Yellen, US Treasury Secretary: "Full Employment in the US Achievable Next Year"

Emphasizing the Impact of the $1.9 Trillion Additional Stimulus Package
Prompt Support Promised for Housing Assistance and Local Government Finances

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] Janet Yellen, U.S. Secretary of the Treasury, emphasized that the U.S. economy will grow thanks to the Biden administration's $1.9 trillion (approximately 2,143 trillion KRW) economic stimulus package, and that there is a possibility of achieving full employment by next year.

According to foreign media including CNBC, on the 23rd (local time), ahead of her appearance before the House Financial Services Committee, Secretary Yellen stated in a pre-released response letter, "With the passage of the $1.9 trillion American Rescue Plan Act, Americans will face a growing economy while maintaining their livelihoods," and emphasized, "There is a possibility of seeing a return to full employment in 2022."

Secretary Yellen pointed out, "Since last year, Congress has passed stimulus bills providing the government with powerful tools to respond to the crisis, but I have been concerned that these tools might not be strong enough, and some data has shown very severe distress," adding, "Compared to the pre-COVID-19 peak, there are still about 10 million jobs missing."

She continued, "This is exactly why I strongly supported the American Rescue Plan Act, which includes the $1.9 trillion stimulus package," and said, "With the passage of the Rescue Plan, I am confident that we can reach the other side of the COVID-19 pandemic." She added, "We are facing a hopeful moment for the economy, but the situation remains challenging," and indicated that the stimulus policy will continue by saying, "We are seeing signs of recovery, but we must pay clear attention to the hole we are climbing out of."

Secretary Yellen emphasized, "The Treasury is working to quickly provide $30 billion in housing assistance funds," and said, "We will work closely with state governments to ensure that $350 billion in local government aid is also delivered promptly." The U.S. Treasury has been coordinating details of the local government support program under the American Rescue Plan Act since last week and announced that funds will begin to be disbursed within the next two months.

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