Treasury Secretary says economy can have ‘near full employment’ next year

Treasury Secretary Janet Yellen on Sunday said she is hopeful that if the country defeats the pandemic, the economy can be back near full employment next year.

“I’m hopeful that, if we defeat the pandemic, that we can have the economy back near full employment next year. And I think this is the package we need to do that,” she told George Stephanopoulos on ABC’s “This Week.” 

Yellen pointed to the recently passed $1.9 trillion COVID-19 relief bill as a large factor in helping the economy recover. She praised the $1,400 direct checks, child tax credit, and aid for state and local governments as components that will help the economy spring back.

“We need both relief for the people who are suffering because of what’s happened with the economy. We need to defeat the pandemic. This package really does that,” Yellen said.

She added, “I believe there’s enough support in this package to relieve suffering and to get the economy quickly back on track.”

On Thursday, President Biden signed the $1.9 COVID-19 stimulus bill, after weeks of negotiations in Congress. The legislation passed along party lines with no Republican support.