- Earlier this week, Biden’s Treasury Secretary Janet Yellen conceded she was ‘wrong’ about inflation.
- American Rescue Plan (ARP), which Biden signed into law in March 2021
- “too much government money was flowing into the economy,” U.S. Treasury Secretary
Despite a book suggesting she feared “too much government money was flowing into the economy,” U.S. Treasury Secretary Janet Yellen denied claims that she wanted to restrict the amount of spending in President Biden’s COVID-19 spending plan.
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Yellen responded on Saturday to extracts from a biography in which she indicated that she desired a smaller package than the over $2 trillion American Rescue Plan (ARP), which Biden signed into law in March 2021, bringing the government’s total pandemic assistance to almost $6 trillion.
“I never urged adoption of a smaller American Rescue Plan package, and I believe that ARP played a central role in driving strong growth throughout 2021 and afterwards, with the United States real GDP growth outpacing other advanced economies and our labor market recovering faster relative to historical experience,” Yellen said in a statement Saturday.
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