Speaking at a union hall just off the famous Las Vegas strip, Yellen underscored the importance of the climate-focused Inflation Reduction Act, which marks its anniversary on Wednesday, especially in a summer that has made headlines with record heat and climate change-related disasters.
"Americans are beginning to see in their daily lives the impact of that, but there's a lot more coming down the pike," she said, adding that polls already showed a large share of Americans felt good about their personal situation, even if they had weaker views on the broader economy. The U.S. economy has outrun recession warnings with record-low unemployment, strong wage gains and better-than-expected GDP growth, but many voters who backed Biden in 2020 think the economy has fared poorly, and may not vote for him in the 2024 election, a recentNevada’s economy, which is heavily service-driven, has largely recovered from the pandemic, but its unemployment rate of 5.4% is the highest of the 50 U.S.
She said over 13 million jobs had been created since Biden took office and the share of prime-age Americans - those between ages 25 and 54 - participating in the workforce had reached its highest level in over 20 years. She also touched on the challenges of transitioning away from fossil fuels, citing the risks posed by over-concentration of key inputs such as batteries, solar panels and critical minerals in a handful of countries.
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