• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

A week before US vote, Yellen revives arguments on strong economy

by October 29, 2024
written by October 29, 2024

By David Lawder

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen is seeking to reclaim the narrative on the Biden administration’s economic record on Tuesday, arguing that Americans are better off than they were when President Joe Biden took office.

In excerpts of remarks to a banking conference released by the Treasury a week before the Nov. 5 presidential election, Yellen lauded robust U.S. economic growth, historically low unemployment, falling inflation and rising wages.

Stung by high inflation after the COVID-19 pandemic, many voters in the seven battleground states that will decide the winner of the election have ignored the traditional measures of the economy to focus on the higher prices they now pay for necessities, and are leaning towards Republican Donald Trump.

A Reuters/Ipsos poll this month showed that 61% of voters in the battleground states say the economy is on the wrong track with 68% saying the cost of living was on the wrong track.

Trump has consistently scored better on the economy in polls than Vice President Kamala Harris, his Democratic opponent, despite a robust U.S. economic performance that is driving global growth and outperforming rivals.

A common refrain in Trump’s rallies is that Americans are worse off than they were four years ago.

Yellen, who has touted billions of dollars in investments spurred by the Biden administration’s clean energy, infrastructure and semiconductor legislation, sought in her remarks to the American Bankers Association to remind voters how bad things were back in early 2021.

“When President Biden and Vice President Harris took office, thousands of Americans were dying each day from COVID-19. The unemployment rate was 50 percent higher than it is now,” Yellen said.

“Today, by contrast, the U.S. economy is strong. We’ve seen robust economic growth, bolstered by solid consumer spending and business investment, even while inflation has come down significantly from its peak.”

More positive data is expected this week, with third quarter GDP growth expected to top 3% on Wednesday, but payrolls growth is expected to be held back by the Boeing (NYSE:BA) strike involving 33,000 workers.

Yellen acknowledged that more work was needed to bring down the cost of living but said that wages have risen faster than prices.

“Which means that the typical American can afford more goods and services than before the pandemic. And Americans are starting new businesses at a record rate, reflecting optimism about the economy,” she said.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Fed’s rate cut revives small business optimism and plans to borrow
next post
JetBlue reports better-than-expected Q3 results, narrows 2024 forecast; stock down

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Nippon Steel to sell Calvert JV to ArcelorMittal if U.S. Steel deal completed
    • Stellantis to rejoin ACEA auto manufacturers association

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy