":"2021-06-08T19:22:07","slug":"despite-skyrocketing-inflation-janet-yellen-will-keep-pushing-for-biden-spending-agenda","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/despite-skyrocketing-inflation-janet-yellen-will-keep-pushing-for-biden-spending-agenda\/","title":{"rendered":"Despite Skyrocketing Inflation, Janet Yellen Will Keep Pushing For Biden Spending Agenda"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdespite-skyrocketing-inflation-janet-yellen-will-keep-pushing-for-biden-spending-agenda%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=557128&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-488749418.jpg?w=1200&#038;h=800&#038;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>Treasury Secretary Janet Yellen believes that the Biden administration\u2019s spending agenda is worthwhile, despite potential spikes in inflation.<\/span><\/p>\n<p><span>In an interview with <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-06\/yellen-says-higher-interest-rates-would-be-plus-for-u-s-fed\"><span>Bloomberg News<\/span><\/a><span> on Sunday, Yellen \u2014 who served as Chair of the Federal Reserve from 2014 to 2018 \u2014 affirmed that \u201cif we ended up with a slightly higher interest rate environment\u201d as a result of President Biden\u2019s proposed outlays, it would \u201cactually be a plus for society\u2019s point of view and the Fed\u2019s point of view.\u201d<\/span><\/p>\n<p><span>In the first months of his administration, President Biden has proposed trillions of dollars in new spending \u2014 including the <\/span><i><span>American Jobs Plan<\/span><\/i><span>, the <\/span><i><span>American Families Plan<\/span><\/i><span>, and a $6 trillion federal <\/span><a href=\"https:\/\/www.dailywire.com\/news\/5-things-you-need-to-know-about-bidens-latest-budget-proposal\"><span>budget<\/span><\/a><span> that incorporates both pieces of legislation.\u00a0<\/span><\/p>\n<p><span>Economists, however, are skeptical about the omnibus packages\u2019 ability to encourage long-term economic growth. For instance, analysis from the University of Pennsylvania\u2019s Wharton School shows that the <\/span><a href=\"https:\/\/www.dailywire.com\/news\/nonpartisan-economists-say-bidens-infrastructure-plan-will-decrease-economic-growth\"><i><span>American Jobs Plan<\/span><\/i><\/a><span>, <\/span><a href=\"https:\/\/www.dailywire.com\/news\/bidens-american-families-plan-is-far-from-a-new-deal-economic-boon\"><i><span>American Families Plan<\/span><\/i><\/a><span>, and already-passed <\/span><a href=\"https:\/\/www.dailywire.com\/news\/comparing-trump-and-bidens-covid-relief-bills\"><i><span>American Rescue Plan<\/span><\/i><\/a><span> would create government debt that would \u201ccrowd out\u201d long-term investment in the private sector.<\/span><\/p>\n<p><span>Yellen, however, told Bloomberg News that the bills are not \u201cmeant as stimulus.\u201d Rather, they are \u201cmeant as investments to address long-standing needs of our economy.\u201d<\/span><\/p>\n<p><span>\u201cI will not give up on the next packages,\u201d Yellen said.\u00a0<\/span><\/p>\n<p><span>Yellen \u2014 who also carried out key roles in the federal government\u2019s financial apparatus under the Clinton and Obama administrations \u2014 is on board with President Biden\u2019s push to address purported systemic injustice through fiscal and monetary policy.<\/span><\/p>\n<p><span>In a January <\/span><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0003\"><span>letter<\/span><\/a><span> to Treasury Department staff, Yellen declared that economics is neither \u201cjust something you find in textbook\u201d nor \u201csimply a collection of theories.\u201d<\/span><\/p>\n<p><span>\u201cIndeed, the reason I went from academia to government is because I believe economic policy can be a potent tool to improve society,\u201d she wrote. \u201cWe can \u2014 and should \u2014 use it to address inequality, racism, and climate change.\u201d<\/span><\/p>\n<p><span>As Bloomberg News reported, Yellen sees any potential inflation \u201cspurt\u201d from Biden\u2019s policies as temporary.<\/span><\/p>\n<p><span>\u201cWe\u2019ve been fighting inflation that\u2019s too low and interest rates that are too low now for a decade,\u201d remarked Yellen, stating that \u201cwe want them to go back to\u201d a normal interest rate environment, \u201cand if this helps a little bit to alleviate things then that\u2019s not a bad thing \u2014 that\u2019s a good thing.\u201d<\/span><\/p>\n<p><span>Yellen trusts the Federal Reserve to mitigate any potential rise in inflation: \u201cI know that world \u2014 they\u2019re very good. I don\u2019t believe they\u2019re going to screw it up.\u201d<\/span><\/p>\n<p><span>Even though the Fed anticipates a robust economic recovery from the COVID-19 and lockdown-induced recession, the Fed also <\/span><a href=\"https:\/\/apnews.com\/article\/fed-expects-key-rates-near-zero-through-2023-9b9a335a1ce05d69fc97a1d6197371ab\"><span>anticipates<\/span><\/a><span> keeping the interest rate close to zero through 2023. In the past, however, the Fed has <\/span><a href=\"https:\/\/tradingeconomics.com\/united-states\/interest-rate\"><span>increased<\/span><\/a><span> the federal funds rate \u2014 the short-term rate at which commercial banks can borrow and lend their reserves to one another \u2014 to stop markets from overheating during periods of economic expansion.<\/span><\/p>\n<p><span>Inflation is currently at its highest <\/span><a href=\"https:\/\/www.dailywire.com\/news\/breaking-inflation-skyrockets-to-highest-levels-since-great-recession-follows-disastrous-jobs-report\"><span>rate<\/span><\/a><span> since the Great Recession.<\/span><\/p>\n<p><i>The views expressed in this piece are the author\u2019s own and do not necessarily represent those of The Daily Wire.<\/i><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen believes that the Biden administration\u2019s spending agenda is worthwhile, despite potential spikes in inflation.In an interview with Bloomberg News on Sunday, Yellen \u2014 who served as &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2279643,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-488749418.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Despite Skyrocketing Inflation, Janet Yellen Will Keep Pushing For Biden Spending Agenda","footnotes":""},"categories":[],"tags":[],"class_list":["post-557128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-488749418.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Despite Skyrocketing Inflation, Janet Yellen Will Keep Pushing For Biden Spending Agenda","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/557128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=557128"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/557128\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2279643"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=557128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=557128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=557128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}