Treasury Secretary Yellen discusses the U.S. economy at The Economic Club of Chicago — 1/25/24

26 Jan 2024 (11 months ago)

Introduction

Sean Connelly introduces Janet Yellen, the United States Secretary of Treasury.
Yellen is the first woman in this role and has extensive experience in academia and public service.

Yellen was born in Brooklyn and attended Brown University and Yale for her economics degrees.
She worked at the Federal Reserve Board and taught economics at Harvard and the University of California, Berkeley.
Yellen served as the Chair of the Federal Reserve from 2014 to 2018 before becoming Secretary of Treasury.

Yellen emphasizes the importance of a strong middle class for a thriving economy.
The Biden Administration has focused on policies that support and benefit the middle class.
The American Rescue Plan provided direct financial support to middle-class families, expanded child tax credits, and helped small businesses.
The administration has seen positive results, with strong economic growth, declining inflation, and increased purchasing power for middle-class Americans.

The Biden Administration has prioritized investments in infrastructure and manufacturing.
The bipartisan infrastructure law is a $1.2 trillion investment that will create jobs and improve access to clean water and high-speed internet nationwide.
The Chips and Science Act and Inflation Reduction Act are revitalizing American manufacturing, with over $600 billion in investments announced since the start of the administration.

The administration is focused on tax fairness and ensuring that the wealthiest individuals and corporations pay their fair share.
The IRS is being provided with additional resources to address tax evasion.
Yellen highlights the need to balance investments with fiscal sustainability and reduce the deficit through measures like raising taxes on corporations and closing the tax gap.

Yellen acknowledges that there is more work to be done to support the middle class.
The administration aims to provide affordable child care, access to education and training, affordable housing, and retirement security.
Future plans include further infrastructure investments, support for American manufacturing, and tax reforms that benefit the middle class.

Yellen addresses concerns about sentiment regarding the economy, highlighting improvements in inflation, strong labor market indicators, and positive economic growth.
She emphasizes the importance of managing inflation and continuing investments in the economy to support the middle class.
Yellen discusses the sustainability of the national debt and the administration's efforts to both invest and reduce the deficit through tax policy and IRS funding.
She addresses the revenue implications of the 15% minimum corporate tax and highlights the importance of tax fairness and closing the tax gap.

Yellen expresses gratitude for the opportunities to serve as both Fed Chair and Treasury Secretary.
She emphasizes the dedication and talent of the public servants she has worked with.
The session concludes with thanks and adjournment.