MESSAGE
DATE | 2021-01-19 |
FROM | Ruben Safir
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SUBJECT | Subject: [Hangout - NYLXS] The money goes straight from the US Treasury,
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From hangout-bounces-at-nylxs.com Tue Jan 19 19:07:53 2021 Return-Path: X-Original-To: archive-at-mrbrklyn.com Delivered-To: archive-at-mrbrklyn.com Received: from www2.mrbrklyn.com (www2.mrbrklyn.com [96.57.23.82]) by mrbrklyn.com (Postfix) with ESMTP id 9C5F2163FB7; Tue, 19 Jan 2021 19:07:52 -0500 (EST) X-Original-To: hangout-at-nylxs.com Delivered-To: hangout-at-nylxs.com Received: from [10.0.0.62] (www.mrbrklyn.com [96.57.23.83]) by mrbrklyn.com (Postfix) with ESMTP id E5163163F60; Tue, 19 Jan 2021 19:07:49 -0500 (EST) To: Hangout , George Moskowitz MD From: Ruben Safir Message-ID: <9a7be5df-5583-0164-bb1f-424b0aed7fd5-at-mrbrklyn.com> Date: Tue, 19 Jan 2021 19:06:50 -0500 User-Agent: Mozilla/5.0 (X11; Linux x86_64; rv:78.0) Gecko/20100101 Thunderbird/78.6.1 MIME-Version: 1.0 Content-Language: en-US Subject: [Hangout - NYLXS] The money goes straight from the US Treasury, to the local deposit, to Amazon to China... where it feeds the PLA X-BeenThere: hangout-at-nylxs.com X-Mailman-Version: 2.1.30rc1 Precedence: list List-Id: NYLXS Tech Talk and Politics List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , Content-Type: text/plain; charset="windows-1252" Content-Transfer-Encoding: quoted-printable Errors-To: hangout-bounces-at-nylxs.com Sender: "Hangout"
Yellen Makes Case for Sweeping Stimulus Package in Face of GOP Skepticism Kate Davidson 8-10 minutes
WASHINGTON=97 Janet Yellen made the case for another sweeping economic aid package at her hearing to be the next U.S. Treasury secretary Tuesday, pushing back against Republican skepticism of the need for more deficit spending to bolster the recovery.
Ms. Yellen, a former Federal Reserve chairwoman, said the incoming Biden administration=92s top priority is to relieve suffering caused by the coronavirus pandemic, including providing aid for families, businesses and communities hardest hit by the downturn as well as spending to bring the virus under control.
Biden Urges Congress to Pass Economic Relief, Vaccine Plan
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Biden Urges Congress to Pass Economic Relief, Vaccine Plan
Biden Urges Congress to Pass Economic Relief, Vaccine Plan President-elect Joe Biden in a speech Thursday evening unveiled a plan to help Americans weather the economic downturn caused by the coronavirus pandemic. Photo: AP
=93We need to make sure that people aren=92t going hungry in America, that they can put food on the table, that they=92re not losing their homes and ending up out on the street because of evictions,=94 Ms. Yellen said. =93We really need to address those forms of suffering, and I think we shouldnt compromise on it.=94
If she is confirmed by the Senate as expected, Ms. Yellen will become the administration=92s top economic-policy spokesperson responsible for selling President-elect Joe Biden=92s $1.9 trillion proposal, which includes another round of stimulus payments, extended jobless benefits, grants for small businesses and a nationwide vaccination program. After that, Ms. Yellen said, long-term investments will be needed in areas such as infrastructure and workforce training to help make the U.S. economy more competitive and productive.
Delayed or inadequate support, she warned, could lead to a more-protracted economic recovery and cause long-term economic damage in the form of permanent job losses and business closures that could weigh on growth for years to come.
=93It=92s really critically important to provide this relief now,=94 she to= ld lawmakers on the Senate Finance Committee, which will vote on her nomination.
Stocks rose Tuesday as Ms. Yellen=92s testimony spurred expectations for additional stimulus spending, with the Dow Jones Industrial Average gaining 116.26 points, or 0.4%, to 30930.52.
Ms. Yellen was one of several nominees for top posts in the new administration who testified at Senate confirmation hearings on the eve of Mr. Biden=92s inauguration. The others were Antony Blinken for secretary of state, Gen. Lloyd Austin for defense, and Avril Haines for director of national intelligence.
Like the other nominees, Ms. Yellen sounded a hawkish note on China, calling it =93our most important strategic competitor=94 and promising to address its =93abusive, unfair and illegal practices,=94 including undercutting American companies by dumping products, erecting trade barriers and stealing intellectual property.
=93These policies, including China=92s low labor and environmental standards, are practices that we=92re prepared to use the full array of tools to address,=94 she said.
Ms. Yellen affirmed the U.S.=92s commitment to market-determined exchange rates, and she made clear the U.S. doesn=92t seek a weaker dollar for competitive advantage, repeating comments The Wall Street Journal reported Monday. She added that efforts by foreign countries to manipulate their currencies are unacceptable. China has been accused by successive administrations of keeping its currency artificially weak.
Some Republicans on the committee balked at Ms. Yellen=92s call for further spending on top of the trillions of dollars Congress authorized last year, including a $908 billion package enacted in December. And they questioned her about the limits and risks of additional government borrowing and the wisdom of tax increases while the economy remains weak. More on the Biden Administration
=93The only organizing principle that I can discern is it seems to spend as much money as possible, seemingly for the sake of spending it,=94 Sen. Pat Toomey (R., Pa.) said of the latest plan.
GOP senators also objected to what outgoing Finance Committee Chairman Chuck Grassley of Iowa called a =93laundry list of liberal structural economic reforms=94 in Mr. Biden=92s relief package. Such measures include a $15 minimum wage, as well as aid to state and local governments=97a sticking point in recent talks in Congress.
Ms. Yellen acknowledged the government=92s mounting debt load, which stands at $21.6 trillion=97or roughly 100% of a year=92s economic output. But she urged lawmakers to put those concerns aside for now. Interest rates are at historic lows and expected to remain there for some time, making borrowing more affordable, she said.
=93To avoid doing what we need to do now to address the pandemic and the economic damage that it=92s causing would likely leave us in a worse place fiscally,=94 she said, =93than taking the steps that are necessary and doing that through deficit finance.=94
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So many immigrant groups have swept through our town that Brooklyn, like Atlantis, reaches mythological proportions in the mind of the world - RI Safir 1998 http://www.mrbrklyn.com DRM is THEFT - We are the STAKEHOLDERS - RI Safir 2002
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