Appearing before Congress for the first time since they left government, Janet Yellen and her predecessor, Ben Bernanke, praised lawmakers for the size and speed of their initial reaction to the economic downturn—then, they offered a series of suggestions.
Yellen said that, in addition to extending the pandemic benefits, lawmakers should make sure “complementary programs like food stamps” are “adequately funded,” and the federal government should invest more in public health.would disincentivize the unemployed from looking for work,
During the Great Recession in 2008, Bernanke headed the Federal Reserve, and Yellen was the vice chair. In their comments Friday, they drew from that experience. “To avoid the recessionary effects of major cuts by those governments, federal support should be substantial, and conditions on the aid should not be overly restrictive,” Yellen argued.
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