Hello, everyone. I\u2019d 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\u2019s also exposing thousands of students to the good-paying manufacturing jobs that our economy is creating.<\/p>\n\n\n\n
I\u2019m glad to be in Ohio. It\u2019s a fitting place to discuss our Administration\u2019s efforts to strengthen the American economy and the manufacturing sector. Ohio is a birthplace of new American industries. It\u2019s home to the Wright Brothers, who invented the first airplane. And Charles Kettering, the Dayton resident who created the world\u2019s first automobile electric ignition. Even Thomas Edison was born just an hour from here.<\/p>\n\n\n\n
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 \u2013 powered by three major laws enacted over the past year \u2013 constitutes among the most significant investments that we\u2019ve ever made in the long-term strength of our economy.<\/p>\n\n\n\n
Today, I will focus my remarks on President Biden\u2019s economic plan, and how it will create resilient growth and an economy that works for all Americans. I\u2019ll 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\u2019s 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\u2019s coasts.<\/p>\n\n\n\n
But first, let me speak about the state of the economy when we took office and the progress that we\u2019ve made.<\/p>\n\n\n\n
At the time of the President\u2019s 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.<\/p>\n\n\n\n
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\u2019ve seen significant investments in American manufacturing, including right here in Ohio.<\/p>\n\n\n\n
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\u2019s top economic priority is to bring inflation down. But even in the face of these challenges, our economy remains resilient, bolstered by President Biden\u2019s economic plan. That resilience is evidenced by today\u2019s GDP report, which shows solid real GDP growth in our economy in the third quarter. We are seeing ample signs of America\u2019s economic strength, despite global challenges like the impact of Putin\u2019s 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.<\/p>\n\n\n\n
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.
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Earlier this year, I delivered a speech calling for a \u201cmodern supply-side\u201d 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\u2019s productive capacity. A country\u2019s 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.<\/p>\n\n\n\n
Less than a year later, I\u2019m proud to report that we\u2019ve enacted key parts of our \u201cmodern supply-side\u201d agenda. There are three major laws powering our growth strategy. The Bipartisan Infrastructure Law is modernizing our nation\u2019s physical and digital infrastructure. I\u2019ll 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\u2019s largest-ever investment in clean energy \u2013 and will bolster America\u2019s leadership in the industries of the future for years to come.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Our economic plan invests in everything I just mentioned. But we also know that it\u2019s 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 \u201cOn Time, On Task, and On Budget.\u201d[1]<\/a><\/sup> 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.<\/p>\n\n\n\n In sum, our investments in infrastructure will boost our economic potential. They will help build on the progress we\u2019ve made in American manufacturing. They will also help our economy cope with unexpected shocks \u2013 like pandemics or climate disasters<\/p>\n\n\n\n for full topic please check this link<\/p>\n\n\n\n