ANALYSIS: Joe Biden's genius movement

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By Frida Ghitis, CNN

As President-elect Joe Biden has unveiled his election to the top seats in his administration, Americans are divided into 2 camps, those who are disappointed, who criticize Biden's election, and the rest who have supported and praised the election. including politicians and experts.

However, one of Biden's choices is the choice of a genius. The selection of Janet Yellen as the nominee for Secretary of the Treasury is the link between Democrats and Republicans, progressives and centrists, of Wall Street and Main Street.

If anyone other than Donald Trump were to be president today, Yellen would likely still be the chair of the Federal Reserve. She was at work when he became president, but Trump, who likes to hire people who look like the Hollywood version of their role, broke with tradition and did not reappoint her when her first term expired.

Biden's election has attracted a lot of attention for its diversity. Observers have noted the vast experience and qualifications of the candidates; others have highlighted the interesting background of his new team.

But beyond uniting women, men, Latinos, African-Americans, Asian-Americans and people of a wide range of ages, Biden is forming the government with a level of expertise and experience - increasing the chances of positive results.

There is a reason why when the news that Yellen would be appointed head of the State Treasury was so well received.

This is likely because Yellen is part of a generation of economists. She is also the mother of an economist and the wife of George Akerlof, who won the Nobel Prize in Economics.

She has also been at the helm of Bill Clinton's Board of Economic Advisers. No economist has managed to be at the top of the top three economies in the country.

The function of the Fed (Federal Reserve System) is to promote the right conditions for economic growth with low inflation. But Yelle, as an economist has focused on the impact the economy has had on the lives of individuals.

Yellen is a labor economist who has studied the factors influencing unemployment and wages, paying attention to issues such as discrimination, income inequality and the shortcomings of free markets.

At the Fed, she led monetary policy, a process largely driven by decisions about whether and when to lower or raise interest rates, market movements. Those who doubted her election met someone who was open to discussing different points of view.

But after all, she is the smartest, most prepared of all. In 2013, an analysis by the Wall Street Journal crowned her the top Fed leader.

In the current crisis, the Fed has done almost everything it had on hand in terms of interest rates. Now is the time for fiscal action, which means government spending to boost the economy. This is exactly the moment when the debate on the size of the national debt will take place.

But the Fed and the Treasury need to work together; these days, under the Trump administration, they are at odds with each other.

Yellen, will be in the perfect position to harmonize that relationship.

When it comes to debt growth during the pandemic, Yellen has already made it clear that he will support the stimulus spending side to help the economy recover.

"While the pandemic is still showing its strong effects on the economy, we must continue to support fiscal policy," Yellen told Bloomberg in October.

She is part of the board of the Federal Accountability Committee, a prominent non-partisan group that describes itself as "committed to fiscal responsibility." It is no coincidence that she is also president of the American Economic Association.

It is the right choice. Get ready, Yellen is the savior./ Gazeta Tema

Translated by Sonila Backa / abcnews.al

 

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