When President Joe Biden nominated former Federal Reserve chair Janet Yellen to run the Treasury Department, his rationale was simple: “No one is better prepared to deal with this crisis.”
The crisis to which he referred was a “K-shaped” economic recovery that had exacerbated inequality in the wake of a once-in-a-generation pandemic. The administration had a simple plan, and Yellen would help carry it out. Once hundreds of millions of Americans would get vaccinated against Covid-19, and trillions of dollars in new government spending flowed into the economy, the world…
