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As the November election draws nearer, U.S. Treasury Secretary Janet Yellen has been making the case for the Biden economy. Over the weekend, Yellen spoke at the East Valley American Jobs Center in Mesa, Arizona, where she touted the over $1 trillion in spending that Congress authorized with the CHIPS and Science Act, Bipartisan Infrastructure Law and the Inflation Reduction Act, along with the Biden administration’s bet that it will lead to more jobs in the domestic semiconductor chip manufacturing industry.
At the same time, inflation remains elevated and polling shows that it continues to be a chief concern for many Americans. It likely won’t be the only economic issue that looms large this November. In her latest appearance before the House Committee on Ways and Means, Yellen faced a line of questioning from Republicans over the president’s tax policy proposals.
“Marketplace” host Kai Ryssdal sat down with Yellen at the Treasury Department to discuss the state of the economy. The following is an edited transcript of their conversation.
Kai Ryssdal: I want to start with inflation. Just as a quickie, even though technically not your job, I get that. You said a number of months ago, “This is it, we’ve had the soft landing. And given the way inflation has been “bumpy,” to quote Federal Reserve Chair Jay Powell, would you like to do-over on that one?
Janet Yellen: We’ll look, I think the economy is doing well. We have a strong pace of job creation. Growth is running around 3% over the last year, and inflation has come down substantially. It’s not yet whe …
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