*Disclaimer: I am no expert on anything I write about below, including the main topic, Janet Yellen. I am writing this post and my thoughts about the most impactful Biden cabinet pick, so I can learn more about what the next four years may look like.
The Daily dedicated a recent podcast to the news of President-elect Biden selecting Janet Yellen as his Secretary of Treasury. I grew more and more intrigued as I listened to the podcast, to the history of Janet Yellen. So, I listened to a few more podcasts about Janet Yellen, both recent and less-than-recent.
Here is some of what I came away with:
“Inequality is not a political issue. Inequality is an economic issue.”
[She] wants to get people into the workforce and working.
And I think this is a consistent view that Yellen has held for a long time. And it is something that she pairs with a real concern for making sure that the folks at sort of the margins of the labor market, you know, minorities, people with less education, et cetera, making sure that they have opportunities. So as Fed chair, she starts to talk about inequality.
…And she’s kind of the first Fed Chair who comes in and says, inequality is not a political issue. Inequality is an economic issue. And we need to be thinking about what it means for the future of our economy.https://www.nytimes.com/2020/12/01/podcasts/the-daily/joe-biden-janet-yellen.html?showTranscript=1
Discussing the need for continued support for American households:
And aside from the grave ethical questions raised by ending crucial safeguards for the vulnerable, such actions endanger the economy as a whole.https://www.nytimes.com/2020/08/24/opinion/coronavirus-federal-reserve.html?login=email&auth=login-email
For more background on the above op-ed, listen to this 9 minute interview of Janet Yellen from Planet Money.
Another perspective on the cabinet pick from The Wall Street Journal. I found this one interesting as well, specifically in talking about Janet Yellen’s character. The podcast describes the 2014 White House Correspondents dinner and a photo showing Yellen as the only person in the ballroom before dinner because she is always on-time or early. Yellen is always prepared, is a fastidious notetaker, and is on-time.
Stimulus is an economic issue.
Former Federal Reserve Chair Janet Yellen, Biden’s nominee for Treasury Secretary, echoed Powell today. “Lost lives, lost jobs, small businesses struggling to stay alive are closed for good. So many people struggling to put food on the table and pay bills and rent. It’s an American tragedy. And it is essential we move with urgency. Inaction will produce a self-reinforcing downturn causing yet more devastation.”https://heathercoxrichardson.substack.com/p/december-1-2020
So far, I’m looking forward to the Biden administration. If you had told me during the Iowa Caucuses when I was cheering about Biden placing 4th, this was the administration that President-elect Biden would put together, I wouldn’t have believed you. (If you told me anything about the rest of 2020, I wouldn’t have believed you either!)