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WASHINGTON (AP) – Treasury Secretary Janet Yellen will visit Illinois and election battleground Wisconsin this week to make the case for the Biden administration’s economic policies and remind her of the Trump administration’s tax cuts, which have increased the budget deficit. She says it had little effect. Promote investment.
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Yellen’s visit, which is described as official rather than political, comes as President Joe Biden increasingly focuses on his expected rematch with former President Donald Trump in November. I was disappointed. The economy has been a drag on Biden’s poll results, but there have been recent signs that consumer sentiment is improving.
“While some forecasters thought last year’s recession was inevitable, President Biden and I saw it as inevitable,” Yellen told the Chicago Economic Club in prepared remarks Thursday. mentioned in. “Thanks to American workers and President Biden’s economic strategy, our economy is growing, not shrinking. We are now producing far more goods and services than before the pandemic.”
read more: Yellen says current U.S. economic growth ‘justifies’ Biden’s coronavirus pandemic stimulus spending
The government reported on Thursday that the economy grew at an unexpectedly fast annual rate of 3.3% from October to December.
In prepared remarks, Yellen said President Trump’s Tax Cuts and Jobs Act is a “broken international tax system that prioritizes corporate tax cuts, unfairly benefits high earners, and encourages companies to shift jobs and profits offshore.” It is not intended to fix it.”
Yellen said the tax cuts would add $2 trillion to the national deficit and “do little to encourage investment.”
Meanwhile, during a Fox News town hall this month, President Trump said, “The economy is terrible except for the stock market going up,” adding, “I’m leading Biden in every poll, so the stock market is going up.” I think it’s on the rise,” he added. ”
On Friday, Yellen is scheduled to tour Milwaukee’s skilled worker employment program, which is being expanded with federal funding. His visit to Wisconsin comes a day after Biden himself visited the state to highlight his administration’s infrastructure investments.
“There’s a lot more that the president and I want to do to help the middle class,” Yellen said in a speech in Chicago, alluding to Biden’s expected second term in office. She pointed to the expansion of the Child Tax Credit, which was temporarily expanded for a year for low-income families during the pandemic but ended in January 2022.
Since then, the child poverty rate has more than doubled, from 5.2 percent in 2021 to 12.4 percent in 2022, according to 2022 Census data.
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