The truth is: in 20, the tail risk of the pandemic’s impact on our economy was a downturn that could match the Great Depression. At that time, we faced unprecedented uncertainty about the fate of our economy. It’s important to remember the context for the President’s actions. The unemployment rate was over 6 percent with more than 800,000 new jobless claims, on average, per week. 2 Our public health crisis had triggered an economic calamity. 1 And 3,000 additional lives were being lost each day. At the time of his inauguration, the pandemic had claimed over 400,000 lives. When President Biden took office in January 2021, his immediate focus was to restore the economy while protecting Americans from the threat of a deadly virus. And they will move us toward a fairer and more resilient economy. I believe firmly that they will help us achieve stable, sustainable growth. Taken together, the Bipartisan Infrastructure Law, the CHIPS Act, and the Inflation Reduction Act authorize among the most significant investments our country has ever made. Then, I will discuss the meaning, for the future, of the historic economic legislation enacted by this Administration.
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We have brought the United States back to full employment in record time.
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Today, I will step back and describe the Administration’s efforts to stabilize the economy amid a series of shocks and disruptions. But beyond that, the threat of climate change looms very large. The pandemic and Putin’s immoral war in Ukraine remind us of our vulnerability to global supply shocks. And growing disparities in economic conditions across geographies and racial groups have exacerbated inequality. Sluggish productivity growth and declining labor force participation have weighed down our economic potential. The pandemic exposed our vulnerabilities, but our economy had long been suffering from soaring inequality, weak growth, and a sense of falling further behind for many – too many. We have been rescuing the job market from the pandemic downturn and stabilizing the economy after its unprecedented disruptions. And I am grateful to the leaders at Ford for having me at this cutting-edge EV assembly plant.Īs Treasury Secretary, over the past year and a half – among other things – I have been especially focused on addressing the pandemic-caused crisis. Thank you, also, to the members of Congress who are here with us today – Congresswomen Stevens and Lawrence – who have worked very hard over the past few months on historic economic legislation. I’d also like to thank Senator Peters for his equally strong advocacy and leadership. Thank you to Senator Stabenow, whose leadership on many provisions of the Inflation Reduction Act and CHIPS Act made them a reality, including her critical work on the energy manufacturing tax credit. I’d like to acknowledge Lieutenant Governor Gilchrist for hosting me here in Michigan today. As the global capital of the automobile industry, this region will experience significant growth and many good jobs from the recently enacted Biden economic plan. It’s great to be in Dearborn and, later today, in Detroit.
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