TVs, cars and gas are getting cheaper, Janet Yellen says in Boston
BOSTON - During a visit to Boston on Wednesday, Treasury Secretary Janet Yellen highlighted cooling inflation and an economy continuing to defy recession predictions.
Speaking at Roxbury Community College, Yellen touted the fact that television prices are down by 28% from their peak, used cars and trucks are 11% cheaper and gasoline is down almost $2 a gallon since June 2022.
Yellen also pointed to data showing the typical middle-class American household has "more wealth, higher earnings and more purchasing power than before the pandemic."
"This is due to the Biden administration's policies — beginning with the American Rescue Plan and continuing with a historic trifecta of legislation: the Bipartisan Infrastructure Law, the CHIPS and Science Act and the Inflation Reduction Act," Yellen said.
Many Americans give the White House low marks for its handling of the economy.
Yellen acknowledged that more work is required to get inflation under control and pledge to use "all tools at our disposal" to bring costs down.
"Despite how far we've come, we know significant work remains to be done. For too many families, prices for goods that matter — such as groceries, rents and prescription drugs, are high," Yellen said.
Massachusetts Gov. Maura Healey and Boston Mayor Michelle Wu joined Yellen for a tour of the college and a discussion about the clean energy industry.
Yellen praised RCC's use of geothermal energy systems, electric vehicle charging systems and parking lot solar panels. She said those measures are saving the college $800,000 annually on energy costs and reducing its carbon dioxide output by 5 million pounds per year.
"I'm here because this is a model for what we are seeing more and more of around the country due to Biden Administration policies: solutions that cut costs—for schools, businesses, and families—while advancing our nation's climate and energy security goals," she said.
CNN's Matt Egan contributed to this report
