new video loaded: Powell and Yellen Testify on Economic Recovery
Powell and Yellen Testify on Economic Recovery
The Federal Reserve chair and Treasury secretary testified before the House Financial Services Committee Tuesday on the economic recovery and the impact of Covid-19 on the economy.
“There are 22 million people who say they don’t have enough food to eat, one in 10 adults are hungry in America. I looked at data like these, and I worried that the Covid economy was going to keep hurting millions of people now, and haunt them long after the health emergency was over. We know that when the foundations of someone’s life fall apart, when they lose the roof over their head with the ability to eat dinner every night, the pain can weigh on them for years. Their earnings potential is permanently lowered, and I worried about this happening on a mass scale. That’s why I advocated very hard for the American Rescue Plan, and why it’s my first and my most enthusiastic message today.” “Today, the situation is much improved. While the economic fallout has been real and widespread, the worst was avoided by swift and vigorous action from Congress and the Federal Reserve, from across government and cities and towns, and from individual communities in the private sector. Indicators of economic activity and employment have turned up recently. Household spending on goods has risen notably so far this year, although spending on services remains low, especially in sectors that typically require in-person gatherings. The housing sector has more than fully recovered from the downturn, while business investment in manufacturing production have also picked up.”
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