Treasury Secretary Janet Yellen said Wednesday that inflation has caused energy and health care costs to remain elevated for American households and that reducing them is the Biden administration's top priority in economic policy. Yellen delivered remarks in Norcross, Georgia, and said "GDP growth is strong, inflation has come down significantly and the labor market is remarkably healthy.
The burden can be even greater for lower-income and middle-class families, for whom energy accounts for a larger share of their monthly budgets." BIDEN ADMIN LOCKS $6B IN CLIMATE FUNDING BEHIND DEI, INCLUSIVITY REQUIREMENTS The U.S. has led the world in oil production for six straight years, although the industry has taken issue with the Biden administration's mounting restrictions on domestic production, arguing they could undermine oil and natural gas production over the long-term.