Joe Biden, the US president-elect, formally introduced his top economic advisers on Tuesday, as his incoming administration prepares to deal with the worst financial crisis in decades and a resurgent coronavirus pandemic.
Wearing a black boot on the right foot he recently fractured while playing with one of his dogs, Biden appeared in his home city, Wilmington, Delaware, for an event that stressed the gravity of the situation but sought to offer hope.
“We’re going to create a recovery for everybody,” Biden said. “Our message to everybody struggling right now is this: help is on the way.”
Biden’s nominations would put several women in top economic roles, drawing a clear contrast with Donald Trump and reflecting his commitment to diversity.
They include Janet Yellen, who if confirmed by the Senate will be the first woman to lead the US treasury in its 231-year history. Biden said he “might have to ask Lin-Manuel Miranda, who wrote the musical about the first treasury secretary, [Alexander] Hamilton, to write another musical” about his new nominee.
Yellen led the Federal Reserve from 2014 to 2018, focusing on maximising employment and less on price inflation. In remarks on Tuesday, she noted the damage caused by the pandemic.
“Lost lives, lost jobs, small businesses struggling to stay alive or closed for good,” she said. “So many people struggling to put food on the table and pay bills and rent.
“It’s an American tragedy and it’s essential we move with urgency. Inaction will cause a self-reinforcing downturn, causing yet more devastation. And we risk missing the obligation to address deeper structural problems.”
Source: US Politics - theguardian.com
