Treasury Secretary Janet Yellen will highlight in a speech on Wednesday cooling inflation and an economy continuing to defy recession predictions.
During an appearance in Boston, Yellen will tout the fact that television prices are down by 28% from their peak, used cars and trucks are 11% cheaper and gasoline is down almost $2 a gallon since June 2022, according to excerpts provided to CNN by the Treasury Department.
Yellen will also point to data showing the typical middle-class American household has “more wealth, higher earnings and more purchasing power than before the pandemic.”
“This is due to the Biden administration’s policies — beginning with the American Rescue Plan and continuing with a historic trifecta of legislation: the Bipartisan Infrastructure Law, the CHIPS and Science Act and the Inflation Reduction Act,” Yellen is set to say.
Of course, many Americans give the White House low marks for its handling of the economy.
Yellen plans to acknowledge that more work is required to get inflation under control and pledge to use “all tools at our disposal” to bring costs down.
“Despite how far we’ve come, we know significant work remains to be done. For too many families, prices for goods that matter — such as groceries, rents and prescription drugs, are high,” Yellen will say.
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