Economy & Politics

US election: Biden’s team for restructuring the US economy

Joe Biden’s government team takes shapeGetty Images

Statistics show no mercy. The number of Americans applying for unemployment benefits continues to rise. The economy remains firmly in the grip of the second corona wave. The gross domestic product in the fourth quarter will remain more than three percentage points below the previous year’s level, predicts the industrial organization OECD. Joe Biden has promised to lead the nation out of the corona crisis. Now he has introduced the economists who are supposed to do it.

“This team will provide emergency aid to the American people in this economic crisis and help to build our economy better than before,” said the future US president. The members – all of them “accomplished and well-deserved public servants” – have already achieved groundbreaking things for their country. Now they should be there for those who have been hardest hit by the Covid-19 pandemic and take care of the structural economic inequalities in society.

Most prominent is the future Treasury Secretary Janet Yellen, who will be the first woman to fill this post if the Senate approves her. While this is considered certain for the former central bank governor, Neera Tanden’s personality seems controversial: The previous head of the left-wing think tank “Center for American Progress” is to head the budget and administrative authority OMB. The OMB is located at the White House and is a key authority for the allocation of coveted public funds from the federal budget.

According to experts, Biden occupies the government’s internal and external economic councils with a mixture of pragmatists and progressives. Some top jobs in the business team are still open, including the trade representative and the ministers for trade, labor and transport. Here are the nominees – followed by Biden’s team for foreign and security policy.

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