Hello, everyone. I’d first like to thank Ethan and his team for hosting me. And thank you for letting me take part in the opening of your new center today. The work you are doing shows how we can build on our strong manufacturing roots to create a brighter future in America. With this new space, MAGNET is helping to incubate the next generation of innovators. It’s also exposing thousands of students to the good-paying manufacturing jobs that our economy is creating.
I’m glad to be in Ohio. It’s a fitting place to discuss our Administration’s efforts to strengthen the American economy and the manufacturing sector. Ohio is a birthplace of new American industries. It’s home to the Wright Brothers, who invented the first airplane. And Charles Kettering, the Dayton resident who created the world’s first automobile electric ignition. Even Thomas Edison was born just an hour from here.
During my two years as Treasury Secretary, I have been laser focused on two economic priorities. First: rescuing the economy from the depths of the pandemic and stabilizing it amid additional global economic shocks. And second: strengthening the foundations of our post-pandemic economy. Our economic plan – powered by three major laws enacted over the past year – constitutes among the most significant investments that we’ve ever made in the long-term strength of our economy.
Today, I will focus my remarks on President Biden’s economic plan, and how it will create resilient growth and an economy that works for all Americans. I’ll talk specifically about the core role of American manufacturing in our agenda. Over the past two years, our Administration has made significant investments in our country’s industrial strength. These investments will create good-paying jobs, make our economy more productive and resilient, and ensure that economic opportunity is shared broadly beyond our country’s coasts.
But first, let me speak about the state of the economy when we took office and the progress that we’ve made.
At the time of the President’s inauguration in January 2021, the United States was in the depths of the pandemic. The virus was claiming more American lives a week than it had at any other point since the onset of the crisis. The economic calamity was also massive. Over 800,000 new jobless claims were being filed in an average week. Given the severity of the economic downturn, our Administration took action: to support households, businesses, and state and local governments through a once-in-a-century public health emergency.
Two years later, we have experienced one of the quickest economic recoveries in modern history. Since President Biden took office, we have created over 10 million jobs. Manufacturing jobs are growing at their fastest pace since the 1980s. Nearly 700,000 manufacturing jobs have been added since early last year. And we’ve seen significant investments in American manufacturing, including right here in Ohio.
While these are promising signs, we still face challenges. Today, our economy faces high inflation and significant global headwinds. Americans are rightly concerned that rising prices are eroding their living standards, so our Administration’s top economic priority is to bring inflation down. But even in the face of these challenges, our economy remains resilient, bolstered by President Biden’s economic plan. That resilience is evidenced by today’s GDP report, which shows solid real GDP growth in our economy in the third quarter. We are seeing ample signs of America’s economic strength, despite global challenges like the impact of Putin’s illegal war and successive waves of COVID. Our unemployment rate is at its lowest point in over 50 years. Household balance sheets remain strong. These signals are consistent with an economy that is shifting from a historically fast recovery to stable and sustained growth.
As our Administration continues to tackle our immediate challenges, we have also been focused on strengthening the long-term foundations of the American economy. I will now turn to the three pillars of our economic plan: expanding our productive capacity, bolstering our economic resilience, and creating an economy that works for all.
EXPANDING THE PRODUCTIVE CAPACITY OF OUR ECONOMY
Earlier this year, I delivered a speech calling for a “modern supply-side” expansion of our economy. With a labor market at full employment, I argued that the current moment was well-suited for a supply-side agenda that increases our economy’s productive capacity. A country’s long-term growth potential depends on, among other things, how many people we have working and the productivity of our workers. Concerted investments in both areas increase the ceiling for what our economy can produce.
Less than a year later, I’m proud to report that we’ve enacted key parts of our “modern supply-side” agenda. There are three major laws powering our growth strategy. The Bipartisan Infrastructure Law is modernizing our nation’s physical and digital infrastructure. I’ll speak more to that in a moment. The CHIPS Act is growing semiconductor manufacturing here at home. And the Inflation Reduction Act is our nation’s largest-ever investment in clean energy – and will bolster America’s leadership in the industries of the future for years to come.
Economic research has long established that investment in basic infrastructure increases productivity, attracts business activity, and is associated with higher rates of economic growth. Put simply, good infrastructure makes it easier to make things in America and ship our products to the world. Better freight rail allows goods to move from Point A to Point B with fewer disruptions. Modern roads, bridges, and public transportation help connect workers with training, education, and better jobs. Expanding our electric grid and broadband infrastructure help lay the foundations for modern industries like clean energy and digital technology.
Our economic plan invests in everything I just mentioned. But we also know that it’s not enough just to fund infrastructure. We need to accelerate the pace at which we deploy these projects in order to maximize the economic benefits. This month, our Administration announced an Action Plan to efficiently deliver infrastructure that is “On Time, On Task, and On Budget.”[1] We are advancing our Permitting Action Plan to speed up investments while upholding bedrock standards and laws. We are also working with employers, labor unions, and training providers to build a robust talent pipeline of skilled workers in sectors like construction and electrification.
In sum, our investments in infrastructure will boost our economic potential. They will help build on the progress we’ve made in American manufacturing. They will also help our economy cope with unexpected shocks – like pandemics or climate disasters
for full topic please check this link
I have read some of the remarks and i dont think it address what we see in grocery stores and in gas station or economic news about rising inflation and loan interests
it does need more reading and search so please visit the original website and see the full work here by the end of this week
I still open to add more