- Treasury Secretary Janet Yellen praised the Biden administration’s economic achievements on Thursday.
- Prior to the midterm elections, Democrats are attempting to highlight their economic achievements.
- Yellen called infrastructure and Inflation Reduction Acts “among the most significant investments our country has ever made”.
During a speech at a Ford Motor Company electric car plant in Michigan on Thursday, Treasury Secretary Janet Yellen complimented the Biden administration’s economic measures.
Yellen praised the bipartisan infrastructure law, the CHIPS and Science Act, the Democrat-led Inflation Reduction Act, and the tour of the Rouge Electric Vehicle Center in Dearborn as being benefits for the manufacturing industry and job expansion.
Prior to the midterm elections in November, which will determine if Republicans can reclaim one or both chambers of Congress, Democrats are attempting to highlight their economic achievements. Her address was delivered in this context. In order to promote the launch of an Intel semiconductor manufacturing facility, President Joe Biden will visit Ohio on Friday.
The so-called Modern Supply Side Economics framework proposed by Janet Yellen underpins many of the administration’s policies. She claimed that prior to the epidemic, there was greater inequality and slower economic growth.
“And now with an economy at full employment, we are uniquely suited for a supply-side expansion that delivers sustainable growth and reduces inequality,” Yellen said.
She also noted the Biden administration’s stabilization efforts “will put the United States back to full employment in record time” after the pandemic, declining labor force participation and the war in Ukraine weighed down the U.S. economy.
