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on thursday local time, u.s. treasury secretary janet yellen visited north carolina, a "battleground state" in the u.s. election, and publicly blasted the republican party's attempt to abolish the clean energy subsidy policy.

public information shows that the nearly 80-year-old lady not only visited the local technical education school, but also personally test-drove a ford mustang electric car to show her support for the clean energy industry.

(source: x)

of course, as the us election enters the final two months of the countdown, as a cabinet minister in the biden administration, yellen will inevitably need to personally participate in the fierce us party struggles.

in her speech on thursday, yellen mainly mentioned two points: the role of clean energy policies during her tenure, and she strongly criticized the intention of trump and other republicans to change subsidy policies.

yellen said,according to the irs, in the 2023 tax year, 3.4 million american households applied for $8.4 billion in special tax credits for residential clean energy and energy efficiency, mainly from the purchase of clean energy solutions such as solar panels, energy storage batteries, improved heat pumps, and energy-saving air conditioners.she noted that a study a few years ago showed that a household using solar power could save $700 a year, and once the cost of purchasing solar panels is recovered, the annual savings can increase to $2,000.

another key policy is the electric vehicle subsidy, where qualified electric vehicles can receive a discount of up to $7,500.this year alone, 250,000 electric vehicles have been purchased, saving $1.5 billion in purchase costs.。

against the backdrop of the election, the us treasury secretary also personally launched an attack on trump's policies.

yellen said,"some people" want to cancel these tax incentives, which would be a "historic mistake"such a policy would likely increase the burden on working families at a time when the u.s. government urgently needs to take action to lower prices. further, it would jeopardize significant investment in manufacturing across the country, and the jobs that go with it.especially since many of these jobs don't require a college degree.。

yellen also warned that if a future us government repeals the inflation reduction act, it would give america's competitors an advantage.

from the republicans' perspective, the biggest problem with the biden administration's policies, apart from "forcing people to buy electric vehicles," is that it will cause a huge fiscal deficit.

scott bessant, founder of global macro investment firm key square group and a well-known fundraiser for the trump camp, publicly stated on thursday thatbiden’s inflation reduction act can be called a “fiscal deficit doomsday machine.” it is estimated that this bill alone will create a cumulative $4.5 trillion hole in the federal budget.

the inflation reduction act is a bill that was forcibly passed by the democratic party in the united states in 2022. no republican members of the senate or house of representatives voted in favor of it. the chip industry subsidies and electric vehicle subsidies that investors are more familiar with all come from this.

as a potential candidate for a senior economic position in the trump administration, bessant expects thatif trump wins re-election next year, he will repeal the inflation reduction act。