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Under the “grab” announcement, US President-elect Biden was clearly expected to elect Yellen, former chairman of the Federal Reserve, as Secretary of the Treasury, and Yellen also fill the position as Director of Administration and Budget. of the White House and the White House. Chairman of the Economic Advisory Committee, at this point, the alignment of Biden’s economic team has finally emerged.
In view of the fact that Yellen, who once saved the American economy in the latest round of despair, was in charge, the importance of Biden’s economic team is also evident. “Working hard to rebuild the American dream for all” is Yellen’s promise, but when the epidemic still continues and the new stimulus plan is stalled, the pressure of this promise is also obvious.
Diversity
The current situation in the United States determines the degree of attention to Biden’s economic team. Following the list of members of the foreign policy and national security teams, Biden’s nominees for the economic team have finally been unveiled. According to previous news, on November 30 local time, Biden announced that former Federal Reserve Chairman Yellen had been nominated as Secretary of the Treasury.
In addition, Biden nominated Adejemo, president of the Obama Foundation, as undersecretary of the Treasury, and Nila Tanden, president and CEO of the Center for American Progress, a Washington think tank, as director of the Office of Management and Budget of the White House, Princeton University School of Public and International Affairs. Dean Cecilia Routh is the chair of the White House Council of Economic Advisers.
Diversity remains Biden’s constant feature. If the nomination goes smoothly, Yellen will become the first female Treasury Secretary in U.S. history, while Routh is expected to become the first African-American woman in the 74-year history of the Council of Economic Advisers of the United States. the White House, and Tanden will become the White House Office of Management and Budget. The chief’s first wife of South Asian descent. Agence France-Presse reported that after Harris was elected the first vice president of African and Asian descent, the nomination of Biden’s new economics team will break down racial and gender barriers within the US government.
In fact, in forming the cabinet, the Democratic Party wanted Biden to lean toward women, and Biden also promised to emphasize diversity when teaming up. Statistics show that 52% of new government employees during the transition period between Biden and Harris are women, and more than half of the 500 members of Biden’s government agency review team are women. The day before, Biden just announced the shortlist of candidates who will soon become the White House communications team, and this is the first team in American history to be made up entirely of women.
However, in addition to diversity, Biden’s economic team is obviously more important. According to Brian Riddle, principal investigator at the Manhattan Institute, they are “fairly traditional liberal economists and experts.” Biden also stated in the statement that the economic team he appointed is comprised of respected, proven and pioneering public officials who will help those hardest hit by the new coronavirus pneumonia epidemic and respond to the problems of the American economy. Structural inequality.
The nomination of Yellen and others has yet to be approved by the Senate. However, the Associated Press reported that Republicans were particularly opposed to Tanden’s nomination as White House chief of administration and budget. Republican Senator John Corning determined the nomination to be “zero.”
American dream
Yellen continues to be an important figure on this team. A week ago, many American media had cited sources to reveal the news, but now that Biden announced the list of candidates, the news is settled. It is worth noting that after the nominees for Biden’s economic team were selected, Yellen immediately opened her own account on social media and posted her first tweet saying, “Our country faces enormous challenges. To recover, we must rediscover the dream. American “.
“As treasurer, I will work hard for everyone to rebuild this dream.” In the tweet, Yellen appeared to have taken the oath. For Yellen, dealing with the economic crisis may not be strange. Prior to this, Yellen had revamped history and became the first female leader in the Federal Reserve’s 100-year history, and she led the United States economy to recover from the 2008 financial crisis. CNBC once commented that with the expectation of Yellen becoming Secretary of the Treasury, Biden must now assemble a battle-hardened economic team to take on the delicate but arduous task of helping the US economy “get back to health.”
“In terms of nominating Yellen as Secretary of the Treasury and choosing the entire economic team, Biden can go the Roosevelt New Deal route, focusing primarily on emergency relief, rehabilitation and reform.” Yang Shuiqing, an assistant researcher at the Institute of American Studies of the Chinese Academy of Social Sciences, analyzed that the former chairman of the Federal Reserve served as Secretary of the Treasury to better implement fiscal expansion policies. First, Biden has repeatedly mentioned the need to rebuild infrastructure and invest in clean energy. Clean energy itself is higher than investment in traditional energy, and expenses in all respects will increase accordingly. To solve this problem, one can continue to print money and the other one aspect is to implement an expansionary fiscal policy, that is, to promote it through the monetization of the fiscal deficit, and together it can be a preparation for it.
Sun Lipeng, a research associate at the American Institute of China Institute of Modern International Relations, also said that the position of Secretary of the Treasury of the United States is very important and that in the future, he will need to communicate with Congress on debt and budget issues . Furthermore, the Ministry of Finance has also been involved in some external policies, including some financial sanctions. The Ministry of Finance is an important player. For Biden, behind the establishment of the economic team is his focus on domestic economic policies, and Yellen is an important figure in helping Obama bring about the recovery of the US economy after the latest round of economic crisis. Overall, Biden said, We must do everything we can to focus on the national economic recovery and the next round of growth. Of course, the most important thing is to save America’s economic recession first.
In the past four years, holding the “America First” flag, current US President Trump has rocked the world and anti-globalization has become the norm. In the face of enormous uncertainty, countries have started begging from their neighbors and the world trade map has also approached fragmentation. Four years have passed. The American dream has become an “American nightmare.” Especially under the impact of the epidemic, the economy has taken a sharp turn, social issues have become prominent, and the American dream has become even more remote.
Perhaps for the United States in the past period, Biden is the true solver. Not long ago, Biden chose Sullivan as his national security adviser. In this regard, Yang Shuiqing said that Sullivan is also a person who advocates for fair trade practices. In this regard, Sullivan has clearly mentioned that he does not appreciate Trump’s obsession with trade deficits and prefers to link the country through agreements.
Seek recovery
“America is back.” Not long ago, Biden appeared on the same stage with Harris and several key cabinet candidates for the next government. At that time, Biden made such a statement. According to him, his political plan is ambitious and very radical. . For Biden, who has long been labeled “moderate” and “conservative,” it is very rare to use words like radical to describe his plan for government. On the last day of November, Biden finally broke through Trump’s obstruction and heard the president’s daily report for the first time.
The smooth transition of the government is the most positive signal the US market has heard in the last month. For this reason, last November, the market was ahead of schedule. Among them, the Dow Jones rose 11.8%, the biggest increase in 33 years. The Nasdaq and S&P 500 also rose more than 10%, the best since April this year. Monthly performance. In the eyes of investors, Biden represents America’s economic recovery up to a point.
“Only by controlling the virus and providing economic relief to workers and businesses can we better rebuild our homes.” This is the focus of Biden’s work going forward. Yang Shuiqing said the current problem for the United States is to further control the epidemic, not to restart the economy immediately. Judging from the Democratic Party’s previous platform, Biden will definitely take a more scientific approach to responding to the epidemic. Although the effectiveness of the vaccine is not guaranteed, it is conservatively estimated at more than 75%, which also means that the current situation in the United States remains very bad. But it has come out of the darkest moment. As long as the virus does not drastically mutate, it shouldn’t be a problem to fully control the epidemic in about half a year.
But the economic problem may be a little more serious. Fed Chairman Powell said in a prepared speech for the U.S. Senate Banking Committee hearing on Dec. 1 that the increase in confirmed cases of the new crown is concerning and may face challenges in the coming months. The economic outlook for the United States is extremely uncertain and depends on the development of the epidemic. Economic activity continued to recover, but the pace of improvement slowed. In fact, Powell has repeatedly mentioned that fiscal stimulus remains one of the biggest factors affecting recent economic trends. But on the issue of reaching agreement on more epidemic relief plans, House Speaker Pelosi and Senate Majority Leader McConnell still have big differences.
The economic recovery is unpredictable, but bigger problems can arise. In Yang Shuiqing’s view, what really needs to be noted is that the social divide caused by the gap between rich and poor, resulting in upheaval and the economic drag caused by upheaval, are the long-term problems during the Biden administration. . Especially during the epidemic, the gap between rich and poor in the United States has widened rapidly. Many policies in the stimulus measures have allowed the rich to get more and more corporate subsidies, while the poor may get poorer. Although Biden also mentioned the need to tax the rich on the Democratic Party platform, this policy is still difficult to move forward and the contradictions cannot be resolved. First, Trump’s 74 million voters will feel that he is not doing so. all right.
Beijing Business Daily reporter Yellen leads the Biden economic team to regain the American dream?Return to Sohu to see more
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