WASHINGTON, Nov 10 — US Treasury Secretary Janet Yellen said on Tuesday that the bipartisan infrastructure package approved by Congress and President Joe Biden’s proposed social and climate spending plan would increase US productivity and the size of its labour force.
“I do believe that the passage of these pieces of legislation will lead not only to higher rates of productivity but to positive changes across a wide array of metrics. They will increase the size of our labour force and expand the productive capacity of our economy,” Yellen said. Universal pre-school as proposed in the bill will also help parents stay in the workforce and pay dividends in future decades by improving graduation rates and the income-earning prospects of future workers, Yellen said.
“Our compliance efforts to ensure wealthy people pay what they owe will raise an estimated US$400 billion – and that’s probably a conservative projection,” Yellen said, echoing comments to Reuters by her deputy, Wally Adeyemo.
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