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Julie Winslet

Female. Is single.

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Many of life’s failures are people who did not realize how close they were to success when they gave... View More

Julie Winslet

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Julie Winslet

June 14, 2024 12:00 am

U.S. Treasury Secretary Janet Yellen said in a speech in New York on the 13th local time that in order to improve competitiveness and promote economic growth, the United States must address long-stand... View MoreU.S. Treasury Secretary Janet Yellen said in a speech in New York on the 13th local time that in order to improve competitiveness and promote economic growth, the United States must address long-standing structural challenges. On the same day, Yellen attended an event hosted by the Economic Club of New York and said that for decades, the U.S. economic growth rate has slowed down, income inequality is deeply rooted, deindustrialization is serious, and communities in many parts of the country have become hollowed out. The labor participation rate of people in the prime age without a college degree has declined. Too many American workers and American companies have failed to fully realize their potential. Yellen said that the traditional supply-side economic model relies too much on tax cuts to stimulate investment and has failed to benefit enough workers. The United States must use modern supply-side economics to enhance three key areas, namely infrastructure, human capital and labor force participation, and research and development and strategic industry investment. When talking about infrastructure construction, Yellen pointed out that analysis shows that for every 10% increase in the stock of physical infrastructure, economic productivity will increase by more than 2%. However, the proportion of U.S. infrastructure investment in gross domestic product (GDP) has fallen by more than 40% in the past 60 years or so, airports have become old, ports have been restricted, and high-speed Internet access is uneven. It is generally believed that these outdated infrastructures have hindered the development of the U.S. economy. When it comes to labor factors, Yellen said that the United States faces major challenges. She said that over the past 20 years, the labor force participation rate in the United States, especially the male labor force participation rate, has been declining. It has become more difficult for people to get good jobs, especially for most Americans over the age of 25 who do not have a college degree. At the same time, companies say it is difficult to find suitable talents. Speaking of R&D and strategic industrial investment, Yellen emphasized that the United States needs to enhance its competitiveness in cutting-edge industries such as semiconductors and clean energy. On this issue, she said that the United States' practice of improving the competitiveness of major domestic industries is often criticized as protectionism, and some people even believe that the United States is withdrawing from the global economic stage. In fact, the United States has no intention of withdrawing from the global market. Yellen said that modern supply-side economics advocates that the government cooperate with the private sector to create a favorable environment for enterprises through public intervention and promote private sector investment. The relevant investment will focus on public infrastructure, education and labor training, and government-supported basic research. I believe this will not only benefit workers and families, but also companies and the economy. In her speech, Yellen also mentioned that countries around the world are paying attention to the interaction between the United States and China. She said that China provides a huge market for American companies and supports more than 700,000 jobs in the United States. The United States is not worried about healthy economic competition and does not seek to "decouple" from China. She and US President Biden agree that "decoupling" from China will not bring any benefits to the US economy, and the two countries need to realize the potential benefits of economic relations in a fair competitive environment.

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Nick Rizzo

Janet Yellen is just another woke useful idiot that is desperately trying to fool the public into believing their twisted false logic. The Keynesian economic model is based upon the work of Marx and Engels which formed Communist socialism monetary policy and has proven to be untenable over the long ... View More

3 June 21, 2024

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