Yellen: Biden’s plan could restore full employment by 2022

WASHINGTON (AP) — Treasury Secretary Janet Yellen says the country is still in a “deep hole” with millions of lost jobs but that President Joe Biden’s $1.9 trillion relief plan could generate enough growth to restore full employment by next year. Republican senators argues that Biden’s proposal is too expensive. And they’re citing criticism from Larry Summers, a treasury secretary under President Bill Clinton, that passage of the measure could run the risk of triggering runaway inflation. Yellen, a former Federal Reserve chair, says the central bank has the tools to handle any potential inflationary threat. She says the urgent need now was to deal with the problems raised by the pandemic-induced recession.