Yellen: stimulus success judged by returning to pre-pandemic unemployment level

FILE PHOTO: U.S. Treasury Secretary Janet Yellen, the former Federal Reserve chair, holds a news conference after a two-day Federal Open Market Committee (FOMC) meeting in Washington, U.S. December 13, 2017. REUTERS/Jonathan Ernst/File Photo

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Monday that she will judge the success of President Joe Biden’s coronavirus stimulus plan by how quickly it returns the economy to pre-pandemic levels of unemployment.

Speaking to a New York Times Dealbook online event, Yellen also downplayed the increased debt levels that would be incurred from Biden’s $1.9 trillion American Recovery Plan being debated in Congress. She said that due to low interest rates, U.S. interest expenses as a share of GDP are at 2007 levels.

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