President-elect Biden has proposed raising the minimum wage to $15 an hour because right now we have millions of American workers who are putting their lives on the line to keep their communities functioning.
Yellen supports raising the minimum wage to help struggling workers during the pandemic.
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I would expect inflation, on a year-over-year basis of this year, to shoot up to at least 3%, or slightly over, because of the tariffs.
The most recent and optimistic estimate I’ve seen suggested that the average household will see on the order of $1,000 reduction in income.
I am optimistic, because I believe that the big inflationary impulse that we saw in 2022 largely was global.
We share the objective that you have which is to rid ourselves of dependence on China.
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