Article Summary –
During a visit to Pittsburgh’s West Penn Hospital, Treasury Secretary Janet Yellen praised the Biden administration’s actions to improve healthcare and grow the economy. Yellen emphasized the administration’s efforts to make healthcare more affordable, including expanding tax credits for families paying healthcare premiums through the 2021 American Rescue Plan and capping out-of-pocket insulin costs for Medicare recipients. She further highlighted the economic improvement seen in Pennsylvania and nationally, with the state’s unemployment rate falling from 7.5% to 3.5% since Biden took office, and significant investments in public infrastructure, clean energy, and manufacturing.
Treasury Secretary Janet Yellen Highlights Economic Growth and Health Care Reforms in Pittsburgh Visit
On Feb. 13th, Treasury Secretary Janet Yellen visited West Penn Hospital in Pittsburgh to underline the Biden administration’s actions aimed at enhancing healthcare and stimulating economic growth.
“The Biden Administration has spurred the most powerful economic rebound in recent history,” Yellen asserted. She highlighted reduced unemployment and inflation rates, alongside increased gross domestic product.
Addressing the rising healthcare costs since the 1990s in Pennsylvania and nationwide, Yellen recognized the burden on families and the overall economy. “Affordable healthcare enhances middle-class families’ financial security and saves Americans money,” she noted.
Yellen attributed the saving of an average of $800 per year on bills by nearly 15 million people to the expanded tax credits for families paying healthcare premiums, introduced by the 2021 American Rescue Plan and extended by the Inflation Reduction Act.
The Treasury Secretary also mentioned provisions in the Inflation Reduction Act that limit out-of-pocket insulin costs and mandate drug companies to offer rebates if prices outpace inflation.
Yellen juxtaposed Biden’s approach to health care with Trump’s attempts to dismantle the Affordable Care Act and undermine health care exchanges, which led to stagnant enrollments from 2016 to 2020.
After Biden restored the cuts to the healthcare program’s advertising budget and navigator system made by the Trump administration, the national uninsured rate dropped to a historic low of under 8%.
Subsequent to the implementation of Biden’s economic agenda, Pennsylvania witnessed significant economic growth, similar to other states. As of December 2023, the unemployment rate in Pennsylvania dropped to 3.5% from 7.5% in January 2021.
According to Pennsylvania’s Independent Fiscal Office, the state currently enjoys more job opportunities than before the COVID-19 pandemic. The White House reports that since Biden’s tenure, $14.8 billion has been invested in Pennsylvania’s public infrastructure and clean energy projects. Additionally, private companies have pledged $3 billion in manufacturing investments in the state since 2021.
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