Secretary of the Treasury Janet Yellen gave a statement on a press call with Vice President Kamala Harris, emphasizing the government’s support for American workers and the investments the administration has been doing for the working class across the country.
"The Biden-Harris Administration is focused on investing in our economic strength, and supporting American workers is at the heart of that effort," Yellen said in a press release issued on Aug. 28.
According to Yellen, the Biden-Harris Administration is also strengthening the role of labor unions in the economy. The Treasury Department has released a report highlighting the positive impact of unions, such as raising members' wages by 10-15% and improving access to benefits like retirement and healthcare.
“While we’ve emerged quickly from the pandemic and there have been many positive trends over the past decades, there have also been persistent challenges," Yellen said. "Middle-class wages and household incomes have stagnated in recent decades. Both renting and owning a home have become more expensive. So have education and healthcare.”
Yellen would go on to talk about the importance of unions in improving workplace standards and safety among other things.
“Unions also impact personnel practices, bringing about better workplace grievance systems and improved workplace safety," Yellen said. "I began my career as a labor economist, and I’ve found in my own academic work that these non-monetary factors are a key driver of job satisfaction. They are also critically important to workers’ well-being. Unionization also has spillover effects. Competition means workers at non-unionized firms may see increased wages too. Heightened workplace safety norms can pull up whole industries. Benefits also spill over to workers’ families and communities."
