March 5 (Bloomberg) — Treasury Secretary Jacob J. Lew called for measures to ensure prosperity is shared more evenly as the U.S. economy accelerates this year and the job market strengthens.
The economic expansion since the 2007-09 recession helped the U.S. narrow its fiscal deficit and reduce unemployment to the lowest level since October 2008, Lew said in written testimony to the Senate Finance Committee today.
Echoing requests announced yesterday in the Obama administration's 2015 budget proposal, he urged Congress to increase support for the unemployed, infrastructure such as roads and bridges, and simplifying the tax code.
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"Our recovery from the worst economic recession since the Great Depression continues to strengthen," Lew said. "But more needs to be done to accelerate growth and ensure the benefits of economic growth are not overly concentrated."
In forecasts included in $3.9 trillion spending blueprint, the administration estimated that the economy will grow 3.1 percent in 2014, the fastest pace since 2005.
While income for the wealthy has seen "substantial growth," the median income for American families "has been stagnant for years," Lew said. Millions of people are looking for work, and many who are working part time can't find full- time employment, he said.
"The labor market is clearly improving, but millions are still looking for work," he said. "This budget is a comprehensive and balanced approach to the realities we face. It supports the ongoing recovery and invests in long-term growth, while also building on the progress that has already been made to ensure a sustainable path for the debt and deficit."
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