<a href="http://dailywire.com/topic/treasury-department" target="_blank" rel="noopener">Treasury</a> Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> asserted on Saturday that <a href="http://dailywire.com/topic/house-republicans" target="_blank" rel="noopener">House Republicans</a> attempting to negotiate spending cuts amid the renewed <a href="http://dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a> battle are “very irresponsible.”
The official <a href="https://www.dailywire.com/news/yellen-warns-congress-extraordinary-measures-have-begun-after-debt-ceiling-breached" target="_blank" rel="noopener">informed</a> House Speaker Kevin McCarthy (R-CA) and other lawmakers in a recent <a href="https://home.treasury.gov/news/press-releases/jy1196" target="_blank" rel="noopener">letter</a> that the debt ceiling, an arbitrary cap on the <a href="http://dailywire.com/topic/national-debt" target="_blank" rel="noopener">national debt</a> established by Congress, exceeded the statutory limit of nearly $31.4 trillion as of this week. Yellen said in an <a href="https://apnews.com/article/politics-us-department-of-the-treasury-united-states-government-district-columbia-china-0f7f0d85ed38353940a18cd262de8b09?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_01" target="_blank" rel="noopener">interview</a> with the Associated Press that House Republicans calling for spending cuts are risking a “self-imposed calamity in the United States and the world economy.”
“This is about paying bills that have already been incurred by decisions with this and past Congresses and it’s not about new spending,” she said, commenting that sustainable expenditures cannot be “negotiated over whether or not we’re going to pay our bills.”
Yellen, who is currently touring multiple African countries for a trip centered on the continent’s economic development, said that the position of withholding a debt ceiling hike until more spending cuts occur is “a very irresponsible thing to do” and added the position could have serious consequences even before “the day of reckoning.” Her letter to lawmakers said that new investments into the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund have been tentatively suspended; the “extraordinary measures” adopted by the Treasury Department to keep the government solvent are expected to last until June.
Yellen nevertheless forecasts that lawmakers will defuse the situation because they understand the economic calamity that would be spurred by the federal government defaulting on obligations. Beyond the possibility of a default, diminished trust in the government’s ability to repay debt can also cause “markets to become quite concerned,” she continued.
The federal government has relied upon sizable budget deficits over the past several decades to continue deficit-driven expenditures. Social Security, Medicare, and other health initiatives constituted 46% of the federal budget during the last fiscal year, according to <a href="https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/" target="_blank" rel="noopener">data</a> from the Treasury Department, even as <a href="https://www.dailywire.com/news/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending" target="_blank" rel="noopener">maintenance costs</a> on the national debt soar due to the present rise in interest rates across the economy.
Yellen, who previously directed the Federal Reserve, said in another <a href="https://home.treasury.gov/news/press-releases/jy1188" target="_blank" rel="noopener">notice</a> last week that “failure to meet the government’s obligations” would mean “irreparable harm” to the domestic economy and the global financial system. “Presidents and Treasury Secretaries of both parties have made clear that the government must not default on any obligation of the United States,” she wrote. “Yet the use of extraordinary measures enables the government to meet its obligations for only a limited amount of time.”
As McCarthy plans to meet with President Joe Biden to discuss the debt ceiling negotiations, House Republicans have called upon their Democratic counterparts to determine possibilities for spending cuts. Ways and Means Committee Chairman Jason Smith (R-MO) remarked in a <a href="https://waysandmeans.house.gov/smith-democrats-need-to-come-to-the-table-to-address-reckless-spending-and-debt-limit/" target="_blank" rel="noopener">statement</a> that “reckless spending” has produced “the worst spike in prices in forty years” and resultant decreases in living standards.
“Instead of attacking his political opponents, President Biden should be spending this time working with House Republicans to address the debt ceiling in a way that imposes some fiscal sanity. Otherwise, the President is simply scheduling America’s next debt crisis,” he continued. “We can find commonsense solutions to halt reckless spending, put American’s finances on stable footing, and ensure we meet our debt obligations.”

Janet Yellen

‘Very Irresponsible’: Yellen Blasts House Republicans For Wanting Spending Cuts Amid Debt Showdown

Yellen Calls Republicans 'Very Irresponsible' For Wanting Deficit Reductions

Debt Ceiling

Economy

House Republicans

National Debt

Politics

Treasury Department

A report from the <a href="https://www.dailywire.com/topic/internal-revenue-service-irs" target="_blank" rel="noopener">Internal Revenue Service</a> released last week indicated that officials are devoting much of the agency’s recent funding windfall toward audits even as the degree to which the actions will impact everyday <a href="http://dailywire.com/topic/taxes" target="_blank" rel="noopener">taxpayers</a> remains uncertain.
President Joe Biden’s <a href="https://www.dailywire.com/topic/inflation-reduction-act" target="_blank" rel="noopener">Inflation Reduction Act</a> recently approved $80 billion for the tax enforcement agency. Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> previously said that the funding will enable staff members to upgrade information technology systems and <a href="https://www.dailywire.com/news/janet-yellen-a-strong-irs-is-critical-to-the-economic-success-of-this-country" target="_blank" rel="noopener">more easily assist</a> individuals and small businesses seeking to file their taxes; a <a href="https://www.tigta.gov/sites/default/files/reports/2023-01/2023ier003fr.pdf" target="_blank" rel="noopener">report</a> from the Treasury Inspector General for Tax Administration, however, indicated that the agency has not yet decided how the actions enabled by the funds will impact audit rates for middle-income taxpayers.
The document noted that the Inflation Reduction Act earmarked $45.6 billion, the majority of the new funds, toward enforcement activities that will empower agents to “determine and collect taxes owed.” Some $3.2 billion will be used to aid taxpayers with “filing and account services, pre-filing assistance, and education,” while $4.8 billion will be used for business systems modernization that “can be invested” in customer service technology.
The agency’s budget for enforcement activity will therefore increase 69% over the next decade, while the budget for taxpayer services will increase 9%. The remainder of the new funding will be used to cover the costs of rent, facilities, and telecommunications.
Yellen has previously vowed that the new resources will not be utilized to increase audit rates for American households earning less than $400,000 per year “relative to historical levels.” She <a href="https://www.dailywire.com/news/janet-yellen-vows-irs-audits-wont-rise-for-middle-income-americans-but-theres-a-catch" target="_blank" rel="noopener">failed</a> to clarify that “historical levels” of enforcement were far higher as recently as one decade ago: audit rates for Americans earning between $25,000 and $200,000, for instance, decreased 76% between 2010 and 2019, according to <a href="https://www.gao.gov/assets/gao-22-104960.pdf" target="_blank" rel="noopener">data</a> from the Government Accountability Office.
The document from the Treasury Inspector General for Tax Administration likewise reveals that IRS officials “have not yet finalized what constituted the $400,000 income level or what historic audit level will be used for its metrics,” further indicating that such matters are “still being discussed between the IRS and the Treasury Department.” The agency nevertheless believes there is not “an immediate risk” of violating the commitment because “employee attrition and hiring challenges will limit its ability to conduct more audits.”
An analysis of the document from the House Ways and Means Committee provided to The Daily Wire concluded that “when they have the numbers, they’ll perform the audits.”
“At a time when Americans are facing the double threat of sky-high inflation and an economy in recession, top bureaucrats at the IRS are huddling over how to spend their $80 billion windfall, and what technicalities they can use to justify auditing families and small businesses,” Ways and Means Committee Chairman Jason Smith (R-MO) said in a statement provided to The Daily Wire. “President Biden and Secretary Yellen need to come clean with the American public about the true extent of their enforcement plans and exactly how many middle-class families will be swept up in their audit scheme. The American people are already dealing with 40-year high inflation; the last thing they need is a visit from the IRS.”

Panel Recommends Major Tax Law Changes

IRS Has ‘Not Yet Finalized’ How Middle Class Will Be Affected By $80 Billion Windfall

IRS Will Use Most Of $80 Billion Windfall For Audits. Officials ‘Have Not Yet Finalized’ How Middle Class Will Be Affected.

Biden Administration

Inflation Reduction Act

Internal Revenue Service (IRS)

Taxes

U.S.

<a href="https://www.dailywire.com/topic/treasury-department" target="_blank" rel="noopener">Treasury</a> Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> told members of <a href="https://www.dailywire.com/topic/congress" target="_blank" rel="noopener">Congress</a> that she has launched “extraordinary measures” to fund the federal government after the <a href="https://www.dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a> was surpassed.
The official notified House Speaker Kevin McCarthy (R-CA) and other lawmakers in a <a href="https://home.treasury.gov/news/press-releases/jy1196" target="_blank" rel="noopener">letter</a> that the debt ceiling, an arbitrary limit on the <a href="http://dailywire.com/topic/national-debt" target="_blank" rel="noopener">national debt</a> established by Congress, has crossed the current statutory limit of $31.381 trillion as of Thursday. She therefore warned lawmakers that efforts to guarantee the solvency of the government have entered into effect.
Yellen said that new investments into the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund had been tentatively suspended until the beginning of June, clarifying that federal retirees and employees will not be affected by the actions. “The period of time that extraordinary measures may last is subject to considerable uncertainty,” she informed lawmakers. “I respectfully urge Congress to act promptly to protect the full faith and credit of the United States.”
The federal government has relied upon sizable budget deficits over the past several decades to sustain discretionary and mandatory spending programs. Social Security, Medicare, and other health initiatives constituted 46% of the federal budget during the last fiscal year, according to <a href="https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/" target="_blank" rel="noopener">data</a> from the Treasury Department, even as <a href="https://www.dailywire.com/news/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending" target="_blank" rel="noopener">maintenance costs</a> on the national debt soar due to the present rise in interest rates across the economy.
Yellen said in another <a href="https://home.treasury.gov/news/press-releases/jy1188" target="_blank" rel="noopener">notice</a> last week that “failure to meet the government’s obligations” would cause “irreparable harm” to the domestic economy and the global financial system. “Presidents and Treasury Secretaries of both parties have made clear that the government must not default on any obligation of the United States,” she continued. “Yet the use of extraordinary measures enables the government to meet its obligations for only a limited amount of time.”
The most recent breach of the debt ceiling occurs after Republican lawmakers <a href="https://www.dailywire.com/news/here-are-the-concessions-house-speaker-kevin-mccarthy-gave-to-republican-holdouts-to-win-their-support" target="_blank" rel="noopener">struck a deal</a> with McCarthy under which the party’s new majority would introduce a budget that refrains from increasing the statutory debt limit. Senate Majority Leader Chuck Schumer (D-NY) and House Minority Leader Hakeem Jeffries (D-NY) contended in a <a href="https://www.democrats.senate.gov/newsroom/press-releases/schumer-jeffries-statement-on-need-to-pass-legislation-to-avoid-a-disastrous-default" target="_blank" rel="noopener">statement</a> that Republicans alone are to blame for the fiscal uncertainty.
“A default forced by extreme MAGA Republicans could plunge the country into a deep recession and lead to even higher costs for America’s working families on everything from mortgages and car loans to credit card interest rates,” they said.
Administrations led by both Republicans and Democrats have presided over rampant budget deficit <a href="https://www.dailywire.com/news/the-american-people-want-a-real-change-steve-forbes-rebukes-both-parties-for-sinful-government-spending-habits" target="_blank" rel="noopener">increases</a> in recent years; shortfalls worsened as lawmakers approved multiple stimulus packages in reaction to the lockdown-induced recession. The national debt is now $31.5 trillion.
A recent <a href="https://www.dailywire.com/news/government-must-raise-taxes-40-or-cut-spending-30-to-achieve-fiscal-balance-study" target="_blank" rel="noopener">analysis</a> from economists at the University of Pennsylvania’s Wharton School revealed that a 30% decrease in spending or a 40% increase in taxation would be necessary to handle current deficit spending and future obligations. A similar <a href="https://www.dailywire.com/news/federal-spending-must-be-cut-26-to-balance-budget-even-more-to-keep-core-social-defense-programs-intact-analysis" target="_blank" rel="noopener">study</a> from the Committee for a Responsible Federal Budget found that policymakers must enact 26% across-the-board spending cuts in order to balance the budget within the next decade; in order to balance the budget while exempting programs such as defense, veteran benefits, Social Security, and Medicare from cuts, all other federal spending would have to be reduced 85%.

U.S. Treasury Secretary Janet Yellen at Eurogroup Finance Ministers Meeting

Yellen Warns Congress ‘Extraordinary Measures’ Have Begun After Debt Ceiling Breached

'Extraordinary Measures' To Keep Government Solvent Have Begun, Yellen Warns

Congress

House Republicans, led by House Speaker Kevin McCarthy, are holding fast to their commitment to cut spending before they will raise the federal debt limit.
On Friday, in a<a href="https://home.treasury.gov/system/files/136/Debt-Limit-Letter-to-Congress-McCarthy-20230113.pdf" target="_blank" rel="noopener"> letter</a> to McCarthy, Treasury Secretary Janet Yellen warned Congress not to block the raising of the federal debt limit, claiming that increasing the debt limit “does not authorize new spending commitments or cost taxpayers money.”
But on Sunday, the chairman of the House Oversight and Accountability Committee, Republican James Comer of Kentucky, stated on CNN’s State of the Union, “We hope that the Senate, Democrats and Republicans will agree to spending cuts. Look, this has to stop.”
“We cannot continue to operate with these types of deficits,” he continued. “Our national debt is one of our biggest threats to our national security. China continues to have leverage over us because of the basic financial strength of their overall economy vs. ours with respect to the national debt.&#8221;
“Republicans were elected with a mandate from the American people in the midterm elections,&#8221; Comer declared. “We campaigned on the fact that we were going to be serious about spending cuts. So, the Senate is going to have to recognize the fact that we&#8217;re not going to budge until we see meaningful reform with respect to spending.”
Texas GOP Rep. Tony Gonzales, <a href="https://www.bloomberg.com/news/articles/2023-01-15/republicans-wont-budge-on-spending-cuts-to-boost-debt-ceiling-james-comer" target="_blank" rel="noopener">speaking</a> on “Fox News Sunday,” echoed, “The debt ceiling is no doubt going to be a knife fight.”
“We don&#8217;t want to put any fiscal problems through our economy, and we won&#8217;t,” House Speaker Kevin McCarthy <a href="https://www.outlookindia.com/business/treasury-secretary-janet-yellen-in-letter-to-congress-raises-red-flag-on-debt-limit-news-253543/amp">said</a> last week. “But fiscal problems would be continuing to do business as usual. I remembered when Trump was President and Nancy Pelosi was Speaker that became a debt ceiling agreement, and it was a cap agreement for two years, to cap the spending and make those decisions.”
“This is something that people have utilized,” he said. “But I ask all of you and all Americans if you have a child and you give them a credit card and they spend the limit, so you increase the limit again and again and again, when does it end? We&#8217;ve got to change the way we are spending money wastefully in this country, and we&#8217;re going to make sure that happens.”
McCarthy concluded, “To get a debt ceiling, they also got a cap on spending for the next two years. Spending is out of control here. There&#8217;s been no oversight, and we cannot continue around the same process.”

Collage Maker-16-Jan-2023-12.00-PM

‘Going to Be A Knife Fight’: House GOP Fighting Biden Administration On Raising Debt Ceiling

House GOP Fighting Biden Administration On Raising Debt Ceiling

Kevin McCarthy

In a <a href="https://home.treasury.gov/system/files/136/Debt-Limit-Letter-to-Congress-McCarthy-20230113.pdf">letter</a> to House Speaker Kevin McCarthy, Treasury Secretary Janet Yellen acknowledged that the United States will reach the statutory limit of the debt ceiling on Thursday and warned against failing to raise the debt limit.
Yellen noted that roughly one year ago, through Public Law 177-73, the federal government had increased the statutory debt limit  — the total amount of money the federal government can borrow to meet its legal obligations —  including entitlements such as Medicare and Social Security as well as military salaries and interest on the national debt — to roughly $31.381 trillion
Threatening “extraordinary measures&#8221; that the Treasury Department would take to guarantee the federal government did not default, Yellen listed two; the first being “redeeming existing, and suspending new, investments of the Civil Services Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund” and the second, “suspending reinvestment of the Government Securities Investment Fund of the Federal Employees retirement system Thrift Savings Plan.”
Yellen posited that increasing the debt limit “does not authorize new spending commitments or cost taxpayers money.”
In September 2021, when the national debt rested at $28.7 trillion, Yellen warned Congress about failing to raise the federal debt limit.
Writing in <a href="https://www.wsj.com/articles/congress-raise-debt-limit-ceiling-yellen-treasury-brinkmanship-federal-budget-11632069056">The Wall Street Journal</a>, Yellen stated:
<blockquote>
In a matter of days, millions of Americans could be strapped for cash. We could see indefinite delays in critical payments. Nearly 50 million seniors could stop receiving Social Security checks for a time. Troops could go unpaid. Millions of families who rely on the monthly child tax credit could see delays. America, in short, would default on its obligations.
The U.S. has never defaulted. Not once. Doing so would likely precipitate a historic financial crisis that would compound the damage of the continuing public health emergency. Default could trigger a spike in interest rates, a steep drop in stock prices and other financial turmoil. Our current economic recovery would reverse into recession, with billions of dollars of growth and millions of jobs lost.
We would emerge from this crisis a permanently weaker nation. For about a century, America’s creditworthiness has been a major advantage over our economic competitors. We can borrow more cheaply than almost any other country, and defaulting would jeopardize this enviable fiscal position. It would also make America a more expensive place to live, as the higher cost of borrowing would fall on consumers. Mortgage payments, car loans, credit card bills — everything that is purchased with credit would be costlier after default.
</blockquote>

Meeting Of The Financial Stability Oversight Council

Treasury Secretary Warns McCarthy To Raise Debt Limit Again, Doesn’t ‘Cost Taxpayers Money’

Treasury Secretary Warns McCarthy To Raise Debt Limit Again, Doesn't 'Cost Taxpayers Money'

Utah Republican Rep. Chris Stewart said the fight over the <a href="https://www.dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a> is a critical opportunity to rein in government spending.
Appearing on CBS&#8217;s &#8220;<a href="https://www.cbsnews.com/video/nonsense-that-biden-didnt-know-he-had-classified-documents-stewart-says/" target="_blank" rel="noopener">Face the Nation</a>&#8221; on Sunday, Stewart pointed out that government spending was the primary driver of skyrocketing inflation. He said he did not want to force a government shutdown but hoped both sides could achieve a workable solution.
&#8220;Well, we certainly want to work with [Democrats],&#8221; said Stewart. &#8220;And we hope that they&#8217;ll work with us and the president will work with us. Look, I&#8217;m not a fan of government shutdowns. I honestly don&#8217;t know anyone who is. It doesn&#8217;t help. On the other hand, I do want to make this point, it&#8217;s so important, look, the reason that we&#8217;re dealing with inflation that we are, which has been generational, and it&#8217;s worth remembering that it hurts the poorest among us.&#8221;
&#8220;[T]here will be Republicans who will say, &#8216;we need to reform, &#8216;we need to use this as a vehicle to try to put some limits on our spending and our debt and our deficits,'&#8221; he added.
&#8220;And I am one of them. And there are many others who will be, so the question that you&#8217;ve asked now is, are those two principles, you know, the fact we need to reform and cut our deficits in our spending, can we reconcile that with at the same time, we don&#8217;t want to harm the credit the United States government. That&#8217;s our goal. I think Republicans are aligned on that. I hope the president is as well. And hopefully we get to agreement on that.&#8221;
The federal government is set to hit its statutory debt limit this upcoming Thursday. In a <a href="https://home.treasury.gov/system/files/136/Debt-Limit-Letter-to-Congress-McCarthy-20230113.pdf" target="_blank" rel="noopener">letter</a> to Congressional leaders on Friday, Treasury Secretary Janet Yellen warned that the government must begin taking &#8220;extraordinary measures&#8221; to prevent the United States from defaulting on its debts.
The measures expected to be taken this month include suspending new investments in the Civil Service Retirement and Disability Fund, the Postal Service Retiree Health Benefits Fund, and the Government Securities Investment Fund.
Meanwhile, an <a href="https://www.dailywire.com/news/federal-spending-must-be-cut-26-to-balance-budget-even-more-to-keep-core-social-defense-programs-intact-analysis" target="_blank" rel="noopener">analysis</a> by the Committee for a Responsible Federal Budget found that the federal budget must be cut by 26% across the board to balance the budget in the next decade.

U.S. House Prepares For House Omnibus Bill Vote

GOP Rep: Hitting The Debt Ceiling Is An Opportunity To Rein In Spending

Face The Nation

spending

Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> said Friday that <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">inflationary</a> pressures have been “moderate” and “low” over the last several months.
Price levels decreased slightly last month amid a decline in energy prices; year-over-year inflation, therefore, fell from 7.1% in November to 6.5% in December, marking the largest overall decline in nearly three years while food and shelter prices continue to increase, according to a <a href="https://www.dailywire.com/news/the-tide-has-turned-inflation-sees-largest-drop-since-2020-lockdowns" target="_blank" rel="noopener">report</a> from the Bureau of Labor Statistics. Food prices increased 0.3% and shelter prices increased 0.8% even as energy prices fell 4.5%.
Yellen remarked during an <a href="https://www.npr.org/2023/01/13/1148970513/prices-seem-to-be-easing-is-it-enough-for-the-fed-to-stop-raising-interest-rates" target="_blank" rel="noopener">interview</a> with NPR that inflation “has really been quite moderate, quite low for the last six months or so” even as price increases remain well above the 2% annual rate seen before the lockdown-induced recession.
“We continue to see improvement in supply chains,” she told the outlet. “Goods prices have actually been falling, and some of the supply chain issues that pushed up the prices of goods and commodities have really turned around. Rent indexes continue to rise. But really, we see those coming down substantially over the next six months or so.”
Yellen has received criticism over the past two years for downplaying the impact that record inflation would have on the economy. She <a href="https://www.dailywire.com/news/janet-yellen-admits-inflation-shouldnt-be-labeled-transitory" target="_blank" rel="noopener">said</a> at the end of 2021 that the term “transitory” was not a reliable descriptor for rising price levels and <a href="https://www.dailywire.com/news/janet-yellen-admits-she-was-wrong-about-inflation-being-small-risk" target="_blank" rel="noopener">admitted</a> in the summer of 2022 that she was “wrong then about the path that inflation would take,” acknowledging that “there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly.”
Officials at the Federal Reserve <a href="https://www.dailywire.com/news/breaking-federal-reserve-hikes-target-interest-rates-half-a-percentage-point" target="_blank" rel="noopener">raised rates</a> by three-quarters of a percentage point on four consecutive occasions last year before implementing a half-percent increase last month, causing higher interest rates across the economy as policymakers attempt to decrease inflation. Yellen said that she trusts central bankers to “make the best judgments that they can about what&#8217;s necessary to accomplish their dual mandate, which is to bring inflation down and to try to maintain a strong labor market.”
President Joe Biden also <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/01/12/remarks-by-president-biden-on-the-economy-and-efforts-to-tackle-inflation/" target="_blank" rel="noopener">celebrated</a> the most recent price level report, contending that the lower headline figures represent “more proof that my economic plan is working.”
“Even though inflation is high in major economies around the world, it is coming down in America month after month, giving families some real breathing room.  And the big reason is falling gas prices,” he commented. “As inflation is coming down, take-home pay for workers is going up. Workers’ wages are higher now than they were seven months ago, adjusted for inflation. Wages for lower-income and middle-income workers have gone up even more.”
Price level increases nevertheless continue to outpace increases in nominal wages. Real average hourly earnings decreased 1.7% year-over-year as of last month, according to <a href="https://www.bls.gov/news.release/realer.nr0.htm" target="_blank" rel="noopener">data</a> from the Bureau of Labor Statistics, indicating lower purchasing power for households.
The most recent inflation data come after one of the <a href="https://www.dailywire.com/news/stocks-had-their-worst-year-since-2008-after-biden-boasted-about-their-performance" target="_blank" rel="noopener">worst stock market</a> performances in modern history as soaring prices, geopolitical pressures, and backlogged supply chains plague the economy. The S&amp;P 500 index plummeted nearly 20% in 2022, rivaling the 37% decline seen in 2008 amid the collapse of the banking system, as well as the 12% and 22% declines witnessed in 2001 and 2002 amid the dot-com bubble.

Janet Yellen Insists Inflation Has Been ‘Quite Moderate, Quite Low For The Last Six Months’

Janet Yellen Insists Inflation Has Been 'Quite Moderate, Quite Low For The Last Six Months'

Inflation

<a href="https://www.dailywire.com/topic/bank-of-america" target="_blank" rel="noopener">Bank of America</a> CEO Brian Moynihan is on the shortlist to succeed <a href="https://www.dailywire.com/topic/treasury-department" target="_blank" rel="noopener">Treasury</a> Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a>, according to a <a href="https://www.foxbusiness.com/politics/brian-moynihan-added-short-list-replace-yellen-treasury" target="_blank" rel="noopener">report</a> from Fox Business.
Multiple sources told the outlet the longtime investment banker joined Commerce Secretary Gina Raimondo and Securities and Exchange Commission Chair Gary Gensler on the list of potential candidates to take over the challenging role of managing the federal government’s finances.
Bank of America executive Lawrence DiRita, who manages the company’s public affairs, declined comment but would not deny the speculation regarding Moynihan, according to Fox Business. A spokesman for the White House also declined comment, while White House Press Secretary Karine Jean-Pierre <a href="https://www.whitehouse.gov/briefing-room/press-briefings/2022/12/09/press-briefing-by-press-secretary-karine-jean-pierre-december-9-2022/" target="_blank" rel="noopener">said</a> on Friday that the report “seems to be pure speculation.”
Moynihan previously worked as chief executive of Merrill Lynch before the company was sold to Bank of America in 2008; he became the second-largest American financial institution’s chief executive two years later. Fox Business notes that Moynihan has been attending state dinners and accepting <a href="https://www.foxbusiness.com/economy/bank-of-america-ceo-predicts-shallow-recession-us-consumer-resilient" target="_blank" rel="noopener">media interviews</a> in which he advances the optimistic economic outlook maintained by the White House.
An earlier <a href="https://www.axios.com/2022/09/28/janet-yellen-treasury-midterms-shuffle" target="_blank" rel="noopener">report</a> from Axios found that Yellen and other officials could resign after the midterm elections. One concern that might have prevented Yellen’s exit was finding a replacement that could be approved by the Senate; however, a lackluster Republican performance has guaranteed that the upper chamber will remain in Democratic hands. The report added that Brian Deese, the director of the National Economic Council, and Cecilia Rouse, the chair of the Council of Economic Advisers, could depart early next year.
Yellen, who formerly led the Federal Reserve, has so far <a href="https://www.youtube.com/watch?v=hWf-WiQ0ZWE" target="_blank" rel="noopener">denied</a> the rumor of her upcoming exit from the administration. “There is no truth to that,” she recently told MSNBC anchor and Washington Post columnist Jonathan Capehart.
The 76-year-old economist has been the subject of criticism over the past two years for downplaying the impact that record inflation would have on the economy. By the end of last year, Yellen began <a href="https://www.dailywire.com/news/janet-yellen-admits-inflation-shouldnt-be-labeled-transitory" target="_blank" rel="noopener">pivoting</a> away from the term “transitory” as a reliable descriptor for rising price levels.
“I am ready to retire the word transitory,” she said. “I can agree that that hasn’t been an apt description of what we are dealing with.”
Earlier this year, she <a href="https://www.dailywire.com/news/janet-yellen-admits-she-was-wrong-about-inflation-being-small-risk" target="_blank" rel="noopener">told</a> CNN host Wolf Blitzer that she was “wrong then about the path that inflation would take,” acknowledging that “there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly.”
The White House has also been criticized for arguing that the economy <a href="https://www.dailywire.com/news/white-house-does-preemptive-damage-control-as-economy-heads-toward-recession" target="_blank" rel="noopener">never entered</a> a recession, even though the rule-of-thumb definition, two conservative quarters of negative growth, was satisfied in the first half of this year. Administration officials have claimed that only an official determination from the National Bureau of Economic Research would mean the nation was in a prolonged contraction.
In one set of particularly eyebrow-raising comments, Yellen <a href="https://www.dailywire.com/news/yellen-were-not-in-a-recession-were-in-a-transition-in-which-growth-is-slowing" target="_blank" rel="noopener">asserted</a> that the nation was not in a recession but rather a “period of transition in which growth is slowing.”

Executive Interviews At The Goldman Sachs Financial Services Conference

Bank Of America CEO Could Be The Next Treasury Secretary: Report

White House Adds Another Name To Short List Of Potential Janet Yellen Replacements: Report

Bank of America

<a href="http://dailywire.com/topic/treasury-department" target="_blank" rel="noopener">Treasury</a> Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> on Tuesday announced the inaugural members of her department’s Advisory Committee on Racial Equity.
The committee will provide Yellen with “advice and recommendations” on “efforts to advance racial equity in the economy and address acute disparities for communities of color” with respect to matters such as housing and federal supplier diversity, according to a <a href="https://home.treasury.gov/news/featured-stories/treasury-department-announces-inaugural-members-of-formal-advisory-committee-on-racial-equity">press release</a>. Among the other inaugural appointees are former Philadelphia Mayor Michael Nutter, a Democrat who will chair the committee, and Roosevelt Institute CEO Felicia Wong, who will serve as vice-chair.
“A critical piece of executing on our racial equity goals is bringing a wide set of outside perspectives and lived experiences to the decision-making table,” Yellen said. “The Treasury Advisory Committee on Racial Equity, made up of members with wide-ranging backgrounds and expertise, will provide important insight and advice to leadership across the department to bolster and inform our equity efforts.”
Nutter, who led the City of Brotherly Love from 2008 to 2016, has been <a href="https://www.inquirer.com/politics/philadelphia/philadelphia-politics-policing-pennsylvania-george-floyd-defund-20220527.html">skeptical</a> of calls to defund the police and has <a href="https://www.inquirer.com/opinion/commentary/larry-krasner-michael-nutter-philadelphia-violence-20211207.html">criticized</a> the “anti-police narrative” forwarded by current Philadelphia District Attorney Larry Krasner. On the other hand, Wong co-authored a <a href="https://rooseveltinstitute.org/wp-content/uploads/2016/06/RI-RRT-Race-201606.pdf">paper</a> contending that “police budgets should be reduced and for-profit prison systems must be done away with” four years before the death of George Floyd.
Another <a href="https://rooseveltinstitute.org/wp-content/uploads/2021/11/RI_A-New-Paradigm-for-Justice-and-Democracy_Report_202111-1.pdf">paper</a> co-authored by Wong last year said policymakers should “center race” in every decision. “Because our racial disparities are so severe across all elements of the American economy and society, no policy, even if facially race-neutral, is race-neutral in practice,” the report explained. “The design of all policy proposals — big and small — must be attentive to racial outcomes. All policy, from vaccine distribution to higher education funding to tax reform, will have racialized effects. Recognizing this reality, and always considering race in policy design, is therefore vital.”
The White House is pursuing a “whole-of-government approach to put climate change at the center of our domestic, national security, and foreign policy,” according to a <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/01/27/remarks-by-president-biden-before-signing-executive-actions-on-tackling-climate-change-creating-jobs-and-restoring-scientific-integrity/#:~:text=It%27s%20a%20whole%2Dof%2Dgovernment,We%27re%20bold.">speech</a> delivered by President Joe Biden days after his inauguration. While praising the administration’s approach, Wong said that “centering race equity as a key measure of successful outcomes, which more generally challenges older racial liberal ideas prioritizing access and opportunity, will be pivotal to shifting policy norms and expectations.”
Beyond the Committee on Racial Equity, the Treasury Department <a href="https://www.dailywire.com/news/treasury-department-appoints-first-counselor-for-racial-equity">hired</a> Janis Bowdler. She spearheaded JPMorgan Chase’s <a href="https://www.dailywire.com/news/one-year-after-george-floyd-americas-biggest-corporations-earmark-37-billion-for-racial-equity">initiative</a> to invest $30 billion in underserved communities, as the first Counselor for Racial Equity at the end of last year. Yellen said in a statement that “the American economy has historically not worked fairly for communities of color” and asserted that her department “must play a central role” in removing purported racial inequality.
The Treasury Department also <a href="https://www.dailywire.com/news/key-treasury-dept-office-taps-new-climate-czar-to-push-wokeness-on-banks">tapped</a> Yue Chen, a former official at the New York State Department of Financial Services, to serve as Chief Climate Risk Officer for the Office of the Comptroller of the Currency — an entity charged with regulating national banks and federal savings associations. Policymakers at the Federal Reserve plan to work alongside Chen while <a href="https://www.dailywire.com/news/behind-the-scenes-most-executives-actually-hate-woke-investing-survey">forwarding environmental initiatives</a> within the private sector.
“As our nation, and the world, grapple with how to respond to climate change, banks are increasingly focused on the risks that climate change brings to their balance sheets,” Federal Reserve Board of Governors member Michael Barr remarked in a recent speech. “The Federal Reserve is working to understand how climate change may pose risks to individual banks and to the financial system. The Federal Reserve’s mandate in this area is important, but narrow, focused on our supervisory responsibilities and our role in promoting a safe and stable financial system.”

President Biden Meets With Federal Reserve Chair Jerome Powell At White House

Biden’s ‘Treasury Advisory Committee On Racial Equity’ To Be Led By ‘Defund The Police’ Advocate, Former Philadelphia Mayor

Treasury Department Announces Leadership Of 'Advisory Committee On Racial Equity’

Equity

Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> lauded the <a href="https://www.dailywire.com/topic/inflation-reduction-act" target="_blank" rel="noopener">Inflation Reduction Act</a> on Tuesday for producing $430 billion in spending to modernize the American <a href="http://dailywire.com/topic/energy" target="_blank" rel="noopener">energy</a> system.
The legislation, <a href="https://www.dailywire.com/news/biden-signs-740-billion-inflation-reduction-act" target="_blank" rel="noopener">signed</a> by President Joe Biden last month, bankrolled various <a href="http://dailywire.com/topic/climate-change" target="_blank" rel="noopener">renewable</a> power subsidies and tax credits. During a <a href="https://home.treasury.gov/news/press-releases/jy0976" target="_blank" rel="noopener">speech</a> delivered at Cypress Creek Renewables, a solar power producer in North Carolina, Yellen said that the law will “accelerate the transition to our green energy future and lower energy costs for American households and businesses.”
“For decades, the world has been too slow to act. But strong action by the federal government is finally here,” she remarked. “While there is much more to do, I believe we now have a clear and robust plan forward. I am confident about the direction of the sustainable future that we are building together.”
Among other measures, the Inflation Reduction Act greenlit electric vehicle tax credits of $7,500 for new cars and $4,000 for used cars, as well as 30% tax credits for home solar energy systems, according to a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/16/fact-sheet-how-the-inflation-reduction-act-builds-a-better-future-for-young-americans/" target="_blank" rel="noopener">fact sheet</a> from the White House. Meanwhile, Yellen said that business tax credits will further “push down the costs of clean energy production.”
“Government must provide the basic foundations and long-term certainty that businesses need to invest at scale and drive the transition toward a clean energy future,” she contended. “In large part due to concerted government investment, costs for key renewable energy technologies have already seen declines upwards of 75% over the past decade.”
Although the costs of renewable energy have been decreasing, nonrenewable fuels are often the most inexpensive source of electricity, according to an <a href="https://www.iea.org/reports/projected-costs-of-generating-electricity-2020" target="_blank" rel="noopener">analysis</a> from the International Energy Agency. While coal and natural gas have median costs of $88 per megawatt-hour and $71 per megawatt-hour, respectively, commercial solar power and geothermal energy cost $94 per megawatt-hour and $99 per megawatt-hour, respectively.
“Over the past two years in particular, we’ve seen the direct consequences of our continued dependence on fossil fuels. Not only do we continue to contribute and subject ourselves to a rapidly warming climate,” Yellen continued, “but we expose ourselves to the type of energy market volatility we’ve experienced in the wake of Russia’s brutal war on Ukraine. No country controls the wind and the sun. And countries that can harness those sources of energy will make their economies more resilient and secure.”
Rapid increases in energy prices have caused much of the inflation observed over the past two years. However, Biden has advanced renewable energy policies while <a href="https://www.dailywire.com/news/biden-administration-severely-cuts-back-on-oil-and-gas-leases" target="_blank" rel="noopener">leasing</a> the lowest amount of federal land for oil drilling since the conclusion of World War II and <a href="https://www.dailywire.com/news/keystone-pipeline-dead-killed-by-biden-thousands-of-jobs-lost" target="_blank" rel="noopener">nixing</a> expansions to the Keystone XL pipeline project. Energy prices increased nearly 24% between August 2021 and August 2022, according to <a href="https://www.bls.gov/news.release/cpi.nr0.htm" target="_blank" rel="noopener">data</a> from the Bureau of Labor Statistics.
Ahead of upcoming nationwide midterm elections, the economy and inflation are key issues among voters, with 84% considering the former to be a top factor influencing their ballot. The Republican Party leads the Democratic Party by a 16% margin and a 19% margin with respect to trust on handling the economy and inflation, respectively, according to a <a href="https://www.dailywire.com/news/new-midterm-poll-spells-bad-news-for-democrats-on-the-economy" target="_blank" rel="noopener">poll</a> from ABC News and The Washington Post.
The national average price of gasoline was $2.38 per gallon when Biden assumed office and <a href="https://www.dailywire.com/news/gas-prices-are-1-50-higher-since-biden-took-office-cnn-business-america-got-a-raise" target="_blank" rel="noopener">increased</a> to $3.53 per gallon by the start of the Russian invasion of Ukraine. After surpassing <a href="https://www.dailywire.com/topic/gas-prices" target="_blank" rel="noopener">$5.00 per gallon</a> in early June, prices have subsided to $3.75 per gallon as of Tuesday, according to <a href="https://gasprices.aaa.com/" target="_blank" rel="noopener">data</a> from AAA.

Treasury Secretary Yellen Speaks At The Atlantic Festival In Washington, DC

‘No Country Controls The Wind And The Sun’: Janet Yellen Touts Hundreds Of Billions In Climate Spending

Yellen Explains Why Climate Investments Under The Inflation Reduction Act Are Necessary

Energy

Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> lauded the <a href="http://dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Biden</a> administration’s efforts to provide the Internal Revenue Service (<a href="https://www.dailywire.com/topic/internal-revenue-service-irs" target="_blank" rel="noopener">IRS</a>) with an $80 billion raise.
The Inflation Reduction Act provides funds to hire 87,000 new IRS employees over the next decade — <a href="https://www.dailywire.com/news/bidens-inflation-reduction-act-would-allow-irs-to-hire-up-to-87000-new-employees-raise-taxes-report" target="_blank" rel="noopener">more than doubling</a> the agency’s size. During a Thursday <a href="https://home.treasury.gov/news/press-releases/jy0952" target="_blank" rel="noopener">speech</a> at the New Carrollton Federal Building in Maryland, Yellen remarked that “adequately funding the IRS is core to our success.”
“It raises the revenue for us to make important investments in our economic strength,” she said. “It makes sure that all Americans are playing by the same rules. It avoids misallocation of resources in the economy at large. And it does so by deterring taxpayers from shifting their activities toward more opaque sources or engaging in tax evasion.”
Yellen repeated her promise that the new funding will not be directed to increase audits for Americans households earning less than $400,000 per year “relative to historical levels.” However, she <a href="https://www.dailywire.com/news/janet-yellen-vows-irs-audits-wont-rise-for-middle-income-americans-but-theres-a-catch" target="_blank" rel="noopener">failed to clarify</a> that “historical levels” of audits were far higher as recently as one decade ago. According to a <a href="https://www.gao.gov/assets/gao-22-104960.pdf" target="_blank" rel="noopener">report</a> from the Government Accountability Office, audit rates for Americans earning between $25,000 and $200,000 fell 76% between 2010 and 2019, while those earning less than $25,000 saw audit rates fall by 61%.
“In all, a strong IRS is critical to the economic success of this country — and I am heartened that we are finally reflecting that in our funding decisions,” Yellen added.
A <a href="https://www.cbo.gov/publication/57444" target="_blank" rel="noopener">report</a> from the Congressional Budget Office based on an earlier proposal to hire 87,000 new agents found that audit rates “would rise for all taxpayers,” even as higher-income taxpayers “face the largest increase.” According to Republican members of the House Ways and Means Committee, the new agents would be <a href="https://gop-waysandmeans.house.gov/americans-chances-of-audit-more-than-doubles-as-newly-supercharged-irs-targets-lower-middle-income-earners/" target="_blank" rel="noopener">capable</a> of carrying out 1.2 million more individual audits per year, with nearly half impacting Americans earning less than $75,000.
Noting that the average American takes 13 hours to file a tax return, Yellen said that many of the new resources will exist to decrease wait times and facilitate access to IRS services. Beyond increasing the number of staff available to answer phones, Yellen emphasized in-person help centers. “By next year, every single center will be fully staffed,” she said. “As a result, we will triple the number of Americans served at these centers.”
Yellen also discussed the need to make &#8220;sure that everyone pays their fair share” — observing that wealthy Americans were estimated to have underpaid their taxes by $160 billion in 2019. Accessing the funds would allow for higher levels of investment in government programs.
The economic agenda of President Joe Biden has indeed hinged upon the creation of new federal initiatives and a higher degree of government intervention into the economy. A <a href="https://www.dailywire.com/news/white-house-releases-massive-document-detailing-bidens-economic-achievements" target="_blank" rel="noopener">handbook</a> recently published by the White House emphasized the administration’s legislative victories and claimed that they are responsible for a purported economic recovery.
“President Biden’s agenda has contributed to the strongest and most equitable economic and labor market recovery in modern history, and catalyzed a resurgence in public investment that will help ensure a strong, innovative, clean energy future that is made in America,” the report said. “Together with generational investments in infrastructure, clean energy, and advanced manufacturing, the Biden economic agenda has coupled historic job creation with a long-term strategy to ensure that good jobs of today and tomorrow are created in America.”

President Biden Meets With CEOs And Remarks On The Economy

Janet Yellen: ‘A Strong IRS Is Critical To The Economic Success Of This Country’

Janet Yellen Celebrates $80 Billion In New IRS Funds

Have you ever seen former <a href="https://www.dailywire.com/topic/new-england-patriots" target="_blank" rel="noopener">New England Patriots</a> star Julian Edelman&#8217;s <a href="https://www.youtube.com/watch?v=4SiUNdkIwzQ" target="_blank" rel="noopener">unbelievable catch</a> as part of the team&#8217;s 25-point comeback in Super Bowl 51? It undoubtedly took &#8220;great skill&#8221; and &#8220;good luck&#8221; — thanks, in large part, to his years of practice and determination.
Unfortunately for the United States economy, the Federal Reserve is also going to need the same level of preparation and serendipity to avoid economic ruin, and U.S. Treasury Secretary Janet Yellen is no Julian Edelman.
On Sunday, Yellen <a href="https://www.businessinsider.in/stock-market/news/yellen-says-the-fed-will-need-good-luck-and-great-skill-if-its-going-to-pull-off-a-soft-landing-for-the-us-economy/articleshow/94157337.cms" target="_blank" rel="noopener">told</a> CNN, &#8220;The Fed is going to need great skill and also some good luck to achieve what we sometimes call a soft landing.&#8221;
More precisely, she is referring to an economy where inflation falls below 2% and unemployment remains low. If the American economy does not achieve that &#8220;soft landing,&#8221; it is likely we will be plunged into a recession after a hard landing.
While Yellen might seem confident that America can avoid such economic pain, Fed chairman Jerome Powell appears to disagree. Since the spring, the Fed has attempted to usher America toward economic success by hiking interest rates.
Yet, Powell maintains that not raising the rates would bring about more &#8220;pain.&#8221;
“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” Powell <a href="https://www.dailywire.com/news/jerome-powell-vows-to-restore-price-stability-even-though-federal-reserve-must-first-bring-some-pain" target="_blank" rel="noopener">said</a> at the annual policy speech at Jackson Hole, Wyoming. &#8220;These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.&#8221;
It is expected that the Fed will announce another round of rate hikes, something tech billionaire Elon Musk warns could cause deflation. Musk holds such dire predictions because he, alongside economist David Branchflower, believes that inflation has peaked.
Branchflower recently <a href="https://www.politico.com/news/magazine/2022/09/08/dangerous-groupthink-at-the-federal-reserve-00055324" target="_blank" rel="noopener">wrote</a> in Politico that &#8220;policymakers are forgetting their history, and now they’re basically winging it&#8221; and risking raising rates when inflation is already cooling.
Other economists, like Goldman Sachs&#8217; Tim Moe, argue that more effort is needed on closing the gap in the labor market.
&#8220;The real sticky bit of inflation is, of course, in the labor market, and that&#8217;s where there&#8217;s some progress that&#8217;s been made. But a lot more that has to be accomplished,&#8221; Moe <a href="https://markets.businessinsider.com/news/stocks/inflation-peak-fed-labor-market-jobs-soft-landing-goldman-sachs-2022-9" target="_blank" rel="noopener">told</a> Business Insider.
&#8220;One of the issues or the indicators that we look at is the gap between job openings and the labor force,&#8221; Moe said. &#8220;That&#8217;s coming down. And that&#8217;s actually the key to a soft landing.&#8221;
Yet, according to the Fed&#8217;s Vice Chair Lael Brainard, the board&#8217;s main concern remains inflation and they feel confident in the labor market.
“Monetary policy will need to be restrictive for some time to provide confidence that inflation is moving down to target,&#8221; she said recently. &#8220;The economic environment is highly uncertain, and the path of policy will be data dependent,&#8221; she <a href="https://www.federalreserve.gov/newsevents/speech/brainard20220907a.htm" target="_blank" rel="noopener">added</a>.
So according to some of the smartest folks in the room — at least according to popular opinion — America’s options are either a hard landing and subsequent recession, deflation, or throwing our hopes on a wing and a prayer. 
At this point in the column, readers might be feeling pretty uneasy about our nation&#8217;s experts&#8217; ability to solve inflation.
When the treasury secretary is incorporating &#8220;good luck&#8221; and &#8220;great skill&#8221; into her economic remedies to avoid a hard landing or deflation, that uneasiness is entirely reasonable.
Just a reminder, here&#8217;s a metaphor for what that looks like:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Still don’t know how Julian Edelman made this catch. An All-Time great catch to help complete the greatest comeback in NFL history&#8230; legendary stuff. <a href="https://t.co/REB1JAQ28k">pic.twitter.com/REB1JAQ28k</a>
&mdash; Pats Buzz (@PatsBuzz) <a href="https://twitter.com/PatsBuzz/status/1294059895919083520?ref_src=twsrc%5Etfw">August 13, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.

Janet Yellen Says America Needs ‘Great Skill’ And ‘Good Luck’ For A Soft Landing. We Are Screwed.

Janet Yellen Says American Economy Needs 'Good Luck' And 'Great Skill' For A Soft Landing. We Are Screwed.

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