{"id":2000891,"date":"2023-08-15T04:17:02","date_gmt":"2023-08-15T08:17:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-on-the-right-track-yellen-says-on-1-year-anniversary-of-inflation-reduction-act\/"},"modified":"2023-08-15T04:21:20","modified_gmt":"2023-08-15T08:21:20","slug":"us-economy-on-the-right-track-yellen-says-on-1-year-anniversary-of-inflation-reduction-act","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-on-the-right-track-yellen-says-on-1-year-anniversary-of-inflation-reduction-act\/","title":{"rendered":"Yellen: US Economy on Right Track, 1 Year After Inflation Reduction Act"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-economy-on-the-right-track-yellen-says-on-1-year-anniversary-of-inflation-reduction-act%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2000891&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<h2>The U.S. Economy \u2063is Thriving, Thanks to Biden&#8217;s Inflation \u2062Reduction Act<\/h2>\n<p>The U.S. economy \u200dis &#8220;on the right track&#8221; because of\u200b the significant investments emanating \u200cfrom President Joe Biden&#8217;s signature Inflation Reduction Act, Treasury Secretary Janet Yellen said close to the first anniversary of the legislation&#8217;s signing.<\/p>\n<p>Ms. Yellen delivered an economic pitch to the International Brotherhood of Electrical Workers 357 Training Center close to the Las Vegas strip, championing the current\u200b administration&#8217;s record on the economy.<\/p>\n<p>\u201cOver \u200cthe past\u200c year, our task has been to transition the economy from rapid recovery to stable growth,\u201d she said in a prepared address. \u201cOur path so far shows that we are on the right track,\u2064 even as we remain vigilant about potential challenges and uncertainties.&#8221;<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/article\/inflation-forces-typical-american-household-to-spend-709-more-per-month-than-two-years-ago-5464196\">Inflation Forces Typical American Household to Spend $709 More per Month Than 2 Years Ago<\/a> &#8211; 8\/14\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/analysis-is-another-wave-of-inflation-happening-5459541\">ANALYSIS: Is Another Wave of \u2064Inflation Happening?<\/a> &#8211; 8\/11\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/opinion\/the-us-is-still-vexed-by-high-inflation-5459485\">The US Is Still Vexed by High Inflation<\/a> &#8211; 8\/11\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/article\/us-annual-inflation-marks-first-increase-in-a-year-as-energy-shelter-climb-5455969\">US\u2063 Annual Inflation Marks 1st Increase in\u2064 a Year as Energy, Shelter Climb<\/a> &#8211; 8\/10\/2023<\/li>\n<\/ul>\n<\/blockquote>\n<p>The Inflation Reduction Act \u200bwas signed \u2064into \u200claw by President Biden on Aug. 16, 2022, after narrowly passing the\u200d Senate 51-50.<\/p>\n<p>The\u200b CHIPS and Science \u2064Act and the Bipartisan Infrastructure Law were\u2063 also cited as contributors\u2062 to the economic gains, with Ms. Yellen explaining that \u201cAmericans are beginning \u200bto see in their daily lives the impact of that, but there&#8217;s a lot more \u200dcoming down the pike.&#8221;<\/p>\n<p>During her speech in the key swing state, Ms. Yellen highlighted various positive developments in the U.S. economy, including inflation and the labor market. With the annual\u2062 consumer price index (CPI) easing from 9.1 percent in June 2022 \u2063to 3.2 percent last month, &#8220;workers are better off than they were last year.&#8221;<\/p>\n<div class=\"shortcode\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Ms. Yellen also repeated the administration&#8217;s assertion that President Biden had created more than 13 million\u200d jobs, although some argue that this is a misleading accomplishment because nearly\u2062 10 million of\u200b these positions were returned from the coronavirus pandemic.<\/p>\n<p>Factory construction activity was also emphasized in \u200bher remarks, noting that &#8220;the explosion \u200bin U.S. factory construction\u2062 is a uniquely American story: one that we do not see replicated in other peer countries.&#8221;<\/p>\n<p>Despite the approximately $500 billion in committed clean energy and manufacturing investments, the manufacturing sector is stuck in \u200da \u2063recession. The\u200d <a href=\"https:\/\/www.ismworld.org\/supply-management-news-and-reports\/reports\/ism-report-on-business\/pmi\/july\/\" target=\"_blank\" rel=\"noopener\">Institute for Supply Management<\/a>&#8216;s (ISM) Manufacturing Purchasing Managers&#8217; Index and the <a href=\"https:\/\/www.pmi.spglobal.com\/Public\/Home\/PressRelease\/f228fb3309884ca2a2f2c6adab5b18a7\" target=\"_blank\" rel=\"noopener\">S&#038;P Global&#8217;s Manufacturing PMI<\/a>\u2014gauges of the direction of the sector\u2014were in contraction again\u2062 in\u2064 July.<\/p>\n<p>Moreover, Ms. Yellen highlighted major investments in &#8220;boosting semiconductor manufacturing and incentivizing investments in cutting edge R&#038;D.&#8221; However, the $52.7 billion \u200cfederal subsidy package to reshore the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-commerce-secy-making-chips-in-u-s-can-ease-shortage\/\" title=\"Biden\u2019s commerce secy.: Making chips in U.S. can ease shortage\">semiconductor supply chain<\/a> has hit a roadblock because companies <a href=\"https:\/\/www.cnbc.com\/2023\/08\/09\/chips-act-semiconductor-makers-wait-for-checks-one-year-on.html\" target=\"_blank\" rel=\"noopener\">say<\/a> they have not received the funds from the U.S. government.<\/p>\n<p>She\u200d touted the framework \u2064of &#8220;modern supply-side economics&#8221; inside Bidenomics, \u2064a description of the president&#8217;s economic doctrine.<\/p>\n<p>According to the Treasury Department chief, this tenet of President Biden&#8217;s philosophy not only\u200d focuses on growth but also concentrates on developing\u200c &#8220;a fairer and more sustainable economy.&#8221;<\/p>\n<p>&#8220;I feel very good \u2063about U.S. prospects overall.&#8221;<\/p>\n<div>\n<figure style=\"width:640px\" class=\"alignnone\"><figcaption>President Joe Biden takes pictures with guests after speaking at an event celebrating the passage\u2062 of the Inflation \u2064Reduction Act on the South Lawn of the White House in Washington on Sept. 13, 2022. (Anna Moneymaker\/Getty Images)<\/figcaption><\/figure>\n<\/p><\/div>\n<h2>Bidenomics and the Polls<\/h2>\n<p>President \u200bBiden, Vice President \u2062Kamala Harris, and\u200c other leading administration officials \u200dhave been trying to sell Bidenomics heading into the 2024 election cycle.<\/p>\n<p>But polling\u2063 data suggest that many Americans, including those who voted for President \u200dBiden in 2020, are not confident in the U.S. economy.<\/p>\n<p>A recent <a href=\"https:\/\/www.reuters.com\/world\/us\/economic-worries-could-cost-biden-some-his-2020-supporters-reutersipsos-2023-08-04\/\" target=\"_blank\" rel=\"noopener\">Reuters-Ipsos poll<\/a> found that 42 percent \u200cof Biden&#8217;s 2020 voters said the economy was &#8220;worse&#8221; than it was in 2020. Thirty-three percent noted that it was &#8220;better,&#8221; and 24 percent described \u2063it as &#8220;about the same.&#8221;<\/p>\n<p>Another <a href=\"https:\/\/www.documentcloud.org\/documents\/23895856-cnn-poll-on-biden-economy-and-elections\" target=\"_blank\" rel=\"noopener\">CNN survey<\/a> released earlier this month found that 63 percent \u200ddisapproved \u200dof the way President Biden is handling the economy, and 70 percent disapproved of how he has tackled inflation.<\/p>\n<p>Last month, the <a href=\"https:\/\/www.cnbc.com\/2023\/07\/20\/bidens-economic-approval-rating-rises-slightly-but-is-still-just-37percent-despite-bidenomics-push.html\" target=\"_blank\" rel=\"noopener\">CNBC All-America \u2062Economic Survey<\/a> reported \u2063that President Biden&#8217;s economic approval rating was just 37 percent, as only 20 percent stated that the economy is excellent\u200d or good.<\/p>\n<p>When asked about these numbers by \u200chost Erin Burnett on CNN&#8217;s &#8220;Outfront&#8221; on\u2064 Aug. 14, Ms. Yellen purported \u2063that\u200b Americans are feeling better off.<\/p>\n<p>&#8220;Americans know \u2064best,\u2063 I think, \u200babout their own \u2063personal finances,&#8221; she said. &#8220;And it is \u2063important to recognize that when they\u2019re asked how are they personally doing, over\u2063 70 percent of Americans say that they\u2019re very comfortable with their financial \u2062situation. So, they seem\u200b to perceive the economy as a whole as doing\u2064 less well than they are personally.&#8221;<\/p>\n<p>Indeed, consumer sentiment \u200chas bounced back from record lows seen in early \u200c2022. The <a href=\"http:\/\/www.sca.isr.umich.edu\/\" target=\"_blank\" rel=\"noopener\">University of Michigan&#8217;s Consumer Sentiment Index<\/a> came in at 71.2\u2064 in August, the second-highest \u200breading since October 2021. The UMich Current Economic Conditions \u2064also jumped to 77.4, the highest in nearly two years.<\/p>\n<p>Inflation forecasts have also improved. According to the Federal Reserve Bank of New York&#8217;s <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/sce#\/\" target=\"_blank\" rel=\"noopener\">Survey of Consumer\u2064 Expectations (SCE)<\/a>, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-on-the-right-track-yellen-says-on-1-year-anniversary-of-inflation-reduction-act\/\" title=\"Yellen: US Economy on Right Track, 1 Year After Inflation Reduction Act\">year-ahead inflation expectations fell<\/a> to 3.5 percent in \u2064July, \u2064down from 3.8 percent in June. Moreover, the share\u200c of respondents anticipating being better off a year from now is at the highest level since\u200c September 2021.<\/p>\n<p>However, data suggest that the \u2063state of\u2062 the consumer might not be as strong as White House officials say.\u2063 For example, recent <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc\" target=\"_blank\" rel=\"noopener\">data<\/a> from the New York Fed show that household debt\u200c climbed to a record high of $17.06 trillion in the second quarter, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nasa-worker-sentenced-to-18-months-in-prison-after-lying-to-govt-for-pandemic-benefits\/\" title=\"NASA worker sentenced to 18 months in prison after lying to govt. for pandemic benefits\">credit card debt<\/a> has topped $1\u200b trillion, and delinquency rates are increasing.<\/p>\n<h2>Second \u2063Thoughts<\/h2>\n<p>Following the Inflation Reduction Act proposal, many critics contended that the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/can-the-white-houses-battle-with-oil-companies-yield-any-results\/\" title=\"Can the White House\u2019s Battle With Oil Companies Yield Any Results?\">public policy pursuit<\/a> had little to do with fighting inflation.<\/p>\n<p>One year later, even President Biden \u2063is expressing\u2063 regret over \u2064the landmark legislation&#8217;s\u200c name.<\/p>\n<div>\n<figure style=\"width:600px\" class=\"alignnone\"><figcaption>President Joe Biden speaks at \u200ban Arcosa Wind Towers Inc. manufacturing facility in Belen, N.M., on Aug. 9, 2023. (Madalina Vasiliu\/The Epoch Times)<\/figcaption><\/figure>\n<\/p><\/div>\n<p>Speaking at an Aug. 9 campaign reception in Albuquerque, New Mexico, \u200bPresident \u2062Biden conceded that &#8220;it has nothing to do with\u200d inflation&#8221; and more to do with &#8220;the single-largest investment \u200bin climate change anywhere in the world.&#8221;<\/p>\n<p>&#8220;I wish\u2064 I hadn&#8217;t called it\u200c that because it\u200c has less to do with reducing inflation than it\u200c has to do with providing alternatives that \u200bgenerate economic growth,&#8221;\u2062 President Biden stated at a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2023\/08\/10\/remarks-by-president-biden-at-a-campaign-reception-salt-lake-city-ut\/\" target=\"_blank\" rel=\"noopener\">Utah fundraiser<\/a> on\u2063 Aug.\u2063 10.<\/p>\n<p>Many analyses in \u200d2022, including from the Congressional Budget Office (CBO) and the University\u2062 of Pennsylvania&#8217;s Penn \u200cWharton\u200b Budget Model, concluded that the \u200dInflation Reduction Act would do little \u200bto fight inflation.<\/p>\n<p>&#8220;In calendar year 2022, enacting the bill would have \u2062a negligible effect on inflation, in CBO\u2019s assessment,&#8221;\u200c the non-partisan budget watchdog \u200bwrote in a <a href=\"https:\/\/www.cbo.gov\/system\/files\/2022-08\/58357-Graham.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a>. &#8220;In calendar year 2023, inflation\u200c would probably be between\u2064 0.1 percentage point low<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The US economy is progressing well with President Biden&#8217;s Inflation Reduction Act, according to Treasury Secretary Janet Yellen. Speaking at the International Brotherhood of Electrical Workers 357 Training Center near Las Vegas, she highlighted the positive impact of significant investments made in the first year since the legislation was signed.<\/p>\n","protected":false},"author":278,"featured_media":2000892,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2000891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2000891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/278"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2000891"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2000891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2000892"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2000891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2000891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2000891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}