Secretary of the Treasury Janet L. Yellen commemorated the Inflation Reduction Act's one-year mark, highlighting robust economic gains and the law's pivotal role in advancing climate initiatives.
"Over the past year, our task has been to transition the economy from rapid recovery to stable growth," Yellen said. "Our path so far shows that we are on the right track, even as we remain vigilant about potential challenges and uncertainties."
Addressing a crowd in Las Vegas on August 14, Secretary of the Treasury Janet L. Yellen marked the one-year anniversary of the Inflation Reduction Act (IRA) by emphasizing the strides made in both the economy and climate action. Speaking at the event, Yellen thanked the labor unions for their hospitality and underscored her commitment to fostering an economy that uplifts workers and families.
Yellen lauded the achievements over the past year in steering the economy towards stable growth after a robust recovery. She hailed the remarkable recovery of the labor market, with more than 13 million jobs generated since President Biden's inauguration. The unemployment rate, now below 4 percent, showcased a significant improvement from its pandemic-era peak. She also highlighted the resurgence in labor force participation, particularly among prime-age Americans, leading to a reduction in inequality.
The focal point of Yellen's address was the IRA and its role in combating climate change, expanding opportunities, and fortifying energy resilience. She stressed the country's commitment to reducing greenhouse gas emissions and the pursuit of a net-zero economy by 2050. The IRA's dual-pronged approach of incentivizing both supply- and demand-side clean energy investments drew special attention.
Yellen remarked, "The IRA sets a clear path for driving innovation and competition in the clean energy sector, pushing down costs, and propelling the transition toward a sustainable future."
The Treasury Secretary underscored how the IRA is broadening economic prospects in marginalized communities. She pointed out instances of revitalization in areas previously impacted by industrial decline, citing clean energy projects as the catalyst for job creation.
"The Inflation Reduction Act ensures that the benefits of the clean energy transition are felt across the nation, driving job growth, higher wages, and apprenticeships in underserved regions," Yellen said.
Discussing energy security, Yellen highlighted the imperative of transitioning away from fossil fuels and diversifying clean energy supply chains to reduce susceptibility to market fluctuations. She underscored the necessity of both domestic investments and international collaboration to fortify economic and energy stability.