Treasury Secretary Janet Yellen responded to polling data on the state of the economy and consumer sentiment by stating that” the cost of living in some areas is extremely large” during an interview with Bloomberg on Monday. And President Biden’s top goal is to lower the cost of living, which is a problem for Americans.
Bloomberg variety and Chief Political Correspondent Annmarie Hordern asked,” ]W] bird you look at customer attitude, new, on Friday, the Michigan study, when you look at new surveys, inflation remains top of mind for American citizens. How can you possible examine the way you examine how the economy functions?
Yellen responded,” Well, the cost of living in many areas is extremely high. And Americans are concerned about this, and President Biden’s best goal is to reduce living expenses. Why I’m here in Stafford County, while, is, it actually illustrates one way in which that’s going to happen. A properly remote section of Virginia is being looked at by someone who has been deprived, has had absolutely no access to the Internet. Additionally, President Biden has pledged to provide Internet access to every American family and business. Additionally, significant funding was provided by the funds that were included in the bipartisan infrastructure bill and the American Rescue Plan, which was passed in 2021. And what we witnessed during the crisis was that knowledge, employment, and health care require access to the Internet. And every home requires access to it in its entirety. And thus, making that accessible and making sure it’s inexpensive, which is what I’m going to be seeing these presently, a project that has succeeded in reaching about 700 homes in this area, is one way that President Biden is working to lower the cost of living.
She continued,” But there are many other locations, as well. Prescription drugs, brought down the cost of insulin to$ 35 a month, working very hard to bring down the cost of energy, at the same time, we’re protecting the environment, and bolstering the finances of households by extending the child tax credit and earned income tax credit”.
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