Biden promises to present the economic team: “Help is on the way”

WILMINGTON, Dela (AP) – President-elect Joe Biden on Tuesday introduced top advisers who he said will help the administration rebuild an economy plagued by the coronavirus epidemic, stating: “I know there are hard times, but I wish they could get this help on the road van. “

Biden said he chose a “first-class team” that was “proven and experienced” to deal with the country’s economic crisis. He has elected liberal advisers who have long prioritized the nation’s workers and the government’s efforts to address economic inequalities.

Unemployment remains high as the COVID-19 epidemic widens the gap between the average person and the richest Americans. The virus, which has claimed more than 269,000 lives across the country, is reviving nationwide amidst holiday travel and cooler weather.

As he often did during the campaign, Biden promised that the United States would eventually emerge with an economy that would be dramatically transformed to better eliminate economic inequalities.

“From the most unequal economic and employment crisis in modern history, we can build a new American economy that suits all Americans, not just some,” Biden said when he presented his choices for one of the government’s top economic positions at the theater in Wilmington, Delaware, where he led his transition to the presidency.

Tuesday was the president-elect’s first appearance since he played with one of his dogs over the weekend, breaking two small bones in his right leg. He wore black walking boots and moved with ginger, but tried to make things easy. As he emerged from the motorcycle, Biden pointed to his boots and lifted his leg briefly to show it.

When asked by reporters about his feet, Biden only replied, “Okay, thank you for asking.”

Although the injury is not serious, it once again intensifies control over Biden’s age, given that he has just turned 78 and is the oldest president ever to be in his first term. Nevertheless, his team continued to focus on government building and upcoming policy challenges, particularly in the areas of pandemic and economy.

Biden recalled his work as vice president several times when the Obama administration oversaw the economic recovery following the 2008 financial crisis, noting that many of the members of the newly formed economic team worked closely with him at the time.

For most of his elections, the deeply divided Senate needs to be strengthened, where some Republican leaders have already begun voicing opposition. Biden said he hopes “we will be able to work in good faith in the corridor, moving forward as a country.”

Janet Yellen, Biden’s finance ministerial candidate, served as president of the Federal Reserve from 2014 to 2018, placing more emphasis on maximizing employment and less on inflation than previous Fed presidents. Biden appointed Cecilia Rouse as chair of her economic advisory board and Heather Boushey and Jared Bernstein as board members.

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Yellen called the economic epidemic what the epidemic called an “American tragedy”.

“To the American people: We will be an institution that wakes up every morning thinking of you,” Yellen said of the Treasury Department, “Your jobs, your salaries, your struggles, your hopes, your dignity, and your limitless possibilities.”

If confirmed by the Senate, Yellen will be the first woman to serve as treasury secretary after her resignation as the first president of the Fed.

“We may need to ask Lin-Manuel Miranda, who wrote a musical about the first secretary of the treasury, Hamilton, to write another musical about the female secretary of the treasury,” Biden joked.

Rouse would be the first black woman to lead the CEA during its 74-year existence. The president-elect also elected Wally Adeyemo as Yellen’s deputy, making him the first deputy black finance minister. Neera Tanden, Biden was elected director of the Office of Administration and Budget, would be the first South Asian American in this job.

Rouse, Tanden, and Adeyemo are all calling for Senate ratification, and Tanden in particular is already provoking serious Republican criticism.

“A budget is not an abstraction. These reflect our values, ”Tanden said during Tuesday’s event.

All of Biden’s selections explicitly support the more government stimulus spending needed to boost growth – which Biden embraced along the campaign path – although their proposals could face a difficult reception in Congress, which had been in new economic relief for months.

The prospects for a large-scale agreement may depend on the outcome of the two seats in the Georgian Senate seats. A victory for both would control the chamber – and its agenda – for democracies on the least edge, but Republican victories are quickly testing Biden and his team on whether they can negotiate down the aisle to deliver the relief promised to the Americans.

As in recent weeks, Biden has once again called on Congress to hand over immediate epidemic support before taking office.

“Now the entire Congress needs to come together and hand over a robust package for relief,” he said. But Biden added that every package handed over at the lame-duck meeting before the end of the year is “probably just a good start” and said his transition team is already “working on what I’m going to put forward at the next congress to deal with the many crises it faces. we face. ”

Meanwhile, gloomy economic news is accumulating. Federal Reserve President Jerome Powell said on Monday that the pace of economic recovery has slowed in recent months, with future prospects still “extremely uncertain”.

And Steven Mnuchin, the finance minister of President Donald Trump, announced last month that, due to the Fed’s objections, it would not provide an extension to five loan programs jointly operated by the Fed and the Treasury, which are scheduled to expire on December 31 – including corporate and municipal debt and loan purchases for small businesses and nonprofits.


Weissert reported from Washington. Associated Press writers Christopher Rugaber, Aamer Madhani and Martin Crutsinger contributed to the report.