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제목	Remarks by Secretary of the Treasury Janet L. Yellen at the Economic Club of New York (ECNY)
일시	June 13, 2024
연사	Secretary of the Treasury Janet L. Yellen
링크	https://home.treasury.gov/news/press-releases/jy2405

미 재무장관 재닛 옐런의 연설문으로 고유 명사와 삽입절을 삭제한 편집본입니다.

글로서리는 없습니다.

본문:

I last spoke here in 2016 as Chair. I discussed a topic that was then at the heart of my work: the pursuit of maximum employment and price stability. Today, I will similarly focus on a topic I see as core to my work: expanding our economy’s capacity to produce over the medium and long-term and doing so in a manner that is inclusive and environmentally sound. I first spoke about this strategy over two years ago. Today, I’d like to reflect on how we’ve applied it since, and specifically the roles played by the public and private sectors in boosting our nation’s competitiveness and economic strength.

We have seen a historic economic recovery since the start of this Administration. Economic growth has proven resilient and strong in recent quarters. The labor market remains healthy, with low unemployment rates. Prime-age labor force participation now exceeds its pre-pandemic high. Inflation is down nearly two-thirds from its peak and we expect it to moderate further as rents and other critical price pressures stabilize.

Businesses have contributed to this recovery, starting with their role in helping distribute pandemic relief funds. As we recovered from the pandemic, business fixed investment grew even faster than our economy as a whole and now constitutes over 13 percent of our GDP. We’ve also had three record years of new business applications.

There, of course, remain challenges. People are concerned about the cost of living and too many families find it hard to make ends meet. Addressing this remains the top priority.

As we have driven our recovery, we have also worked to strengthen financial stability and respond to urgent issues at home and abroad. Here too, the private sector has been crucial. We solicit views from business leaders as we finance the operations of the government and pursue ongoing collaboration with the private sector to respond to cyber incidents and conduct cybersecurity exercises, as two of many examples. The business community has also been key to our response to the invasion of Ukraine, as we continue to work to crack down on sanctions evasion.

While driving a historic recovery and responding to urgent issues, the Administration has also kept in mind the need to promote stronger and more inclusive growth over a longer timeframe, and as we face an increasingly complex and dynamic global economic landscape.

Our ability to compete and spur growth requires us to tackle longstanding structural challenges. Over decades, the country saw slowing productivity growth, entrenched income inequality, and significant deindustrialization, with communities in many parts of the country becoming hollowed out. Labor force participation of prime age individuals without a college degree declined. There was a rise in deaths of despair. For too long, too many workers and businesses haven’t been able to reach their full potential to contribute to our country’s strength.

Throughout my career, I have seen and participated in robust debates about the proper relationship between the government and businesses in addressing the challenges we’ve faced. We have learned through experience that heavy-handed central planning through government dictates is not a sustainable economic strategy. But neither is traditional supply-side economics, which ignores the importance of public infrastructure, education, workforce training, and government-supported basic research.

단어: 535