COVID-19 aid funds will help U.S. withstand Ukraine war economic turmoil -Breaking
By David Lawder
DENVER (Reuters), – U.S. Treasury Secretary Janet Yellen stated that the COVID-19 ($1.9 trillion) aid package, which was passed a year back, has made the U.S. more prepared for economic turbulence resulting from Russia’s invasion in Ukraine.
Yellen spoke at a Denver social service agency to mark the 1st anniversary of American Rescue Plan (ARP). She stated that the United States was now better equipped than it was a year back for unforeseen crises, such as the conflict in Ukraine.
“Our world is interconnected and our ambitions to ensure Russia pays a high cost for its unprovoked invasion has already impacted us here at home,” Yellen stated, referring specifically to a sharp rise in energy prices.
Yellen stated that America is more capable of handling turbulent times due to its historically strong economy. The ARP, as well as the resilience of American citizens made it possible for America to handle such difficult times.
ARP funded direct payments for Americans, school funding, COVID-19 increases, and rent assistance. It also provided $350 million in funds to help state and local governments.
After congressional negotiations for the Biden Administration’s ambitious climate and social spending plan stalled in Congress, state funding emerged as the main social policy instrument of the Biden administration. It channels funding to local programs with similar goals like child care and education.
The program provided premium and overtime pay to over 740,000 workers who were considered essential, in addition to their regular wages.
Yellen stated that ARP spending was “a vaccination for the American Economy, ensuring we are protected from new variants and unforeseen situations.”
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