Reversing a significant rise in inequality in the United States over the last four decades is essential to boosting overall economic growth, Deputy Treasury Secretary Wally Adeyemo will tell top business leaders in New York City on Monday. Adeyemo, in remarks prepared for an Economic Club of New York luncheon, said President Joe Biden's economic policies had helped the U.S. economy weather the COVID-19 pandemic and Russia's invasion of Ukraine better than any other advanced economy, with lower rates of inflation. He said the administration remained focused on driving down inflation and was using targeted investments to 'unlock the unrealized potential of our economy' by revitalizing communities in rural areas and communities of color that had been 'left behind or left out for too long.'
Adewale Adeyemo confirmation hearing to be Deputy Secretary of the Treasury - Reversing a significant rise in inequality in the United States over the last four decades is essential to boosting overall economic growth, Deputy Treasury Secretary Wally Adeyemo will tell top business leaders in New York City on Monday.
He said the administration remained focused on driving down inflation and was using targeted investments to "unlock the unrealized potential of our economy" by revitalizing communities in rural areas and communities of color that had been "left behind or left out for too long." "Despite the clear economic benefits, opportunity is too often concentrated in too few zip codes," he said, adding that boosting investments in rural areas - home to one in five Americans - "is essential to our economic growth."
He said rising educational attainment drove productivity growth in the second half of the 20th century, with greater opportunities for women and Black men to take skilled jobs accounting for up to 40% of U.S. GDP growth from 1960 to 2010.
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