Productivity

U.S. Treasury’s Yellen says investment bills will boost productivity, labor force – Reuters

Summary

U.S. Treasury Secretary Janet Yellen attends the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 3, 2021. REUTERS/Phil Noble

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U.S. Treasury Secretary Janet Yellen attends the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 3, 2021. REUTERS/Phil Noble

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WASHINGTON, Nov 9 (Reuters) – U.S. 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 U.S. productivity and the size of its labor force.

Yellen said in prepared remarks to a University of Nevada-Las Vegas economic conference that together, the two bills would increase long-term U.S. economic output without increasing the national debt, and their revenue-raising measures would reduce deficits over time.

“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 labor force and expand the productive capacity of our economy,” Yellen said.

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The “Build Back Better” bill’s investments in child care would allow many American mothers to return to the work force, she said, citing studies showing that from 2018 to 2019 some 2 million parents …….

Source: https://www.reuters.com/world/us/us-treasurys-yellen-says-investment-bills-will-boost-us-productivity-labor-force-2021-11-09/