Joe Biden’s inauguration is almost upon us with Janet Yellen, the newly nominated Treasury Secretary, expected to tell the Senate it’s time to “act big.”
“Neither the president-elect, nor I, propose this relief package without an appreciation for the country’s debt burden,” Yellen is expected to say according to prepared remarks seen by the Financial Times, adding:
“Right now, with interest rates at historic lows, the smartest thing we can do is act big. In the long run, I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time.”
The $1.9 trillion Biden stimulus adds to about $4 trillion during Trump’s 2020, with Biden in addition wanting to spend extra hundreds of billions on Made in America and infrastructure projects.
“We have to rebuild our economy so that it creates more prosperity for more people and ensures that American workers can compete in an increasingly competitive global economy,” Yellen said.
Futures have stocks up today as markets await the swearing in of the new administration this Wednesday.
An administration that has big spending plans with Yellen’s remarks indicating there won’t be any tampering off anytime soon.
The dove clearly thinks the debt should be tackled sometime in the long run, with it time to flood the market with money for now.
Bitcoin is up today to $37,000, although somewhat consolidating still, while eth has broken all time high.