Inflation Reduction Act credited for Treasury Secretary Yellen’s statement on 3% inflation

Yellen Unveils Inflation Reduction Act

Secretary of the Treasury Janet Yellen recently unveiled the Inflation Reduction Act during her speech at Roxbury Community College in Boston. This groundbreaking legislation aims to address the growing concerns about inflation in the country.

Energy Saving Measures for Roxbury Community College

During her speech, Secretary Yellen highlighted the energy-saving measures implemented at Roxbury Community College. These measures are projected to save the college an impressive $800,000 annually. Roxbury Community College is renowned for its programs focused on residential and commercial building efficiency, as well as building optimization and automation.

A Nationwide Trend

Yellen emphasized that the energy-saving initiatives at Roxbury Community College serve as a model for similar efforts taking place across the country. These actions are a direct result of the policies implemented by the Biden administration, which aim to address the pressing issue of climate change.

Inflation Figures and Economic Growth

One of the key points highlighted by Secretary Yellen is that inflation is currently at approximately 3%. This figure is equal to the annualized growth of the US economy in the first three quarters of 2023. To illustrate the impact of this inflation rate, Yellen provided examples such as a 28% decrease in television prices, an 11% decrease in used cars and trucks prices, and a $1.90 decrease in gas prices per gallon.

A Boost for the Middle Class

Contrary to popular belief, Yellen emphasized that the low inflation figures have actually benefited the typical middle-class American household. In fact, she stated that these households now possess more wealth, higher earnings, and increased purchasing power compared to pre-pandemic times.

Shifting Public Perception

Despite the economic challenges faced by many Americans in the wake of the pandemic, the Biden administration remains hopeful. They believe that the positive jobs report from December and the low inflation numbers will significantly impact voters’ perceptions of the overall economy leading up to the 2024 election.