Treasury Secretary Janet Yellen Defends the American Rescue Plan

　　Yellen Touts Economic Recovery, Criticizes Republican Opposition

　　Treasury Secretary Janet Yellen is firmly refuting Republican criticism of the Democrats' substantial coronavirus pandemic response package, emphasizing that the current state of the U.S. economy validates the measures taken in 2021 to revitalize it.

　　Yellen is set to vigorously defend the $1.9 trillion American Rescue Plan in a speech prepared for delivery at a U.S. Conference of Mayors meeting in Washington, D.C., on Wednesday. The stimulus package, which was enacted without Republican support, has been consistently blamed by Republicans for the two-year period of escalating price increases that have adversely affected millions of American households.

　　In her prepared remarks, Yellen asserted, "Many had contended that this Rescue Plan was superfluous. However, I believe that the current state of affairs vindicates our approach. President Biden and I firmly believed that the most perilous risk was in adopting a meager approach."

　　Biden's Economic Pitch Amidst Gloomy Voter Sentiment

　　As President Joe Biden seeks reelection, he is diligently striving to persuade voters who are pessimistic about the economy that inflation is under control and the economy is robust.

　　A recent poll conducted by The Associated Press-NORC Center for Public Affairs Research revealed that approximately 76% of U.S. adults desire the government to address economic issues this year, a figure nearly identical to the 75% who expressed the same sentiment in 2022. Notably, 85% of Republicans and 65% of Democrats identified the economy as a primary concern.

　　An October AP-NORC poll indicated that approximately three-quarters of Americans perceive the nation's economy as weak.

　　Yellen Highlights Benefits of COVID-19 Spending

　　At the mayors' conference, Yellen intends to emphasize that the Biden administration's COVID-19 spending has significantly benefited states and local governments. She will further assert that a smaller response would have resulted in a more dire economic situation in the U.S.

　　In her prepared remarks, Yellen stated, "Wages have increased, and wage gains have been broadly distributed, including among younger and less educated workers." She further emphasized that the U.S. has recovered "faster than our peers around the world."

　　Federal Reserve Official's Optimism Regarding Inflation

　　Christopher Waller, a prominent Federal Reserve official, expressed growing confidence on Tuesday that inflation will continue to decline this year, eventually reaching the Fed's target level of 2%. He noted that inflation was decelerating even as growth and hiring remained strong, a combination he described as "almost as good as it gets."

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