February 7th, local time, U.S. Treasury Secretary Yellen said in an interview that if Congress passes the economic stimulus plan proposed by President Biden, the employment situation of American citizens can fully recover next year.
But Yellen warned that without the additional $1.9 trillion in federal support, the unemployment rate in the United States will remain high in the next few years.
A complete recovery in employment does not mean that the unemployment rate has dropped to 0%, but that the employer’s employment needs can be fully met.
Yellen said: “The CBO recently released an analysis that the results show that if additional federal support is not provided, the unemployment rate will remain high for the next few years.
It is not until 2025 that the unemployment rate will fall back to 4%.”
Members of Congress are under pressure to pass an economic stimulus package due to the economic fallout of the pandemic.
At present, the White House is trying to push President Biden’s economic stimulus plan in Congress.
The White House faces Republican opposition in Congress, especially the financial support required for the plan.
The January employment report shows that despite the increase of 49,000 jobs last month, the number of jobs in the United States has dropped by nearly 10 million since the outbreak, and the unemployment rate is now falling to 6.3%.