Yellen Celebrates Anniversary of Inflation Reduction Act by Highlighting ‘Surge in U.S. Factory Construction’

U.S. Treasury Secretary Janet Yellen is set to highlight the success of domestic manufacturing on Monday, as she and other officials from the Biden administration commemorate the one-year anniversary of the Inflation Reduction Act (IRA). Yellen will emphasize the positive impact of the IRA at an event in Las Vegas, stating, “Powered by the IRA, the president’s agenda has helped drive a massive boom that is touching every corner of the country.” According to excerpts from her prepared remarks released by the Treasury Department, Yellen will also mention that since January 2021, companies have pledged over $500 billion in manufacturing and clean energy investments, contributing to the significant increase in U.S. factory construction, which is a phenomenon unique to the United States.

The IRA, signed into law by President Joe Biden a year ago, is a comprehensive economic package aimed at addressing climate change, capping drug costs, and generating hundreds of billions of dollars through corporate taxes. It is worth noting that no Republicans voted in favor of this substantial Democratic initiative. The anniversary of the IRA’s enactment is scheduled for this Wednesday.

Yellen is scheduled to speak at an International Brotherhood of Electrical Workers facility in Las Vegas at 4:40 p.m. Eastern Time. During her speech, she plans to discuss how President Biden’s policies have driven a historic economic recovery and how the IRA has begun to transform the American economy, according to the Treasury Department.

While Yellen and the Biden administration are celebrating the success of their economic policies, Republicans have been critical, especially as they gear up for the 2024 presidential election. Ronna McDaniel, Chair of the Republican National Committee, stated last week that families across the country are struggling with soaring costs and declining wages, accusing Biden of lying and gaslighting about the state of the economy. McDaniel emphasized that Republicans will provide voters with a clear choice in the upcoming election: “commonsense over crazy.”

In the meantime, U.S. stocks were trading with mixed results on Monday, as investors assessed concerns over China’s property sector, which have had a negative impact on global markets. The uncertainty surrounding China’s property market has contributed to a volatile trading environment.

As Yellen highlights the achievements of domestic manufacturing and the positive impact of the IRA, the Biden administration continues to face criticism from Republicans. The economic policies implemented by the current administration will undoubtedly be a significant factor in the upcoming presidential election in 2024.

Original Story at www.marketwatch.com – 2023-08-14 14:41:00