- Treasury Secretary Janet Yellen discussed the “destructive power” of the economy in Senate Finance Committee testimony.
- These include wage inequality, racial inequality, climate crisis, and labor force participation.
- All of these factors existed before the pandemic, but many are getting worse.
The coronavirus pandemic has highlighted some of the hidden realities of the American economy, from low wages to income inequality.
But in the previous testimony Senate Finance CommitteeTreasury Secretary Janet Yellen highlighted four structural issues that plagued the economy even before the pandemic.
She cited wage inequality as a prime example. “In a healthy economy,” she said, we see wage growth across the distribution — for the highest-income and lowest-income workers. But over the last few decades, that hasn’t been the case for our economy. “
The four “destructive forces” highlighted in Yellen’s…