Treasury Secretary Janet Yellen is set to deliver a significant speech in Chicago outlining plans to support the middle class, addressing affordability challenges faced by families.
She plans to emphasize the need for accessible child care, affordable housing, and education, including free community college.
Yellen will highlight the impact of the expanded Child Tax Credit and the administration’s focus on lifting the middle class.
“Our economic agenda is far from finished. There’s much more the President and I would like to do to support the middle class,” Yellen’s excerpts read.
“It is still too hard to be a working parent. We need to get American families access to affordable child care and other support for their children,” the excerpts add.
“As these children get older, they should be able to get a good education, including through free community college, and receive training that prepared them for good jobs,” Yellen plans to say. “As they work, they should be able to afford quality housing near economic opportunities. And as they get older, they should be able to retire with dignity. We need to do more here too.”
“Costs are still high,” Biden said, “but inflation continues to fall, and mortgage rates are falling — they’re going to fall more.”
Despite skepticism, she plans to point to economic growth, increased wages, and rising consumer purchasing power as evidence of successful policies.
“This story of the middle class is not separate from the state of the economy. It’s at the heart of it,” Yellen’s excerpts read. “President Biden and I believe that GDP growth is not meaningful if it is not shared; if it doesn’t impact the lives of these Americans.”
“Though some forecasters thought a recession last year was inevitable, President Biden and I did not. Instead of contracting, the economy has continued to grow, driven by American workers and President Biden’s economic strategy.”
Recent surveys indicate an improvement in consumer sentiment as inflation cools and the job market remains strong.
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