{"id":106350,"date":"2021-02-05T19:22:26","date_gmt":"2021-02-05T19:22:26","guid":{"rendered":"https:\/\/fin2me.com\/?p=106350"},"modified":"2021-02-05T19:22:26","modified_gmt":"2021-02-05T19:22:26","slug":"exclusive-summers-and-other-stimulus-naysayers-ignoring-reality-top-biden-economist-boushey","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/exclusive-summers-and-other-stimulus-naysayers-ignoring-reality-top-biden-economist-boushey\/","title":{"rendered":"Exclusive: Summers and other stimulus naysayers 'ignoring reality' – top Biden economist Boushey"},"content":{"rendered":"

WASHINGTON (Reuters) – A top White House economist on Friday said the latest jobs report underscored how important it is to keep paying enhanced unemployment benefits, and the need for a $1.9 trillion stimulus package being considered in Congress.<\/p>

FILE PHOTO: Heather Boushey, appointed to be a member of the Council of Economic Advisers, speaks as U.S. President-elect Joe Biden announces nominees and appointees to serve on his economic policy team at his transition headquarters in Wilmington, Delaware, U.S., December 1, 2020. REUTERS\/Leah Millis\/File Photo<\/figcaption>

Heather Boushey, a member of the White House Council of Economic Advisers, rejected concerns raised by former Treasury Secretary Larry Summers and others that the scale of the plan proposed by President Joe Biden risked driving up inflation.<\/p>\n

\u201cThat argument ignores the reality of what today\u2019s jobs numbers show, which is that… we\u2019re seeing an economy that has been stalling,\u201d Boushey said.<\/p>\n

\u201cThe idea that we should pare back now, out of a future fear that maybe we might possibly do too much, just doesn\u2019t seem consistent with the economic evidence we have in front of us,\u201d she said. \u201cThe cost of inaction far outweighs the costs of perhaps doing a little bit too much.\u201d<\/p>\n

U.S. employment growth rebounded moderately in January but job losses in December were deeper than initially thought.<\/p>\n

\u201cUnemployment benefits are one of the first lines of defense in any recession,\u201d Boushey said. \u201cSo this is absolutely imperative, and it really is imperative that benefits remain on for as long as workers need them.\u201d<\/p>\n

Boushey also stressed Biden\u2019s commitment to raising the federal minimum wage to $15 an hour from $7.25, an increase she said would be phased in to avoid a shock to the economy.<\/p>\n

\u201cThis is an issue that really resonates with people because people believe… everyone deserves a fair day\u2019s pay,\u201d she said. \u201cSo, and, and I also just want to stress that this is something that the President is very much committed to – increasing wages for those at the bottom end of the labor market.\u201d<\/p>\n

Boushey, who has previously studied how family-friendly policies can support growth, also stressed the need to reopen schools and childcare centers safely.<\/p>\n

\u201cGetting schools open is one of the most important pieces,\u201d she said. \u201cBut then we need to make sure that childcare centers can open and open safely and that that\u2019s safe both for the workers who are mostly women workers, as well as for the families that need that care.\u201d<\/p>\n

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WASHINGTON (Reuters) – A top White House economist on Friday said the latest jobs report underscored how important it is to keep paying enhanced unemployment […]<\/p>\n","protected":false},"author":3,"featured_media":106349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nExclusive: Summers and other stimulus naysayers 'ignoring reality' - top Biden economist Boushey - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/exclusive-summers-and-other-stimulus-naysayers-ignoring-reality-top-biden-economist-boushey\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exclusive: Summers and other stimulus naysayers 'ignoring reality' - top Biden economist Boushey - 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