Treasury Secretary Yellen says inflation at 3% due to Inflation Reduction Act

WASHINGTON (NEXSTAR) – Secretary of the Treasury Janet Yellen delivered a speech about the Inflation Reduction Act today at Roxbury Community College in Boston.

Secretary Yellen referenced energy saving measures introduced that will save Roxbury Community College an estimated $800,000 per year. Roxbury Community College offers programs in residential and commercial building efficiency and building optimization and automation.

“This is a model for what we’re seeing more and more of around the country due to the Biden administration’s policies,” Yellen explained.

A key figure from Yellen is that inflation is now around 3%, equal to the annualized growth of the US economy in the first three quarters of 2023. Yellen pointed to examples like television prices down 28%, used cars and trucks down 11% and gas down $1.90 per gallon.

Due to the low inflation figures, Yellen claimed that “the typical middle class American household now has more wealth, higher earnings and more purchasing power than before the pandemic.”

Many Americans have struggled to make ends meet coming out of the pandemic, but the Biden Administration is hoping the positive jobs report from December and the low inflation numbers will shift voters’ view of the economy going into the 2024 election.

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