Yellen pushes Biden’s agenda as midterms approach

Treasury Secretary Janet Yellen is touting the policies of the Biden administration as the key to promoting the “long-term economic well-being” of the nation in the run-up to the midterm elections.

The former Federal Reserve chairwoman will visit a Virginia research and development business park with Democratic Senator Tim Kaine on Friday and discuss the administration’s efforts to revitalize America’s manufacturing capacity, stimulate the production of computer chips and improve the country’s infrastructure. Rep. Gerry Connolly, D-Virginia, will also attend.

Yellen’s visit is part of the Treasury leader’s ongoing tour of the US as she and other administration officials try to stifle the impact of persistently high inflation.

Voters have made it clear that price increases are a top concern. A June poll by the Associated Press-NORC Center for Public Affairs Research showed that 40% of American adults specifically named inflation in an open-ended question as one of the top five priorities the government will work on in the coming year.

Democrats want to keep their control of Congress and will need to convince voters they can control inflation, which accelerated in September. In Virginia, Yellen will talk about how boosting domestic industrial manufacturing will be one of the solutions.

“Our government’s failure to invest in innovation has had a broad impact on our long-term economic well-being,” Yellen said in prepared remarks. “At the most fundamental level, it affected our productive capacity.”

He said that over the past year the administration of President Joe Biden “has begun to reverse that trend.”

“We have advanced an economic plan that finally puts innovation and technology at the forefront of our national agenda,” he said.

Yellen planned to attend a roundtable discussion with local entrepreneurs and individuals representing Virginia universities that focus on semiconductors, advanced manufacturing and other emerging technologies.

“Together, our efforts are increasing the aggregate production capacity of our economy,” he said. “And in turn, we’re raising America’s long-term economic outlook.”

Early voting is underway in many states, including Virginia.

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