“The inability of our government to invest in innovation has led to widespread consequences for the long-term prosperity of the economy,” RIA Novosti quoted her as saying.
Yellen cited the example of semiconductors, whose global production share in the country has declined from 37% to 12% over the past 30 years.
She stressed that over the past decades, US leadership has been threatened by competitors, including China.
“We are largely to blame for this.
We have not been able to make adequate investments in science and technology,” the minister concluded.
On October 11, the head of JP Morgan Chase, Jamie Dimon, warned of the risk of a recession in the United States by the middle of next year.
In addition, Russian Foreign Ministry spokeswoman Maria Zakharova said that the sanctions policy of Western countries, primarily the United States, could lead to a recession in the global economy.