Treasury Secretary Janet Yellen visited Connecticut Monday to discuss the economic agenda of President Joe Biden.
During a fireside chat at Yale University, Yellen said Biden’s “Investing in America” agenda is expanding economic opportunity and boosting the nation’s productive capacity without increasing inequality.
Yellen spoke about ways the administration would like to grow the economy without hurting workers.
Previous economic growth drove up income inequality, which Yellen said she wants to avoid. She said it was made plain during the pandemic.
“We read about the pandemic — about families in remote areas without internet putting their kids in cars and driving to a McDonald’s lot where they can get internet access,” Yellen said. “You can’t even do your homework if you don't have internet access.”
How does a country grow its economy while ensuring everyone has a seat at the table? Yellen said it boils down to an economic framework called modern supply side economics.
“It wants to find strategies that will promote growth, while mitigating inequality and also addressing environmental damage and harms that can affect the well-being of future generations,” she said.
The visit came as Biden toured a clean energy technology manufacturer in suburban Minneapolis as part of his effort to highlight his investment agenda ahead of an expected reelection campaign.
The president regularly highlights the CHIPS Act, the $1.9 trillion COVID-19 relief bill, the $1 trillion infrastructure legislation and a roughly $375 billion climate bill — major legislation that his administration steered into law before Democrats lost control of the House to Republicans.
In addition to Yellen, other members of Biden's administration are traveling to more than 20 states this week to buttress his economic message. This week first lady Jill Biden also visits Colorado, Michigan, Maine and Vermont to discuss investments in education.
The Associated Press contributed to this report.
