Statement on the Passage of the American Rescue Plan

March 10, 2021

The numbers may not immediately reflect it, but today was a pivotal day for the American economy.

From the time the pandemic began up until this very week, the economic data has contained deep pockets of pain. Roughly 18 million people are still receiving unemployment insurance, and nearly one million of the families relying on it say their children don’t have enough to eat.

Upon taking office, I worried that many of these families would be haunted by the COVID economy long after the health emergency was over. We know that when the foundations of someone’s life collapse — when they lose a small business, or the roof over their head, or the ability to eat dinner every night — it can scar them permanently; their ability to earn is forever lowered. I worried this would happen on a mass scale, but now I am confident that it won’t.

With the passage of the American Rescue Plan, I believe Americans will emerge from the pandemic with the foundations of their lives intact. And that is an enormous economic and moral achievement for America.

Indeed, we are now charting a very different course out of this crisis compared to the one a decade ago. Rather than a long, slow recovery, I expect we could reach full employment by as soon as next year.

Our Treasury team will be doing everything we can to accelerate the recovery. We are ready to get to work implementing the measures in the Rescue Plan, including economic impact payments, expanded child tax credits, help for struggling renters and homeowners, and support for state, local and tribal governments.

Of course, there will still be tough months ahead, but eventually, this law will help clear away the immediate crisis in front of our eyes, and let us start building a better post-COVID future.




78th Secretary of the Treasury. Former Fed Chair. Always an economist.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Strained Liquidity Conditions Compound Erratic Market Behavior

Has the successful Asian CEO built a resilient, sustainable legacy — Or a house of cards?

Economic Assumptions

Building a Better Recession Model

2010_04_30 — “The recent sharp drop in the euro and risk assets underscores investor frustration”

Arizona Housing Market Predictions for 2020 | Mashvisor

Indian equities steady in early trade on Friday

Indian equities steady in early trade on Friday

Something huge just happened, imperiling American workers

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Secretary Janet Yellen

Secretary Janet Yellen

78th Secretary of the Treasury. Former Fed Chair. Always an economist.

More from Medium

Construction Accidents Aren’t Normal

What’s a SHTF Scenario? 5 Situations It Could Pay To Be Prepared For

New app Houston lets microdosers set intentions and track experiences

Who Has Benefitted From The Character Assassination of Meghan Markle? — Stop Hate For Profit!