The US Treasury defends that Biden’s plan is essential to maintaining its global economic dominance

Madrid, 4 years ago. (European Press) –

US Treasury Secretary Janet Yellen emphasized that President Joe Biden’s investment plans to improve infrastructure, enhance education and provide childcare benefits are key for the United States to maintain its position as a first power. Globalism.

“We’re used to the United States being the preeminent economic power in the world,” Yellen said in a speech on the state of the US economy. “We’re not meant to stay that way, but with these investments, I think we will.” .

In her speech, the economic expert highlighted the speed of recovery experienced by the country, stressing that this “did not happen by default”, but rather is the result of decisions taken led by Joe Biden, who promised upon his arrival in the country. The White House is implementing one of the most ambitious aid packages since the New Deal.

However, Yellen acknowledged that this recovery does not mean that the US does not face challenges ahead, such as the delta variable, in the first place, as well as bottlenecks in specific supply chains and a mismatch between supply and demand. led to higher prices.

The finance minister added: “Economists are looking for lessons in our history, and the past six months have provided a critical lesson. Bold fiscal policy is important…Now, we just need to apply that lesson to another set of problems.” Treasury, remembering that the country’s economic problems neither begin nor end with the pandemic.

In this regard, she lamented the prolonged reduction over years of funding to boost childcare assistance programs, which could help parents join the workforce, or training programs that could help people earn higher salaries, or infrastructure that could Stimulate economic growth.

“This lack of investment is a burden on our economy,” he warned.

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