US Middle Class Is Better off Under Biden’s Leadership Than Trump’s: Treasury Sec. Janet Yellen

By Trisha Andrada

Jan 26, 2024 06:29 AM EST

United States Treasury Secretary Janet Yellen defended the economic agenda under President Joe Biden's administration on Thursday, January 25, comparing it dramatically with former leader Donald Trump's policies.

This comes as Biden starts to make the case in the general election that he has been a better steward of the economy than his predecessor.

(Photo : KAMIL KRZACZYNSKI / AFP via Getty Images)
US Treasury Secretary Janet Yellen addresses the Chicago Economic Club in Chicago, Illinois, on January 25, 2024.

Under Biden Admin

According to the New York Times, Yellen's remarks followed the report of fresh statistics on Thursday, further supporting the notion that the US economy surged fast last year, reaching 3% and defying recession predictions.

These solid results came at the same time that the White House was trying to highlight the president's economic record and send his top economic advisors on a cross-country tour to prove that his policy is bearing fruit.

Officials from the Biden administration are attempting to persuade a skeptical public that, despite their negative outlook on the economy, the benefits that everyday Americans are enjoying are a result of its success. Over the next few months, officials will likely brag about the funds Biden has allocated to domestic manufacturing, sustainable energy initiatives, and infrastructure.

During her address at the Economic Club of Chicago, Yellen made the case that the Biden administration had guided a recovery that had surpassed global averages while facing formidable obstacles imposed by the pandemic.

In addition, she implied that the Biden administration needs further time to address affordable housing and childcare concerns. Yellen stated, "Our economic agenda is far from finished."

See Also: Joe Biden Extends Suspension of Trump-Era EU Steel, Aluminum Tariffs for 2 Years

Criticizing Trump

Another unusual move by the Treasury secretary was his criticism of former President Trump's policies, who will presumably be Biden's opponent.

She brought up that Trump had previously promised and failed to deliver on the goal of repairing the nation's roads and bridges. "Our country's infrastructure has been deteriorating for decades. In the Trump administration, the idea of doing anything to fix it was a punchline."

Yellen criticized Trump's tax cuts, claiming that the tax package he signed into law in 2017 did nothing to strengthen the economy except benefit companies and widen the nation's budget deficit by $2 trillion over a decade, according to Reuters.

Yellen informed reporters before her speech, sharing her thoughts about the importance of outlining the policy contrasts between the Trump and Biden administrations, even though treasury secretaries typically stay out of politics.

See Also: Joe Biden to Send High-Level Delegation to Taiwan After Its Election That Might Anger China

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics