In a historic moment, U.S. Treasury Secretary Janet L. Yellen spoke at PosiGen in New Orleans, Louisiana, today, highlighting the Biden Administration’s economic agenda and its profound impact on American families and businesses. This marked her visit to Louisiana, emphasizing the region’s energy and dynamism in the context of the nation’s economic future.
Secretary Yellen began by praising President Biden’s three consequential bills: the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act. She emphasized that these laws, taken together, represent one of the most significant economic investments the country has ever made.
Reflecting on the economic recovery from the pandemic, Secretary Yellen expressed optimism, noting that the U.S. has witnessed historic lows in unemployment rates, with over 13 million jobs created in the past two and a half years. Louisiana alone saw an increase of over 110,000 jobs since January 2021. The unemployment rates for Black and Hispanic Americans have reached their lowest points on record, and the overall labor market remains resilient.
While acknowledging the challenges posed by inflation, Secretary Yellen asserted that the economy’s strength and the robust balance sheets of households and businesses will continue to be sources of economic stability.
Secretary Yellen emphasized the Biden Administration’s unique economic approach, called “modern supply-side economics,” which aims to expand the productive capacity of the American economy. This approach focuses on productivity-boosting investments, equitable distribution, and investments in underserved communities.
One of the core pillars of the President’s economic agenda is infrastructure investment. Secretary Yellen noted that the Bipartisan Infrastructure Law is helping rebuild traditional and digital infrastructure, with Louisiana receiving broadband funds. Projects like the replacement of the I-10 Calcasieu River Bridge are being made possible with federal funds, boosting economic prospects for American families and businesses.
The U.S. is also investing in economic resilience, particularly in the semiconductor industry. The CHIPS Act and other initiatives are designed to close the financing gap between domestic and international chip manufacturing, aiming to make the U.S. more self-reliant in this critical technology.
Furthermore, Secretary Yellen emphasized the Biden Administration’s commitment to economic opportunity through the Inflation Reduction Act’s clean energy provisions. Investments in the clean energy supply chain are creating significant economic opportunities, benefiting communities nationwide. To ensure broad progress, the act incentivizes companies to invest in underserved communities and abide by strong labor standards.
Secretary Yellen concluded by highlighting the progress made and the promise of America’s future under the Biden Administration’s economic agenda. The focus on building, innovation, and growing the economy “from the bottom up and the middle out” reflects a vision of smart economics that drives the nation forward.
The economic remarks by Secretary Yellen have sparked discussions and enthusiasm for the Administration’s economic vision, with stakeholders eager to see the positive impacts on the nation’s long-term economic outlook.