Previously, Joe Biden, the President of the US has made remarks about the employment condition in the US. According to him, there is evidence that the economic condition is in the right direction. Yet there is a lot more to happen and certainly, the US will witness a change.
Similarly, Janet Yellen, the US treasury secretary has said somewhat like that. She says “After all, one year ago, we learned we had lost over 20 million jobs in one single month,” Yellen told reporters. “I believe we will reach full employment next year.” while speaking daily brief in the White House recently.
Though the employment report is contradictory. So this is why chaos has been created and people speculate whether this could be true or any vague promise.
Here that you need to know about the economic update:
The Economists say it might take around 7 years to bring back the US economic condition where it was including those who have closed their jobs during the pandemic. Currently, unemployment is a big issue that needs to deal with.
Whereas, President Joe Biden and the US Treasurer Secretary are quite affirmed that the employment condition will improve. And the April Report is satisfactory and they could improve more. Apparently, in an interview with CNN as well, Yellen said if Congress passes the proposed package of Joe Biden it could save from devastating economic scenario. Moreover, the people would not have to wait for a long late recovery. Besides, it won’t require an additional monetary fund of $1.9 trillion in federal support.
Biden’s Proposed Package:
Though, the Proposed Package has not yet been approved. Its facing certain objections for a few factors. The package includes all the facts that need to be considered like extended unemployment, nutrition, wages, and immediate monetary help.
And as per the sources, democrats wanted to go ahead with the package without the support of the federal. The federal seems to oppose this proposed package. For them, it is not the appropriate way or the solution needs to be taken keeping in the mind the scenario of the economic condition.
Thus, it will take time to conclude what will be the future of the economic situation of the US.
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