Yellen rebrands Biden economic agenda as 'modern supply side economics'

U.S. Treasury Secretary Janet Yellen on Friday said the Biden administration was seeking strategies to ease inflationary pressures and rebranded its economic agenda as "modern supply side economics" to increase labor supply, infrastructure, education and research.

In remarks to a World Economic Forum virtual session, Yellen said she sees the new strategy as superior to the traditional definition of supply side economics, which approach prioritized tax cuts and aggressive deregulation.

"Our new approach is far more promising than the old supply side economics, which I see as having been a failed strategy for increasing growth," Yellen said.