Yellen claims ‘it’s our job’ to explain what Biden’s done to improve the economy

Treasury Secretary Janet Yellen: Explaining Biden’s Economic Progress

Treasury Secretary Janet Yellen ​believes it ‌is crucial to ​communicate to voters the steps⁣ President Joe Biden has taken to address the economy, which many perceive as struggling. In response to recent polling data⁢ showing that 59% of voters under 30 rate ⁢the current state ‌of the economy as “poor,” Yellen⁤ emphasized the need to highlight the progress made.

“I ⁤think it’s our job to explain‍ to Americans what​ President Biden has done to improve the economy,” Yellen said on CNBC. “I think as inflation comes down, ⁤prices stop rising, ​and the labor market remains strong, Americans will begin to see ‌that we have made meaningful progress. And importantly, the administration is making investments in America that will show up in improved conditions and more availability of good jobs in many parts of the country that have not seen a lot ​of progress.”

Yellen further emphasized that the Biden administration ⁣has announced over $500 billion in manufacturing investments, with ‌some already yielding ⁤positive results. She expressed confidence that over time, more voters will feel hopeful about the country’s​ prospects.

Addressing concerns ​about fiscal sustainability, Yellen highlighted Biden’s efforts ⁢in signing bills to address ​spending‍ and ⁤taxation. According to the secretary, these bills ‌will ⁤result in $1 trillion of deficit reduction over the⁢ next decade.

“We’ve had responsible investments in the U.S. economy that will have a payoff, and we’ve ​provided additional ⁣money to the​ Internal Revenue Service, ‌which will have an enormous payoff ⁣in closing the $7 trillion tax gap that we have in the United States,” Yellen said.​ “We’re ​simply ⁤not collecting the taxes that people owe, and this​ will have a huge payoff as well.”

While some Democrats have expressed concerns about the economy’s ⁣impact on Biden’s chances of reelection in 2024, others, like Democratic strategist David Axelrod, believe he has​ a fair shot. Axelrod stated that Biden’s chances are “no better ‍than 50-50, maybe a little worse.” However,⁤ Senator Chris ​Coons (D-DE) remains optimistic, pointing to the Democratic Party’s recent ‌election results as a testament to Biden’s ⁢accomplishments as president.

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Why does⁣ Treasury Secretary Janet Yellen emphasize the importance of President Biden’s proposed budget for fiscal year 2022, and how does it address economic inequalities⁣ and strengthen the social safety net

⁤Ces stabilize, and jobs⁢ continue to be created, people will start to see the positive⁤ impact of the President’s policies.”

Yellen’s remarks come amidst a challenging economic landscape. The COVID-19 pandemic has wreaked havoc on global economies, and the United States has ⁢not ⁢been immune ⁣to its effects. ‍However, Yellen argues that​ the Biden administration has taken decisive actions to ‌steer the economy towards recovery and growth.

One‌ of the ​key actions taken by President Biden was the‍ passage of the‌ American Rescue ‌Plan Act, a $1.9 trillion economic stimulus ‌package. This ⁣legislation provided much-needed relief for⁤ struggling individuals and families, as well as support for small‍ businesses and state and local governments. Yellen believes that this injection‍ of funds into the economy has had a significant positive impact and helped to mitigate the worst effects of the pandemic-induced⁣ recession.

In addition to the American Rescue Plan Act, the Biden administration has also focused on investing in infrastructure ‍and green energy. The proposed American Jobs Plan ​aims‌ to‍ create millions of jobs by rebuilding America’s infrastructure, improving transportation networks, and transitioning the country‌ towards clean energy sources. Yellen⁤ argues⁤ that this ‌investment not only addresses critical infrastructure needs but also ensures a sustainable and⁣ competitive economy for the future.

Furthermore, Yellen emphasizes the importance of President Biden’s proposed budget for ⁢fiscal year 2022. The‍ budget⁢ seeks to address ⁣long-standing economic inequalities, invest in education and healthcare, ⁣and ⁣strengthen the ‍social safety net. Yellen asserts that these measures are essential for fostering a more inclusive ‍economy that benefits all ‌Americans, especially those who have ‍been historically marginalized or disadvantaged.

While some critics argue that the Biden administration’s ⁣economic policies could lead​ to inflation and excessive government⁤ spending, Yellen maintains that these concerns are ​unfounded. ⁢She points to the careful balance struck between⁤ addressing immediate economic needs‌ and ensuring long-term fiscal⁢ sustainability. Yellen also highlights the importance of tax reform and making sure that the wealthiest individuals and corporations pay their fair share.

As the Treasury Secretary, ‍Yellen⁣ recognizes the need for effective⁤ communication⁣ to ensure that the public is aware of the administration’s efforts and⁤ the progress being made. The recent polling data showing dissatisfaction with the state‍ of the economy among young voters underscores the⁤ importance of this task. Yellen’s⁢ commitment to explaining⁤ the steps taken by President Biden reflects a⁣ proactive approach⁢ to engaging with ⁢the ⁤public and addressing their concerns.

In conclusion, Treasury ⁤Secretary Janet⁢ Yellen calls for a better understanding and appreciation of President ‍Biden’s economic progress. Despite the challenges posed by the ongoing pandemic, the administration​ has implemented policies ⁣aimed at revitalizing the economy and building‌ a‍ more equitable and sustainable future. Through measures ‍such ‍as the American Rescue Plan Act, the ‌proposed American Jobs Plan, and the ⁢fiscal year 2022‌ budget, the Biden administration is working towards creating opportunities and improving the lives ⁤of all Americans. ⁤It is ‌vital to⁤ communicate these efforts effectively to foster public understanding and⁤ support for the President’s agenda.

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