Now, the treasury secretary speaks on the state at the u. S. Economy in front of the International Brotherhood of Electrical Workers Labor Union in las vegas. During her remarks, the secretary outlined the economies transition in the wake of the covid19 pandemic, and highlighted the clean Energy Aspects of the Inflation Reduction Act. This is nearly 30 minutes. What youre doing in vegas and across the country demonstrates everyday that skill workers are literally building our economic future. I could not be more thrilled to join you. Just a year ago, i delivered a speech in michigan which laid out the case for our administrations economic plan. At the time we had just witnessed an historic economic recovery from the depths of the pandemic downturn. The unprecedented pace of job creation had brought the u. S. Labor market back in that time. Yet we were still in the early stages of executing President Bidens longterm economic agenda. We had just completed the enactment of our trifecta of historic investments. The bipartisan infrastructure law, the chips and science act, and the Inflation Reduction Act. During that speech, i also talked about the principles that guide our agenda. I outlined the framework called modern supplyside economics, and economic philosophy which animates much of biden onyx bidenomics. Its about how governments can spur longterm growth from the supplyside such as in our workforce and its productivity. Unlike traditional supplyside economics, this approach carries not only about about creating a fairer and more sustainable economy. President biden has introduced much of this through the passage of these three generational laws. Takei, i wanted to discuss what we have accomplished since last summer. I will first speak about the state of our economy, then i will turn to Clean Energy Provisions of the Inflation Reduction Act. It is an historic role that we have played in implementation. This year we marked one year since the president signing the ira into law. I would like to speak about the progress that was made, not only in driving the climate benefits of the law during the summer, where americans are feeling the harsh realities of Climate Change, but i would also like to discuss the economic benefits that we are already beginning to see across the country for American Workers and families. Powered by the ira, the president s agenda has helped drive a massive boom which is Touching Every corner of the country. Since january 2021, companies have committed over 500 billion in manufacturing and clean energy enhancements. The explosion in u. S. Factory construction is a uniquely american story. It is one that we do not see replicated in other countries. Let me start by speaking about the state of the economy. Over the past year, our task has been to create a transition for the economy from lack of recovery to stable growth. Our path so far shows that we are on the right track. Even as we remove confront potential challenges and uncertainties. Take our labor market. Americans are back to work, at a historically rapid jobs recovery which has been a source of strength as we make our way back from the pandemic recession. This recovery was driven in large part by the decisive economic measures that President Biden took to provide assistance to households, businesses and state and local government. Since President Biden entered office over 13 million jobs have been created. Art employment rate was not at a near record low of 3. 5 , less than a quarter of the unappointed rate recorded in april 2020. Importantly, we have also seen a significant recovery in the share of americans participating in our workforce. Which is rebounding labor supply bringing the jobs market into better balance. The Overall Labor Force Participation Rate is now back in line with prepandemic trends. The share of americans currently employed between the ages of 25 and 54 has reached its highest level in over 20 years. In fact, the share of prime age female workers currently employed is the highest it has ever been. Notably, the labor Market Recovery has been strong for workers across a broad set of communities. The rates of unemployment for black and hispanic americans are at their lowest on record. These are not abstract statistics. These are real americans back at work. They can put food on the table, they could support their families, and save for retirement. As President Biden says, the job is a lot about a lot more than a paycheck, its about dignity and respect. Its about your place in the community. And the people in this room know that very well. The continued strength of our labor market is particularly impressive given our fight against inflation. In july, i gave a speech about the remarkable resilience in the American Economy and our workers in the face of global challenges. There were many questioned a question whether that could last. But that is precisely what we are seeing over the past year, even as we deal with significant risks ahead. Inflation is now nearly six Percentage Points below the 2022 peak. Today, overall inflation and unemployment both sit below 4 . And our economy continues to expand. Workers are better off than they were last year. Real average hourly growing earnings have grown, meaning wage gains are outpacing inflation. In fact, in nine out of 14 sectors, real wages are growing faster than they were in the decade before the pandemic. That has had a sizable impact on reducing inequality. They estimate that wage gains for workers in recent years have reversed nearly a quarter of the wage inequality which had accumulated over the past 40 years. The Administration Remains committed to taking actions to lower prices for americans where we can. And we continue to monitor developments, particularly those abroad, which may affect prices and growth. I still believe that there is a path to continue reducing inflation while maintaining a healthy labor market. But there are risks. What we have seen so far suggests that we are on such a path, and americans are reflecting this optimism, Consumer Sentiment is at its highest level in almost two years. I expect that the important gains that we have made over the past 2. 5 years will serve as a source of resilience in the weeks and months to come, even if we see further cooling in the economy. As we continue to navigate through shortterm challenges, the president has been clear that we cannot just make quick fixes. Over the past few decades, we have seen growing pressures on the economy. Workers and families have felt them personally. That includes slowing productivity growth, Rising Economic equality, concerns about our energy and national security. And a worsening Climate Crisis that, if unmitigated, presents an existential threat to us all. Our administration is taking Decisive Action against these persistent challenges by investing in america. With localized public and private investments in threes to treat jet sectors as part of our modern supplyside agenda. We passed the bipartisan infrastructure bill, which is a generational investment in our physical and digital infrastructure. This law is already delivering tens of thousands of new projects across the country and they are increasing productivity and growth potential. They are also strengthening our competitiveness and supply chain resilience. We also enacted the chips and science act, which is a major investment boosting Semiconductor Manufacturing and incentivizing investments in cuttingedge research and development. The strong semi cup semiconductorbased at home will bolster our nations resilience to global shots. Finally the them Inflation Reduction Act, our boldest ever Climate Action, which is beginning to spark an economic renaissance in communities that have been left behind. I would like to focus specifically on the Inflation Reduction Act as we mark its oneyear anniversary. Last year, i identified three goals for this law. Climate change, expanding Economic Opportunity, rebuilding our Economic Resilience and energy security. Let me speak about how we have made progress in terms of each of these goals. First, tackling Climate Change. Over the past month, we have again seen incontrovertible evidence that Climate Change is here. We have also seen how it has compounded the effect of unusual weather patterns like el nino. Extreme heat has scorched communities across the United States. There has been recordbreaking temperatures from phoenix to miami. And here in las vegas, you have seen, similarly, waves of crippling extreme heat. Scientists estimate that july was the hottest month in its modern history. A large part of the east coast and midwest has been repeatedly shrouded in smoke through wildfires in canada. Which have devastated vermont and other parts of the east coast by floods, battling severe drought. These events have had Economic Impact on americans, even if they were spared from physical impacts. As an example, some people are hiking rates or pulling back entirely from hireling highly vulnerable areas in states like california and for that. These developments are having a significant Economic Impact on homeownership which has long been the cornerstone of the American Dream and a primary driver of household wealth. President biden has identified this decade has the decisive decade to combat Climate Change. The United States is committed to reduce our Greenhouse Gas emissions by at least half from 2005 levels by 2030, and is committed to a net zero economy by 2050. Tackling Climate Change requires action. But the United States wants to do our part and a clear signal from the Worlds Largest economy can mobilize actions by other nations. While more is needed, scientific studies conclude that the ira and other Administration Actions are moving us well towards achieving our commitments under the paris agreement. Our Climate Strategy is based on a simple premise. Targeted Public Investment can help mobilize private capital towards a compelling Public Policy objective. This is an old strategy. One successfully utilized in the past. Like the developing of new technologies like the internet. The ira invested in both demand and supply incentives to build a clean energy economy. On the supply side, the ira expands the existing foundation of tax incentives. These incentives provide longterm certainty in pursuing Clean Energy Projects. With the ira, investors have grown confident that the scale of deployment of established technologies like solar energy. The ira also helps to develop nascent technologies like cold hydrogen and Sustainable Aviation fuel. These are essential to reducing emissions from certain sectors. Expansion on the supplyside is also matched by supply by tax credits and rebates to drive up demand for consumer goods like electric vehicles, heat pumps, and energyefficient appliances. Together, these incentives spur greater innovation and competition in the Clean Energy Industry. And they drive down the cost curves of these technologies and lower costs with adoption. This will help not only the United States limiting our Greenhouse Gas emissions but also the rest of the world as well. Thanks to the ira, people estimate that for every ton of Carbon Dioxide produced, two or three tons of reduction will be achieved outside of the United States. Second, as we use the iras climate benefit we are expanding opportunity to communities across america. The Climate Transition is one of the biggest economic transitions of our lifetime. Today, over 1 trillion in new capital each year is being invested in clean Energy Around the globe. But for far too long, Economic Opportunity in the United States has been concentrated on the coast. And that must change. We must not only create Clean Energy Jobs in the aggregate, but the employment and other benefits of this transition must accrue broadly across all communities. A core goal of the ira is to revitalize communities who have suffered industrial decline or been left behind. We are putting American Workers and american jobs at the center of our Clean Energy Transition. Making sure americans in every part of our country benefit from the rising Global Demand for low carbon products. The early results are in. Through my travels i have seen other Clean Energy Industry is expanding across the country. I visited Solar Companies in North Carolina and louisiana. I toured a battery plant in tennessee. Lets see the difference that the ira is making in nevada as well. In the south, there are so many shovels in the ground for new ev battery factories that many are dubbing these regions the new battery bill. People treasury estimates indicate that investments into clean energy and batteries since the president took office have been concentrated in counties that need them the most. That is, those that are in the red in earnings with Child Poverty rates and graduation rates. This progress is not incurred by happenstance. The inflation protection act provides incentives which altered the Business Case to invest in certain communities. It provides incentives for companies who invest in solar and wind projects, complementing the treasurys other work to bolster Capital Access in these places. Its also important in cities and towns that have served as the backbone of our nations Traditional Energy production that they are not left behind. The ira provides a bonus for companies that invest in areas with closed coal mines or coalfired power plants. And other communities which rely on jobs in fossil fuel industries. And this is a major pillar in our administrations broader interest, to reduce the workers that are driving the Clean Energy Transition like those in this room must benefit from it. The law requires companies to adhere to strong standards and apprenticeship requirements which claim the full value of many incentives. The treasury also released proposed guidance which would make it easier for these tax credits to reach a broad range of institutions. We are implementing innovative tools which will enable states, cities, towns and taxexempt organizations like schools and hospitals to directly access these credits. These serve as a force multiplier for the ira, allowing Clean Energy Projects to be more quickly, affordably and by more entities. We expect massive benefits from the ira to be felt more rapidly and broadly. Investing in underserved communities is not just an important moral imperative, it is also smart economics. One study indicates that boosting employment in distressed regions results in at least 60 greater economic benefits than those in booming ones. Put simply, it gives us the bigger bang for our buck. All of us benefit once we bring people back into the workforce and provide them and others with access to good paying, highquality jobs in the industries of the future. The third goal that we laid out for the ira is bolstering resilience and energy security. The bipartisan infrastructure law provides significant investment to adapt to Climate Change. That includes protecting our infrastructure against drought, flood and extreme heat. Beyond climate adaptation, we must also mitigate our own abilities to shops from our reliance on fossil fuels. Over the past couple of years we have seen how huge swings in the price of oil can put tremendous pressure on the pocketbooks of american families. We have also witnessed russia weaponizing experts exports against our european allies and partners. Energy is the lifeblood of our economy. A Clean Energy Transition will enable us to depend more on the wind and the sun and less on fossil fuels and the whims of those who control those resource resources. That will make a difference ordinary americans who will have greater stability and predict ability in their energy costs. This means greater certainty in their budgets and less time looking at the price tags outside of gas stations. But we must do more. As we move away from fossil fuels, we remain concerned about the risks of overconcentration, in overconcentration in Energy Supply chains. The supply chain of critical clean Energy Inputs from batteries to solar panels to critical components is concentrated in a handful of countries. It is important that we build a resilient and diversified critical Global Supply chain which can reduce chokepoints. Medicaid instructions. And protect our economic security. And that starts by investing here at home. The ira is something we sure some of the components critical to our economy. Economy. We also want to accelerate the Clean Energy Transition in other countries. Accelerating these transitions can mean greater demand for u. S. Clean Energy Technologies produced by American Workers. It can also ulster global clean Energy Supply chains. Bolster global clean Energy Supply chains. Its remarkable to consider how far we have come. As an administration, we are laser focused on continuing to provide clarity on the laws. As long as these benefits can be filled, as soon as possible, i American Workers and families. We are also providing important guardrails for taxpayer resources so they are effectively spent. The irs plays a major role in administrative the iras clean energy incentive. The irs Modernization Initiative is essential for the work we do. We will continue our conference build ministration system where the of the 21st century. 25 years ago, i gave my first major speech about the economic dangers of Climate Change. And since that time we have seen climate impacts intensified. But while the world has long recognized the need for Decisive Action, the federal government has been missing in action. But no longer. Over the past year we have seen early results of bold federal action through the ira and Administration Climate agendas. We see how Climate Action has advanced our economic priorities. The ira is driving economic growth, expanding Economic Opportunity, and bolstering our resilience. This is good for the American Workers in this room, and so many others across the United States. Personally, i am excited about the future that we are building together and i hope you are as well. Thank you for having me here today. [applause] tuesday, National Defense researchers discuss chinas global naval footprint at an event hosted by the heritage foundation. Watch live at 11 a. M. Eastern on cspan, cspan now are free will video out, or online at cspan. Org. During the 20222023 Supreme Court turn, the judges announced decisions on huge cases. Next week, we will examine some of those cases involving Voting Rights, affirmative action, antidiscrimination and religious liberty. A second power. And election laws. On monday, august 21, we will look at the case of allen versus milligan, involving alabamas congressional map and Voting Rights. The court ruled in favor of black voters, saying that alabamas Congressional Redistricting map violates the Voting Rights act. Watch key Supreme Court oral arguments starting monday august when he first at 9 00 p. M. Eastern on cspan and online at cspan. Org. Listening to programs on cspan through cspan radio just, easier just got easier. Tell your swat speaker listen to cspan radio app listen to important congressional congressional hearings and washington journal, and weekdays at 5 00 and 9 00 eastern, cash catch washington today for reports on the day. Listen to cspan anytime. Just tell your Smart Speaker play cspan radio. Cspan power by cable. Powered by cable. Cspan is your unfiltered view of government. We are funded by these Television Companies and more, including comcast. Christ you think that this is just amu