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Treasury official touts small business growth, says more economic opportunities needed

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Treasury official touts small business growth, says more economic opportunities needed

Wisconsin’s economy has been in a mixed position for months with unemployment hovering at or around 3%, high labor force participation rate, job openings across multiple industries.

However, hundreds of workers have been laid off and the economy of the greater Milwaukee area is “stagnant” according to economists.

Depending on which indicator you focus on, there’s evidence to show things could be going good or bad.

The results have gotten the attention of officials at the federal level.

Wally Adeyemo, deputy secretary of the U.S. Department of Treasury, traveled to Milwaukee on Thursday, along with Vice President Kamala Harris, who was touting the administration’s efforts on affordable housing, student and small business loans, and access to capital for businesses.

Adeyemo spoke at Discovery World about how Wisconsin has rebounded from the high unemployment that took place during the coronavirus pandemic in 2020, to now.

“Over the past three years, the American economy and Milwaukee have made a comeback,” Adeyemo said adding 18,000 people in Milwaukee County have started a business in the past year.

According to the U.S. Chamber of Commerce, a business association advocacy group, Milwaukee County residents have filed 18,019 applications for in 2023, the highest of any county in the state.

But the data is mixed. In that same data set, the percentage of new business applications from 2022 to 2023 went down 1.7% and the state ranks 46 in business applications per capita.

“The key is we’re making progress,” Adeyemo said of the mixed economic results. “We’re not done yet. We know we need to do more to create more jobs, to create more opportunities, but I think what the vice president said today was the idea that we’ve taken a lot of steps that are important to helping create opportunities for small business.”

Economy is major issue in presidential race

In the midst of a tight presidential race, the Biden Administration has made sure to give Wisconsin residents plenty of attention. And the main topic of discussion has been the economy and jobs.

On May 8, President Joe Biden was in Racine County to tout Microsoft’s $3.3 billion investment in its data centers in Mount Pleasant.

In March, Harris visited Madison to announce a new executive order aimed at promoting apprenticeships.

In January Treasury Secretary Janet Yellen traveled to Milwaukee to announce $1.5 million to upgrade  Wisconsin Regional Training Partnership/BIG STEP‘s facility in Milwaukee. WRTP/BIG STEP trains residents in

While in Milwaukee Yellen said she understood why people felt like the economy wasn’t doing as well as the numbers might indicate but believes that sentiment could change in the coming months.

Republicans have been critical of the Biden administration’s record, saying more needs to be done to help families and businesses financially.

“Every time Kamala Harris visits Wisconsin, voters are reminded of the failed agenda of the Biden Administration,” Brian Schimming, chairman of the Wisconsin GOP, said in a statement. “From higher inflation to lower wages, voters know they cannot afford another four years of Biden and Harris in the White House.” 

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