Janet Yellen on Jobs



Paid leave important, but tax credit and pre-K helps women

Once upon a time, female labor force participation in the United States was higher than almost any developed country. And now that is absolutely not the case. Paid leave is important. It's an important support for people to be able to work. But there's a great deal of support in that package for child care. There would be two additional years of early childhood education and a child tax credit. I think that package will help boost labor force participation, particularly that of women.
Source: CBS Face the Nation 2021 interview of Treasury Secretary , Nov 14, 2021

As we get beyond pandemic, labor supply should increase

Right now [in the pandemic recovery], we have a very tight labor market. When the labor market is tight and Americans feel good about their ability to get another job, they're more likely to quit a job. They're getting outside job offers and taking them. And that shows up in those statistics. But labor supply is depressed by the pandemic. That's because of health concerns, because of child care. As we get beyond the pandemic, I expect labor supply to increase.
Source: CNN SOTU 2021 interview of U.S. Treasury Secretary , Oct 24, 2021

Addressing working women issues would be good for economy

[On working women]: "Yellen has not only studied women's economic roles," the founder of the Institute for Women's Policy Research said, "but argues that diversity among economic decision makers is key to forging good policies." In 2017, Yellen spoke directly to the need for easing the stresses on working women, in addition to the gender pay gap, arguing that failing to do so would "squander the potential of many of our citizens and incur a substantial loss to the productive capacity of our economy."
Source: 19th News e-zine on 2021 Cabinet Confirmation Hearings , Jan 6, 2021

Inflation and unemployment are inversely connected

The most insidious example was the widespread currency of the "Phillips Curve", an economics diagram named after an economist from New Zealand by the name of A.W. Phillips, and drawn up in its classic form by Paul Samuelson and Robert Solow in 1960. The Samuelson-Solow Phillips curve suggested that there was a trade off between unemployment and inflation. The more one rises, the more one falls. The idea was that federal reserve looseness will make money so cheap that businesses will expand and hire workers, who in turn will drive up consumer prices. Inflation, in this reckoning, is the price to pay for full employment. As inflation skyrocketing in 1969, along with big jumps in unemployment, the Philli's curve somehow did not die when it was disproven in the 70s, and it is alive and kicking in the economic analysis in the twenty-first century. It has demonstratably been part of the belief system of the federal Reserve chairs and monetary expansionists Ben Barnicle and Janet Yellen.
Source: JFK and the Reagan Revolution, by Lawrence Kudlow, p.176-77 , Sep 6, 2016

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Page last updated: Jan 02, 2022