On a visit to Boston’s Roxbury Community College, Treasury Secretary Janet Wellen cited successes of the federal efforts to curb inflation and lower prices and construct up clear power infrastructure.
“Instead of the recession many predicted, during the first three quarters of 2023 annualized growth in the US economy was about 3%,” Yellen mentioned Wednesday. “Inflation is now near 3%. And the prices of many key goods have fallen, from televisions down 28% from their peak, to used cars and trucks down 11%, and gasoline prices are down to around $1.90 per gallon from June 2020.”
Yellen toured the Center for Smart Building Technology at Roxbury Community College together with metropolis and state officers and sat down with native clear power and different leaders earlier than delivering remarks.
Speaking to the financial rebound, Yellen mentioned the markers are “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.”
The Treasury Secretary spoke to efforts to decrease power prices for people and outlined clear power alternatives included within the Inflation Reduction Act. These embody a $150 tax credit score for power audits of properties, a $1,200 tax credit score for power effectivity house enhancements, a $2,000 credit score for putting in a warmth pump and others.
Yellen additionally acknowledged the division is engaged on a proper evaluation of the associated fee and he or she “wouldn’t disagree the cost has risen” from the unique estimate of $368 billion.
“But importantly, what that reflects is the effectiveness the tremendous response rate that we’re seeing from the private sector, from cities and states to these incentives,” mentioned Yellen.
In the New England space, Yellen mentioned, there was a “massive take up” in IRA incentives investing in investments from decreasing family power payments, to power environment friendly buildings to wind and photo voltaic initiatives.
“These things not only are going to help us address and meet our climate goals, but they’re going to fundamentally make life better for residents and businesses,” mentioned Gov. Maura Healey. “They’re going to lower costs. They’re going to create healthier, more livable communities.”
During the go to college officers showcased clear power sector workforce improvement and investments made in clear infrastructure, citing the 2017 $20 million funding for power conservation measures just like the photo voltaic cover over the parking zone.
Yellen famous the school’s clear power diversifications have saved $800,000 per 12 months and 5 million kilos of carbon dioxide and praised the school’s packages constructing a talented workforce to satisfy the wants of the clear power sector.
“This college was always ahead of the curve on thinking about leading in energy development,” mentioned RCC President Jackie Jenkins-Scott. “We are proud of the progress we’ve made, but we want you to know that we are not stopping here. We have a lot more work to do in this area. And we are excited to partner with the city, with the state and with the federal government in achieving jobs and opportunities for people in this community.”
Source: www.bostonherald.com”