"Economists don't always agree, but I think there is a consensus now: Without further action, we risk a longer, more painful recession now " and long-term scarring of the economy later," Yellen will say.
Her call to action comes just days after Mr. Biden laid out an FDR-style vision for getting the coronavirus under control and tackling the economic crisis that has put millions of people out of work since early last year.
"Over the next few months, we are going to need more aid to distribute the vaccine; to reopen schools; to help states keep firefighters and teachers on the job," Yellen will say in her remarks. "We'll need more funding to make sure unemployment insurance checks still go out; and to help families who are at risk of going hungry or losing the roof over their heads."
"Neither the President-elect, nor I, propose this relief package without an appreciation for the country's debt burden," Yellen will say.
"But 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."
That vision overcame the Great Depression with the New Deal and won WW II with courage, conviction, and leadership.
Yes, more please!