Janet Yellen Says IRS Plan to Monitor $600+ Bank Transactions is 'Absolutely Not' Spying: 'There's a Lot of Tax Fraud'

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Mediaite 12 October, 2021 - 10:06pm

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Treasury secretary expects rising prices to return to "normal levels" once pandemic recedes

CBS News 13 October, 2021 - 09:01am

"I believe it's transitory. But I don't mean to suggest that these pressures will disappear in the next month or two," Yellen told "CBS Evening News" anchor and managing editor Norah O'Donnell on Tuesday. 

“There’s a lot of tax fraud and cheating that’s going on.” Treasury @SecYellen tells @NorahODonnell the proposed $600 IRS reporting requirement for banks is “absolutely not” a way for the government to peek into American’s pocketbooks but to hold billionaires accountable. pic.twitter.com/M3VKOhdtSu

The pandemic "led to a huge shift in demand away from services and toward goods. And it's created huge bottlenecks in supply chains," she said. "As the economy adjusts and we get the pandemic under control, the global economy comes back, these pressures will mitigate and, I believe, will go back to normal levels." 

A huge backlog of cargo ships waiting to get into ports in Southern California has helped drive up the costs of goods and services during the pandemic. There's also a shortage of trucks and drivers to transport the goods from ports. 

With limited inventories and labor shortages, retailers are urging consumers to start their holiday shopping early. Yellen urged consumers to stay calm. 

"There may be isolated shortages of goods and services in the coming months," Yellen said. "But there is an ample supply of goods. I think there's no reason for consumers to panic about the absence of goods that they're gonna want to acquire at Christmas." 

However, there could be catastrophic effects for Americans if Congress does not raise or suspend the debt limit, Yellen warned. Congress punted the debt ceiling debate to December after passing a short-term extension. 

"It's absolutely necessary for Congress to take action to raise or suspend the debt limit," Yellen said, adding that it could "absolutely" lead to a recession. 

"Fifty million seniors would risk not seeing their Social Security checks arrive on time. Our troops would have to worry about when or if they were going to be paid," she said.  "We would see an increase in interest rates on all forms of borrowing, on mortgages, on credit cards. Households would see their interest bills go up." 

Yellen also discussed the disproportionate number of women who are leaving the workforce. In September, 300,000 women dropped out of the labor force, according to data released by the Bureau of Labor Statistics. 

"Women have disproportionate burdens for child care. And the fact that schools haven't been operating on a normal schedule has created stress for them and additional responsibility," she said. "We're no longer anywhere near the top in terms of women's labor force participation. And when you look at what might be driving that, an important element is child care, paid leave." 

“We're no longer anywhere near the top in terms of women's labor force participation. And when you look at what might be driving that, an important element is childcare, paid leave,” Treasury @SecYellen tells @NorahOdonnell on the impact the pandemic has had on women. pic.twitter.com/WgNV0AAKch

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Yellen Sticks with 'Transitory' View of U.S. Inflation

Bloomberg 13 October, 2021 - 09:01am

Treasury Secretary Janet Yellen stuck with her assessment that elevated U.S. inflation will prove “transitory,” while acknowledging it will take longer for the pace of price gains to return to normal. 

“I believe it’s transitory, but I don’t mean to suggest these pressures will disappear in the next month or two,” Yellen said in an interview on CBS Evening News with Norah O’Donnell that aired Tuesday evening.

Yellen says consumers shouldn't 'panic' about Christmas present shortages

The Week Magazine 13 October, 2021 - 09:01am

Treasury Secretary Janet Yellen told CBS News anchor Norah O'Donnell on Tuesday that she believes the higher prices on gas, groceries, and other goods are "transitory," adding she doesn't "mean to suggest that these pressures will disappear in the next month or two." The pandemic-related shifts in consumer habits have helped created "huge bottlenecks in supply chains," leading to hundreds of ships waiting to dock in U.S. ports, she explained. "As the economy adjusts and we get the pandemic under control, the global economy comes back, these pressures will mitigate and, I believe, will go back to normal levels." 

"We're being advised now to shop now for the holidays because of these supply chain issues," O'Donnell said. "What's your message to consumers?" Essentially, Yellen advised consumer not to panic. "There may be isolated shortages of goods and services in the coming months," she said, "but there is an ample supply of goods, and I think there's no reason for consumers panic about the absence of goods they're gonna want to acquire at Christmas."

Yellen was less sanguine about the risk to the U.S. and global economies from Congress dithering about raising the debt ceiling. And she said that with 300,000 more women leaving workforce in September, "we're no longer anywhere near the top in terms of women's labor force participation. And when you look at what might be driving that, an important element is child care, paid leave." Yellen also noted that "women have disproportionate burdens for child care" and "schools haven't been operating on a normal schedule," creating "stress for them and additional responsibility."

Pat Buchanan: Sink the New World Order tax!

TribLIVE 13 October, 2021 - 09:01am

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Last Friday, in a triumph for transnationalism, 136 nations, including the U.S., agreed to mandate a global corporate income tax for all nations that will not be allowed to fall below 15%.

Pat Buchanan is author of “Nixon’s White House Wars: The Battles That Made and Broke a President and Divided America Forever.”

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