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Janet Yelen, who was appointed as the next United States Secretary of the Treasury, sought support on the 19th, saying that the $ 1.9 trillion (about 197 trillion yen) economic measures set by the next President Byden are measures of essential support, but the Republican Party immediately emerged a voice of revulsion. Mr. Yelen attended an approval hearing at the Senate Finance Committee.
In a hearing, he argued that “it would be uneconomical to save” expenses to rebuild the economy that was affected by the new corona virus. He stressed that interest payments now account for a smaller proportion of the economy than before the 2008 financial crisis, as US bond yields were at historically low levels.
Yeren said supporting the unemployed and small businesses would be “maximally profitable” and called on lawmakers to take “bold steps” in an effort to rescue the economy in Corona.
The Republican Party is already reluctant to Byden’s large-scale economic stimulus measures because of their size and content. The proposal, which was launched last week, includes a long-standing call from the Democratic Party to raise the minimum wage to $ 15 an hour and expand the vacation system due to illness and family circumstances.
At the beginning of the hearing, Senate Finance Committee Chairman Chuck Grasley (Kyowa) said, “This is not the time to carry out a series of liberal economic structural reforms from scratch.” He said that dollar-scale economic measures had just been passed.
Mr. Yelen attended an approval hearing at the Senate Finance Committee.
Soon, the Republican Senate secretary asked, “When will it be too much?” On expanding debt to cover increased public spending. “It is imperative to put the federal budget on a sustainable path,” Yeren said, but the situation would worsen if investment to support economic growth were not made at this stage.
“When interest rates are very low, there is an advantage in issuing long-term bonds to raise funds,” he said.He said he would like to consider the 50-year bond and discuss how this bond will be perceived upon maturity in the market.
The main observations in the other nomination hearings are as follows.
- The United StatesHe stated not to target a weak dollar. “We are not targeting a weak exchange rate to gain a competitive advantage.”
- Based on the analysis of each state that raised the minimum wage, job loss is “minimized, if any.”
- Byden Administration Says Ready To Counter China’s “Unfair” Trade And Economic PracticesIndicated. “China is putting pressure on American companies by dumping products, building trade barriers and illegally subsidizing its own companies.”
Original title:Yellen faces Republican resistance to ‘go big’ call for stimulus
(Update by adding the sixth paragraph and the following)
