The United States “cannot go back” to an earlier era, Treasury Secretary Janet Yellen said in a speech Thursday, lauding the economic gains under President Joe Biden as he seeks reelection in November.
Yellen’s comments, which stop short of mentioning Donald Trump’s trademark “Make America Great Again” slogan, come just days after the Republican ex-president won in the New Hampshire primary, making a 2024 rematch with Biden almost certain.
As the campaign heats up, Biden’s top economic officials have been emphasizing the benefits of his agenda, notably investments from the Bipartisan Infrastructure Law and Inflation Reduction Act.
“None of these policies are aiming to recreate an earlier era. This country and the world have changed and we cannot go back,” Yellen told the Economic Club of Chicago, according to prepared remarks.
“What we need is a new future rooted in upgraded infrastructure and a modern tax system, fueled by twenty-first century industries, and with the middle class at its center,” she said, claiming Biden’s administration is “building the foundations of that future.”
On Wednesday, Yellen told reporters that Biden is “focused on tax fairness.” Looking ahead, he would seek to ensure expiring tax cuts for corporations are not extended.
While Biden has struggled to win over Americans on his handling of the economy, Yellen stressed in Chicago that authorities have managed to defy recession predictions last year.
“At the same time, inflation has come down significantly,” according to her Thursday remarks.
With rising wages, low unemployment and a robust labor market, Yellen argued that “middle-class Americans now have more purchasing power.”
“Put simply, it’s been the fairest recovery on record,” she said.
She conceded however that “work is far from done,” with prices of key goods still too high.
Biden’s top economic adviser Lael Brainard, who heads the National Economic Council, also made a case on Monday for “place-based” policies in Biden’s economic approach.
She laid out a strategy of investing in “left behind” communities and encouraging business involvement in neglected areas to revitalize the economy.
