Despite Republicans’ best efforts at trying to spin President Biden’s plans for infrastructure, education and jobs as reckless spending, he has a powerful ally in former Fed Chief, current Treasury Secretary Janet Yellen, who has called the plans necessary to see a “big return” and strong economic recovery.
The Republicans have been trying to offer a counter package that cuts about 80% of the current plans – but it’s mostly just a ruse that they have no desire to act upon and doesn’t do nearly enough to help the average American. President Biden and Secretary Yellen are also thinking long term – trying to push for a global minimum tax rate that will not only make the super rich pay their fair share, but also prevent companies from using overseas loopholes to get out of taxes. If these are successful, they could not only reverse the Trump tax cuts, but also make it that much more difficult for future presidents to try the same thing – now that an overwhelming majority of people have realized that supply side economics is no longer viable.
The Secretary of the Treasury is usually not someone that everyone readily recognizes, but Janet Yellen has already made a significant name for herself as the first woman to head the department, seeing it as a chance to remake America for the better, as a strong global example to the world, who knows that a solid investment now will pay off dividends for the future.
James Sullivan is the assistant editor of Brain World Magazine and an advocate of science-based policy making