Former Federal Reserve Chairwoman Janet YellenJanet Louise YellenOn The Money: Senate leaves until September without coronavirus relief agreement | Weekly jobless claims fall below 1 million for first time since March | Trump says no Post Office funding means Democrats ‘can’t have universal mail-in voting’ Pandemic reveals flaws of unemployment insurance programs On The Money: McConnell previews GOP coronavirus bill | Senate panel advances Trump Fed nominee who recently supported gold standard | Economists warn about scaled-back unemployment benefits MORE was among those economic experts who briefed presumptive Democratic presidential nominee Joe BidenJoe BidenHarris to host virtual Hollywood campaign event co-chaired by Reese Witherspoon, Mindy Kaling Trump plans to accept Republican nomination from White House lawn US seizes four vessels loaded with Iranian fuel MORE and his newly chosen running mate, Sen. Kamala HarrisKamala HarrisHarris to host virtual Hollywood campaign event co-chaired by Reese Witherspoon, Mindy Kaling Democrats hammer Trump for entertaining false birther theory about Harris Hillicon Valley: ‘Fortnite’ owner sues Apple after game is removed from App Store | Federal agencies seize, dismantle cryptocurrency campaigns of major terrorist organizations MORE (D-Calif.), on Thursday.
Two of the former vice president’s economic advisers, Jared Bernstein and Heather Boushey, were present at the meeting in Wilmington, Del., along with Harvard University professor Raj Chetty, University of Michigan professor Lisa Cook and Jake Sullivan, a policy adviser to Biden.
Only Bernstein and Boushey are official economic advisers to the Biden-Harris campaign, while others present, including Yellen, were there to brief the candidates, a campaign official told The Hill.
The news of the briefing comes as the U.S. faces daunting economic challenges due to the fallout from the coronavirus pandemic that has shuttered businesses and resulted in millions of Americans’ unemployment.
The number of new applicants for unemployment insurance fell below 1 million last week, according to new jobs numbers released on Thursday. Between Aug. 2 and Aug. 8, a seasonally adjusted total of 963,000 Americans filed for unemployment, a difference from the 1.2 million Americans who filed for unemployment the week before. The unemployment rate in the U.S., however, remains at 10.2 percent, slightly worse than the unemployment rate during the Great Recession.
In July, Yellen, along with former Federal Reserve Chairman Ben Bernanke urged Congress to continue enhanced unemployment benefits provided to Americans by the March CARES Act. Both Yellen, a Democrat, and Bernanke, a Republican, told members of the House coronavirus subcommittee that without further stimulus, the U.S. could face deep and permanent damage to the economy.
“We do not believe that concerns about the deficit and debt should prevent Congress from responding robustly to this emergency,” Yellen said at the time.
“The top priorities at this time should be protecting our citizens from the pandemic and pursuing a stronger and equitable economic recovery,” she added.
Enhanced unemployment benefits have expired amid a stalemate between the White House and congressional Democratic leadership on a deal for a fifth round of coronavirus stimulus legislation.
President TrumpDonald John TrumpUSPS warns Pennsylvania mail-in ballots may not be delivered in time to be counted Michael Cohen book accuses Trump of corruption, fraud Trump requests mail-in ballot for Florida congressional primary MORE on Saturday issued executive orders that would in part extend the enhanced unemployment benefits at $400 per week.
House Speaker Nancy PelosiNancy PelosiSusan Collins asks postmaster general to address delays of ‘critically needed mail’ Trump says he’d sign bill funding USPS but won’t seek changes to help mail voting On The Money: Senate leaves until September without coronavirus relief agreement | Weekly jobless claims fall below 1 million for first time since March | Trump says no Post Office funding means Democrats ‘can’t have universal mail-in voting’ MORE (D-Calif.) said Thursday that talks will resume with the Trump administration when Republicans are willing to spend at least $2 trillion on coronavirus legislation.
Updated 11:18 a.m.