Former Federal Reserve Chairs Ben Bernanke and Janet Yellen urge Congress to do more to help the economy deal with the devastating coronavirus pandemic, such as extending increased unemployment benefits and providing assistance to hard-hit states.
Yellen and Bernanke, in a joint statement to a House Oversight subcommittee, said that the new measure should provide substantial support to state and local governments. The administration and many GOP members of Congress are arguing for restraint, saying the federal government should not be bailing out states.
The two argued that Congress needs to avoid the mistakes made during the Great Recession when state and local governments did not get adequate support and this ended up making the downturn worse and the subsequent recovery painfully slow. The two also urged lawmakers to adequately fund enhanced unemployment benefits, which are scheduled to stop at the end of this month, and to do so in a way that would allow the extra support to continue without additional action by Congress as long as the jobless rate remains at elevated levels in particular areas of the country.
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