United States Treasury Secretary Janet Yellen said on Thursday that the investment package announced by US President Joe Biden yesterday will make the largest economy on the planet “much more competitive” on the global stage.
In a statement released, Yellen stressed that, in the past 40 years, the federal government has reduced the transfer of resources to public goods, such as schools, infrastructure and research, in a process that, for her, has harmed economic growth. “This decreased productivity and reached the capacity to respond to our nation’s most urgent challenges, including the threat of climate change,” he argued.
According to the secretary, Biden’s plan will revitalize the “flawed” American tax system, ending the search for large companies for lower taxes, in addition to modernizing the infrastructure and improving the skills of workers.
“In the end, this project can make 80 years of history: it begins to fix structural problems that have plagued our economy for the past four decades and establishes the success of the next four,” he concluded.
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