As President Joe Biden begins to steadily introduce his economic recovery plan, Treasury Secretary Janet Yellen has been the face of Team Bidenomics. Unfortunately, her policies are generating a lot of disappointment among the middle class.
In this era of economic turmoil, average Americans have seen their wages shrink, investments evaporate and jobs disappear. Yellen and the Bidenomics team have begun to roll out their proposals to revive the world’s largest economy, yet they seem to be ignoring the current state of the middle class.
The Bidenomics team has proposed a large fiscal package amounting to over $1.9 trillion. This package, if approved by Congress, would contain huge infrastructure spending, enhanced unemployment benefits and a generous round of stimulus payments to those affected by the turmoil.
However, while this large-scale push would be welcome news for struggling businesses and the unemployed, it appears to much less focused on the middle class. This demographic, which has had to bear the brunt of the economic hardships over the past year, could benefit from enhanced tax credits, renewed job training and a relaxation of certain eligibility requirements for government assistance.
The Bidenomics team has also shown an inclination towards spending large sums of money on Wall Street bailout funds, something that has left many claiming favoritism shown to the wealthy.
In a recent statement, Yellen urged the country to get behind President Biden’s policies in order to restore the nation’s economy. However, she failed to mention the middle class and as such has left her comments open to criticism. With the team largely focused on spending and stimulating the economy, proposals such as the American Jobs Plan and the American Family Plan have become top priority, and the middle class has been left out.
The Bidenomics team must reevaluate their policies and include the middle class in their plans if they are to succeed in reviving the economy. It is essential that Yellen and the rest of the team take into account the struggles of the middle class in order to bring about true economic revival and allay the fears of the common man.