U.S. Treasury Secretary Janet Yellen declared on Thursday that President Joe Biden's agenda has made the economy stronger than before the COVID-19 pandemic, but said more work was needed to protect the gains, especially by tackling inflation.
Traveling to Detroit to tout the impact of recent legislative achievements ahead of congressional elections in November, including hundreds of billions of dollars of investments in semiconductors, research, health care, green energy and infrastructure, Yellen said combating inflation was the still the administration's "top economic priority."
Rouge electric vehicle plant in Dearborn, a city just outside of Detroit. "By any traditional metric, we have experienced one of the quickest economic recoveries in modern history."She said the recently passed CHIPS Act, Inflation Reduction Act and last year's infrastructure package would expand the U.S. economy's productive capacity and put Biden's goal of halving U.S.
"This includes closing loopholes and returning rates for high earners and corporations to historical norms," she said, indicating that the administration still wants to reverse the 2017 tax cuts enacted by former President Donald Trump and his fellow Republicans - an effort thwarted by Democrats' thin majority in Congress.
Biden's party is trying to maintain control of Congress in November, and Yellen's speech in Detroit, the birthplace of America's auto industry, is part of a month-long speaking tour to tout the economy's improvements.Yellen's remarks did not mention Biden's executive order to forgive up to $20,000 in student loan debt for individuals earning up to $125,000, or $250,000 for a married couple.
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