Treasury Secretary Janet Yellen said on Capitol Hill Tuesday that global fiscal growth is volatile and uneven due to the ripple impact of COVID-19 around the world and the Russian war in Ukraine — and cautioned that banning abortion in the United States would also create economic harm.
Appearing before the Senate banking committee to outline the Treasury’s budget needs, Yellen said that both global events are the two main outside factors affecting the U.S. economy.
Although the domestic economy has made strides in the two years since the arrival of the pandemic, the Treasury chief told the panel that it’s still deeply ingrained in world markets and the fighting in Ukraine is disrupting the normal flow of business.
“There is the potential for continued volatility and unevenness of global growth as countries continue to grapple with the pandemic,” Yellen said. “Russia’s unprovoked invasion of Ukraine has further increased economic uncertainty.”
“The U.S. financial system has continued to function in an orderly manner, though valuations of some assets remain high compared with historical values,” she added. “We stand firmly with the people of Ukraine and have implemented an unprecedented suite of sanctions on Russia that have been implemented by financial institutions.”
Yellen, who was the first chairwoman of the Federal Reserve, said at Tuesday’s hearing that she’d expect that overturning Roe vs. Wade would lead to fewer women in the workforce and harm to the U.S. economy.
Yellen, who was the first chairwoman of the Federal Reserve under President Barack Obama between 2014 and 2018, also told lawmakers on the panel that overturning the Supreme Court’s landmark abortion ruling in Roe vs. Wade would have an unforeseen negative impact economically.
“I believe that eliminating the right of women to make decisions about whether to have children would have very damaging effects on the economy and would set women back decades,” she said.
Yellen explained that legalized abortion led to noticeable increases in female participation in the U.S. workforce — and that striking down the 1973 ruling could have a similar impact in reverse.
Yellen was asked about her opinion on the issue in light of a leaked Supreme Court opinion last week that indicated the court is planning to overturn the Roe vs. Wade decision. If the high court dismisses the ruling, each state would have to determine on their own whether the practice is legal. A number of Republican-led states like Texas, Missouri and Iowa have already moved to ban abortion.
“Denying women access to abortion increases their odds of living in poverty or need for public assistance,” she said.
Yellen was also asked about rising inflation and said that price arcs in the United States may be at or near their peak. She said the Federal Reserve increasing interest rates last week should begin to show dividends soon — but cautioned that a new round of COVID-19 lockdowns in China could revive the same supply chain issues that disrupted the global economy for nearly two years.
Similarly, the Treasury chief pointed to climate change as another area that could significantly impact the U.S. and world economies without measures to mitigate its impact.
Sen. Pat Toomey, R-Pa., pushed back against that assessment — instead pointing to cybersecurity as a more significant concern.
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It is down right scary that this Little Miss “A Fetus will Never Beat Us” has been controlling our critical economic decisions under both Obama and Biden. She actually has the hutzpah to declare that aborting more of the 62 million unborn potential creators of American human wealth will enhance, not diminish the total production of American wealth. It’s as Dumb as Biden claiming that shutting down oil production will increase American energy stability. Now you know the real reason our economy is going on life support. Ask a Secular new math socialist economist to take 300 million and subtract 62, million and they will always come up with an imaginary number greater than 300 million. If this is the reason WE THE PEOPLE have to guarantee student loads to educate mental misfits, who when elevated to high office only produce an Idiocracy that they sell like snake oil to the public as democracy, their snakes have obviously been well-milked, while the American Milch cows are allowed to go dry, probably because they got blamed for destroying the environment with cow flatulence. This old Democrat cow got milked dry of reason decades ago, the first being the milk of human kindness. It just cannot get any more insane that this.
A Part of democrat Joe Biden Administration Janet Yellen knows how to Follow the Party Line, Thats a away to go , ” Monkey SEE, Monkey Do.! Author Of Quote Unknown.
The traitorous, dishonest, destructive, demonic, socialist Democrat Party revolves around and its philosophy is based on Total Control, Hate, Lies, Cons, Deceptions, Immorality and the lack of Integrity, Ethics or Honor.
To fully advance the Demonic, Lying, Treasonous, Socialist Democrat Party’s destructive agendas: is to divide our citizens with hate and promote; rioting, burning, looting, open borders, gun control, radical feminism, abortion-on-demand, the LGBTQ lifestyle, unfettered sexual identity, transgender “gay marriage” and the like, the pagan Liberal left Democrats must do away with GOD, our Constitution, common sense, morality, Christian values and free religious exercise altogether.
Under the Disguise of “anti-discrimination.”
QUALIFICATIONS never matter. Just political outlook, and she’s on the ‘proper’ side…
this is another problem with women in government.
emotions rule the day.
IT certainly seems most whammen in office, are like her.
Democrats see everything as subjective, how they feel things should be, their whole world is subjective. Not Objective.
To Democrats, Gender, Truth, Facts, Reality and History are all irrelevant, If the Democrats do not WANT to believe them or they disagree with them. Democrats will just make up their own, Gender, Truth, Facts, Reality and History to fit what they WANT to believe or fits into the Con or Deception that they are running at the time.
Facts.. They need no stinkin facts…
The idiotic behavior being demonstrated by you fools is what is going to set you back. Engage your brains and stop these ridiculous allegations.
Yellin—really–THIS IDIOT AIRHEAD IS THE HEAD OF THE TREASURY DEPARTMENT–
A 5th grader is positively smarter than her-
THIS ENTIRE ADMINISTRATION NEEDS TO BE GONE-
democrats are like a plague-and worse they are the biggest criminal enterprise in america–
interesting -women have hours and days and weeks to protest –yet none of them are smart enough to figure out birth control-
easier to be a stinkin ***** and just get preggers-and then lay the cost on america-
shame on you lazy pigs-
THAT is because that would require them to take PERSONAL RESPONSIBILITY.. A four letter word to them.
Get rid of these IDIOTS!!!!!
Janet Yellen is trying hard not to appear smarter Than Joe Biden, and this is a job, can she do it. ?
She’s another one that should be retired and on the porch in a rocking chair.
” AGE AND WISDDOM USUALLY COME HAND AND HAND, Sometimes , AS democrat, Joe Biden has Proved,…” AGE COMES ALONE.” Author Unknow
Is it the economy of the country or the economy of Planned Parenthood since it is a business entity of the Democrat Party? It could be ‘praise to the almighty dollar’ rather than the sanctity of life!
This woman came out of the stone age. What a dummy.
Quote , “its hard to free fools from chains they revere. ” Author Unknown
Just more ridiculous fear mongering. The truth is that abortion has created a situation in our economy where there are fewer people putting money into the system (specifically social security) because there are 63 million people who could have been productive but instead were killed by their mothers.
Janet Yellen has served previously under Barack H. Obama and now serves under the Joe Biden Administration, Which Shows That She Knows How ”How to be A Boot Licker.”
That’s right, people this sick and this stupid are actually running our country.
Unfortunately its US WHO Let them.
To respond to PatriotUSA
We, the People , The Citizens, “A Basket Full Of Deplorables,” As Hillary Clinton once Called The Middle Class Americans, Or ” ” The Dregs Of Society, ” As President Joe Biden referring to the Working , Middle Class have for too long stood By And Expected our officials to represent us and our interests when our representatives were only representing themselves and their interests. Wake Up! We must remind our representitives that they are elected to represent us, and Not their Interests before its too late .
The democrat Socialist, /Communist , Party Of America, is following The Partu Agenda which means ,to end Up that America Will be under ” One World – Government , ” under The United Nations . America Must never Agree to this or the Communists will Win and we will have given up our freedom.