Former federal reserve chiefs Janet YellenJanet Louise Yellen on The Money: Cash-Strapped Cities of the COVID-19 Begging for Federal Help Trump Signs to Ban China in Hong Kong | White House campaign to testify on federal response to coronovirus meltdown amid epidemic Bernanke, Yellen advocates new ‘avenues’ for jobs CBO: Former COVID-19 added more to .4 trillion for emergency bill reductions Will go. And Ben Bernanke on Friday urged lawmakers not to boost unemployment benefits at the end of July and spend generously, while keeping the US interest rate low through the coronovirus epidemic.
In testimony before the Special House Coronavirus Subcommittee, the two most recent former Fed chiefs warned lawmakers that the U.S. could face more than $ 1 trillion in deep, permanent economic damage. Their form comes in the form of Congress leaders who initiate formal negotiations on the size and scope of another epidemic response and economic rescue package.
Bernanke – a former Republican who disrespected the party in 2015 – and Yellen, a Democrat, said Congress’ next stimulus measure should focus on three areas: investing in medical response to the epidemic, unemployment benefits. Expanding, and giving adequate financial support to local governments support to maintain critical services amid revenue shortages.
“We do not believe that concerns about deficits and debt should prevent Congress from responding forcefully to this emergency,” Yellen said.
“The top priorities of this time should be to protect our citizens from the epidemic and to pursue a strong and equal economic recovery,” he said.
Bernanke and Yellen have previously advocated for positions that have more than 150 fellow economists A letter to Congress leaders last month. His testimony also served as a more powerful one, Direct version Fed Chairman Jerome Powell’s call for expanded unemployment benefits and substantial support for state and local governments.
But his Friday appearance in front of lawmakers, the first for each since the Fed left, comes as the White House and Congress face a narrow window to avoid lapses in fiscal support.
Signed roughly by the $ 2 trillion Coronavirus Assistance, Relief and Economic Security (CARES) Act President Trump
Donald John Trump’s confirmation that he will not seek the mayor of Chicago for White House press secretary: ‘Hey, Karen. See from your mouth ‘Pentagon mulling plans to ban Confederate flag without naming: report Each state increased the weekly unemployment benefit by $ 600, regardless of the level set by state leaders before the epidemic in March. The increase is scheduled to end on July 31, but is likely to be missed before a last-minute deal to somehow increase support.
The $ 600 increase has been widely supported by Democrats, but has been opposed by the White House and most Republicans, who fear it is encouraging workers not to return to their jobs.
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Democrats say that most workers will lose unemployment benefits if they decline a job offer and say the extra money is important because entire industries are sidelined by the epidemic.
Bernanke, Yellen and a wide range of economists have urged Congress to increase profits in one form or the other, urging that it do more to support the economy as it curbs job gains. Applies.
“You can reduce the $ 600 so that the replacement ratio is not above 100 percent,” Bernanke suggested. He also proposed a special tax credit for returning workers.
He stressed that “there were ways to create a suitable incentive for the unemployed to go back to work without seeking support.”
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