As of November 23rd, president elect Joe Biden announced that Janet Yellen will serve as America's next Treasury Secretary. Ms. Yellen, former head of the Federal Reserve is clearly one of the most qualified economists for the job. Yellen, who specializes in labour economics, also serves as the president of the American Economic Association. Fortunately, the progressive left and conservative right can both see something to like in Yellen. This means that it is almost a guarantee that she will be conformed by the senate. Her biggest task in office will be to pass another stimulus bill that has been hard to do during the pandemic. Throughout the pandemic, Yellen has urged for more fiscal support to help the struggling economy. Republicans and Democrats have been unable to agree on a new stimulus bill passed in the spring, with even more of a disagreement on the size of the stimulus package. Economists believe that if anyone can break the deadlock it is Ms. Yellen.
Is Yellen a good choice for the position?
https://www.economist.com/finance-and-economics/2020/11/24/janet-yellen-will-lead-joe-bidens-treasury-what-does-she-stand-for
I think after reading this and more information about Yellen, I think it is a good choice. Mostly because she is liked by both parties, so maybe more will be able to get passed faster. Also, she was a former head Fed chairman, so I feel that she will be able to solve a lot of the recent disagreements between the Treasury and the Federal Reserve that we have been having lately. Her stimulus bill will probably be smaller, but it is what will make the most people happy as it is more of a compromise.
ReplyDeleteI would agree with Libby. Even if both parties don't agree, I think Yellen will serve somewhat as a moderator for enacting more fiscal policy during the pandemic. It is possible compromise will be reached easier and quicker and policies will be enacted faster when a well-liked individual with more than enough qualification proposes various options for stimulus packages. Yellen is also more qualified than many who have been in her proposed position.
ReplyDeleteI will echo what Libby and Rachel said, that Yellen is a great choice. Being the fed chairman is a great accomplishment and experience in itself, and that alone should qualify her for this position. However, diving deeper you realize Yellen studied at both Yale and Brown, focusing in economics, and graduated summa cum laude from Brown. She would also be the first women to hold this position, it is my opinion she is more than qualified.
ReplyDeleteI think yellen will be a good in-between and i think she is a great choice for this position because she is heavily qualified and in this economic time of need we need qualified people at the helm
ReplyDeleteI agree with everything that has already been stated. Janet Yellen has so much experience from the FED and not to mention her remarkable educational background. She will be a great choice as she knows exactly what she is talking about and what needs to be done.
ReplyDeleteYellen is a good choice for the position of the Treasury Secretary because she will be able to bridge the gap between the Democrats and the Republicans. I believe she will be able to help both sides agree on a certain size of the stimulus package. We all know the package is much needed for the economy to return so it will happen one way or another, but it is important for Yellen to make such a decision so there is no backlash from any side.
ReplyDeleteYellen sounds like a good choice for the position. The biggest thing is having both sides like her so that they will be more likely to agree on things. She is qualified for the position and is well-known and liked by many people already.
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