Former U.S. Chairperson of the Federal Reserve Bank and now Treasury Secretary, Janet Yellen, has made what appears to be a veiled endorsement of Democratic Party candidate, Kamala Harris in the upcoming election by issuing a stark warning that the U.S. economic policies need to stay on its current course.
Yellen gave the analysis just forty days before the presidential election – sparking suspicions from Republicans of political motivation.
Yellen praised the decrease in inflation and the near-historic low unemployment rate, as well as strong economic growth under the Biden administration, and warned of the dangers of “veering off course, which could jeopardize the US’s economic trajectory“.
“Risks remain, but the data suggest that we’re on the path to a soft landing,” Yellen wrote In an op-ed written in the Wall Street Journal, on Monday.
“Permanent tax cuts that are stacked toward the wealthy and are unpaid for would explode the federal deficit. Repealing investments in the industries of the future would stunt growth. And pursuing nontargeted, nonstrategic international economic policies would raise costs for Americans and cause global turmoil,” she added.
The Treasury Secretary’s statements came as it was revealed in recent polls that voters had the economy as a top consideration in their choice between Vice President Kamala Harris and former President Donald Trump, who both have diverging economic visions.
Harris has proposed expanding the Child Tax Credit, giving $25,000 down payments to first-time homebuyers, and banning price gouging to reduce grocery costs. She plans to fund these by raising taxes on big corporations and wealthy Americans.
Trump, on the other hand, wants to extend his previous tax cuts and eliminate taxes on tips, Social Security, and overtime pay.
Recent polls show an extremely tight race between Harris and Trump but Harris is besting Trump marginally on economy, while Trump has the upper hand in immigration and foreign policy.
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