Treasury Secretary Janet Yellen assured skeptical CNBC host Sara Eisen in an interview that generous stimulus measures were necessary to repair the American economy.
“One question, I think, that’s still out there, is whether we need $1.9 trillion of stimulus,” Eisen said, noting that sectors of the economy including manufacturing and housing had returned to pre-pandemic levels, and that retail sales had improved by 5.3 percent in January — more than four times greater than the 1.2 percent that had been expected.
“Is that an economy that screams $2 trillion needed in stimulus?” Eisen asked.
“Well, I think it does,” Yellen replied. “We have an unemployment rate that, if properly measured in some sense, is really close to 10 percent.”