Yellen will discuss Detroit how this summer’s legislative packages aimed at investing in green energy, health care, semiconductors and research, as well as last year’s infrastructure law, will increase the productive capacity of the US economy, making it more resilient to shocks, a Treasury official said.
Yellen intends to tie the legislation to her concept of “Modern Supply Side Economics” introduced in January, hijacking a Reagan-era phrase traditionally associated with tax cuts and deregulation to assert that the Democrats’ agenda on climate change and investment in human capital would distribute growth more evenly.
The week of September 12, Ms. Yellen will deliver a speech in the Washington area on an $80 billion investment in the Internal Revenue Service to strengthen tax compliance. During the week of September 19, she will discuss the impact of Mr. Biden’s economic program on combating inflation, supply shocks and improving the competitiveness of the United States, said the responsible for the Treasury.
She will travel to North Carolina the week of Sept. 26 to discuss the Inflation Reduction Act’s clean energy technology investments, the Treasury official said.
Ms. Yellen’s effort comes as the Biden administration steps up pressure on Republicans two months before the Congressional midterm elections, in which Democrats are battling to hold on to their slender majority in Congress.
In a primetime televised speech Thursday in Philadelphia, Mr Biden will ask Americans to push back at the polls at the extremism he says is increasingly promoted by Republican candidates aligned with former President Donald Trump.