Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen">Janet Yellen</a> vowed on Wednesday that Internal Revenue Service (<a href="https://www.dailywire.com/topic/internal-revenue-service-irs">IRS</a>) <a href="http://dailywire.com/topic/taxes">audit</a> rates for Americans earning less than $400,000 per year would not increase — at least according to “historical levels,” which are far higher than current levels.
The Biden administration official’s promise comes as the Inflation Reduction Act — a $740 billion proposal that includes $80 billion for the IRS to hire 87,000 more employees — advances through Congress. In a <a href="https://home.treasury.gov/system/files/136/JLY-letter-to-Commissioner-Rettig-Signed.pdf">letter</a> to IRS Commissioner Charles Rettig, Yellen argued that the funding would help the IRS “improve taxpayer service” and “increase equity in the tax system” rather than allow the agency to target middle-income Americans.
“I direct that any additional resources — including any new personnel or auditors that are hired — shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels,” Yellen told Rettig. “This means that, contrary to the misinformation from opponents of this legislation, small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited.”
Yellen failed to mention, however, that “historical levels” of audits were significantly higher as recently as one decade ago. According to a report from the <a href="https://www.gao.gov/assets/gao-22-104960.pdf">Government Accountability Office</a>, audit rates for Americans earning between $25,000 to $200,000 fell 76% between 2010 and 2019, while those earning less than $25,000 saw audit rates fall by 61%. Taxpayers earning between $200,000 and $500,000 — representing those at the upper end of the Biden administration’s vow to not raise taxes for those earning less than $400,000 — saw a 92% decline in audits.
Indeed, the report said that IRS officials “attributed the overall decline in audit rates to decreased funding, and therefore reduced staffing to conduct audits” — constraints which are directly addressed by the Inflation Reduction Act.
Another report from the <a href="https://www.cbo.gov/publication/57444">Congressional Budget Office</a> based on an earlier proposal to hire 87,000 new IRS 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 <a href="https://gop-waysandmeans.house.gov/americans-chances-of-audit-more-than-doubles-as-newly-supercharged-irs-targets-lower-middle-income-earners/">House Ways and Means Committee</a>, the new agents would be capable of carrying out 1.2 million more individual audits per year, with nearly half impacting Americans earning less than $75,000.
Despite leaving room for higher audit rates relative to “historical levels,” Yellen argued that information technology updates funded by the bill would help Americans avoid audits in the first place. “The result of this resource infusion will be a lower likelihood of audit by an agency that has the data and technological infrastructure in place to target enforcement resources where they belong—on the high end of the income distribution, where the top 1% alone is estimated to not be paying $160 billion in owed taxes each year,” Yellen wrote. “That’s important as a matter of revenue-raising, but it’s also essential as a matter of fairness.”
The IRS employed nearly 79,000 full-time employees as of fiscal year 2021, according to the <a href="https://www.irs.gov/statistics/irs-budget-and-workforce">agency</a>, which also reported $13.7 billion in operating costs.
Yellen also referenced a letter Rettig <a href="https://www.dailywire.com/news/irs-we-will-absolutely-not-target-everyday-americans-with-new-army-of-agents">addressed to lawmakers</a> last week, in which he vowed that the agency would “absolutely not” use its 87,000 new employees to target taxpayers by “increasing audit scrutiny on small businesses or middle-income Americans.”
“As an extremely proud American, I’m grateful for your support of the IRS and our dedicated employees,” Rettig added. “I cannot be forceful enough in emphasizing that these resources will be transformative for the agency and for American taxpayers.”

President Biden Delivers Remarks On The Economy

Janet Yellen Vows IRS Audits Won’t Rise For Middle-Income Americans, But There’s A Catch

Yellen Vows IRS Audits Won't Rise More Than 'Historical Levels,' Which Turn Out To Be Pretty High

Biden Administration

Internal Revenue Service (IRS)

Janet Yellen

Taxes

Former late-night host <a href="https://www.dailywire.com/topic/conan-obrien">Conan O&#8217;Brien</a> mocked the <a href="https://www.dailywire.com/topic/white-house">White House</a> on Wednesday, making a crack about the administration downplaying and denying the <a href="http://dailywire.com/topic/economy">economic</a> <a href="http://dailywire.com/topic/recession">recession</a> hurting Americans.
Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen">Janet Yellen</a> turned heads over the weekend when she denied that the U.S. economy is in a recession, instead saying we&#8217;re in a “period of transition in which growth is slowing,&#8221; <a href="https://www.dailywire.com/news/yellen-were-not-in-a-recession-were-in-a-transition-in-which-growth-is-slowing">The Daily Wire</a> reported.
&#8220;The White House now says it’s only a recession if you see a salamander wearing a top hat,&#8221; O&#8217;Brien mocked on Wednesday.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
The White House now says it’s only a recession if you see a salamander wearing a top hat.
&mdash; Conan O&#39;Brien (@ConanOBrien) <a href="https://twitter.com/ConanOBrien/status/1552358211986006019?ref_src=twsrc%5Etfw">July 27, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Despite the White House denial, the U.S. has suffered two consecutive quarters of negative growth, which most economists widely define as a recession, The Daily Wire <a href="https://www.dailywire.com/news/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth">reported</a> Thursday morning.
“This is not an economy that’s in recession,” Yellen contended, speaking to NBC host Chuck Todd on Sunday. “But we’re in a period of transition in which growth is slowing and that’s necessary and appropriate and we need to be growing at a steady and sustainable pace. So there is a slowdown and businesses can see that and that’s appropriate, given that people now have jobs and we have a strong labor market.”
Again trying to deny the economic reality, a White House <a href="https://www.whitehouse.gov/briefing-room/press-briefings/2022/07/07/press-briefing-by-press-secretary-karine-jean-pierre-3/">post</a> last week told Americans that the nation is “stronger economically than we have been in history.&#8221;
“While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the White House <a href="https://www.whitehouse.gov/cea/written-materials/2022/07/21/how-do-economists-determine-whether-the-economy-is-in-a-recession/">insisted</a>. “Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data — including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year — even if followed by another GDP decline in the second quarter — indicates a recession.”
Further, on Tuesday, Director of the National Economic Council Brian Deese said, “two negative quarters of GDP growth is not the technical definition of recession,&#8221; seemingly trying to bail out the Biden administration.
“It’s not the definition that economists have traditionally relied on,” the Biden economic adviser said, appearing at a White House press briefing, the New York Post <a href="https://nypost.com/2022/07/27/white-house-takes-heat-after-biden-adviser-accused-of-redefining-recession/">reported</a>.
However, by Wednesday, comments from Deese back in 2008 resurfaced online.
“Economists have a technical definition of recession, which is two consecutive quarters of negative growth,” Deese said in 2008, according to RNC Research.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
THREAD
Biden’s economic advisors know a recession is defined as two quarters of negative GDP growth. They’ve said so:
Biden’s NEC Director Brian Deese in March 2008: “economists have a technical definition of recession, which is two consecutive quarters of negative growth.” <a href="https://t.co/RnoWSGbJrE">pic.twitter.com/RnoWSGbJrE</a>
&mdash; RNC Research (@RNCResearch) <a href="https://twitter.com/RNCResearch/status/1552369806413905923?ref_src=twsrc%5Etfw">July 27, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Related: <a href="https://www.dailywire.com/news/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth">U.S. In A Recession After Second Straight Quarter Of Negative Growth</a>

WarnerMedia Upfront 2019 – Show

Conan O’Brien Posts Tweet Mocking White House Dodge On Recession

Conan O'Brien

Recession

White House

President Joe Biden dismissed talk of a potential recession Monday, ahead of upcoming GDP numbers that many experts anticipate will point to a recession.
Speaking to reporters after a press conference on the $52 billion &#8220;CHIPS Act&#8221; currently making its way through Congress, Biden was asked by Fox News White House reporter Peter Doocy about fears of a potential recession, as many economists expect second-quarter Gross Domestic Product growth to decline for the second consecutive quarter, indicating that the U.S. economy is in recession.
&#8220;Mr. President, we&#8217;re getting GDP numbers on Thursday,&#8221; Doocy called out. &#8220;How worried should Americans be that we could be in a recession?&#8221;
&#8220;We&#8217;re not gonna be in a recession, in my view,&#8221; Biden replied, speaking over Zoom because of his recent <a href="https://www.dailywire.com/news/president-joe-biden-has-covid-white-house-announces">diagnosis of COVID-19</a>. &#8220;The [un]employment rate is still one of the lowest we&#8217;ve had in history, it&#8217;s in the <a href="https://www.bls.gov/news.release/pdf/empsit.pdf">3.6 [percent] area</a>. We still find ourselves with people investing. My hope is we go from this rapid growth to steady growth, so we’ll see some coming down. But I don’t think we’re going to, God willing, I don’t think we’re going to see a recession.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Biden: &quot;We&#39;re not gonna be in a recession.&quot;<a href="https://t.co/TylryJ5Jp8">pic.twitter.com/TylryJ5Jp8</a>
&mdash; Daily Wire (@realDailyWire) <a href="https://twitter.com/realDailyWire/status/1551659755894095872?ref_src=twsrc%5Etfw">July 25, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Biden&#8217;s comments come as his administration scrambles to do damage control, as the economy moves toward a possible recession. The standard rule of thumb in identifying a recession is two back-to-back quarters of negative GDP growth; that rule was <a href="https://www.nytimes.com/1974/12/01/archives/the-changing-business-cycle-points-op-view.html">created</a> in 1974 by economist Julius Shiskin.
But in recent days, members of the Biden team have been pushing a broader definition of recession from the nonprofit National Bureau of Economic Research, which the White House has called &#8220;the official recession scorekeeper.&#8221; The NBER <a href="https://www.nber.org/research/business-cycle-dating">defines</a> a recession as &#8220;a significant decline in economic activity that is spread across the economy and lasts more than a few months.”
The White House began its damage control campaign in a <a href="https://www.whitehouse.gov/cea/written-materials/2022/07/21/how-do-economists-determine-whether-the-economy-is-in-a-recession/">blog post</a> published on its official website Thursday. &#8220;While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,&#8221; White House officials wrote. &#8220;Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data — including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year — even if followed by another GDP decline in the second quarter — indicates a recession.&#8221; The White House referenced the NBER definition of recession in its post.
Treasury Secretary <a href="https://www.dailywire.com/news/treasury-sec-yellen-us-economy-isnt-necessarily-headed-for-a-recession-might-not-meet-the-technical-definition">Janet Yellen</a> also dismissed the common definition during an appearance on &#8220;Meet the Press&#8221; Sunday. “A common definition of recession is two negative quarters of GDP growth, or at least that’s something that’s been true in past recessions,&#8221; Yellen said. &#8220;When we have seen that, there has usually been a recession. And many economists expect second-quarter GDP to be negative. First-quarter GDP was negative. So we could see that happen, and that will be closely watched. But I do want to emphasize: what a recession really means is a broad-based contraction in the economy. And even if that number is negative, we are not in a recession now, and I would, you know, warn that we should be not characterizing that as a recession.”

President Biden Holds A Press Conference At The White House

‘We’re Not Gonna Be In A Recession’: Biden Downplays Recession Fears

'We're Not Gonna Be In A Recession': Biden Downplays Recession Fears

Economy

Joe Biden

Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen">Janet Yellen</a> claimed that the United States <a href="http://dailywire.com/topic/economy">economy</a> is not in a <a href="http://dailywire.com/topic/recession">recession</a> but rather a “period of transition in which growth is slowing.”
When pressed by NBC host Chuck Todd over the weekend, Yellen <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/07/24/icymi-treasury-secretary-yellen-says-us-economy-not-in-recession/">said</a> that “growth is slowing” — even though output appears to be turning negative for a sustained period of time. The remarks come ahead of the Bureau of Economic Analysis <a href="https://www.bea.gov/news/schedule">publishing</a> an advance estimate of second quarter Gross Domestic Product (GDP) growth later this week — a reading that is expected to show that the economy <a href="https://www.atlantafed.org/cqer/research/gdpnow">shrank</a> at a 1.6% annualized pace from April to June.
Because the economy likewise <a href="https://www.dailywire.com/news/united-states-economy-shrinks-in-the-first-part-of-2022">contracted</a> at a 1.5% rate in the first quarter, the United States may have experienced two consecutive quarters of negative growth — meeting the <a href="https://cals.ncsu.edu/news/you-decide-are-we-already-in-a-recession/#:~:text=There%20is%2C%20however%2C%20a%20%E2%80%9C,%2C%20that%20is%2C%20six%20months.">rule-of-thumb definition</a> for a recession. Yellen — who <a href="https://www.dailywire.com/news/janet-yellen-admits-she-was-wrong-about-inflation-being-small-risk">admitted</a> last month that she was “wrong” about the “path that inflation would take” — dismissed such claims.
“This is not an economy that’s in recession,” she told Todd. “But we’re in a period of transition in which growth is slowing and that’s necessary and appropriate and we need to be growing at a steady and sustainable pace. So there is a slowdown and businesses can see that and that’s appropriate, given that people now have jobs and we have a strong labor market.”
Yellen also pointed to low joblessness as an indicator of strong economic performance. Although unemployment remains at 3.6% — a significant improvement from the 14.7% level <a href="https://fred.stlouisfed.org/series/UNRATE">seen</a> in April 2020 — labor force participation has not recovered from pre-recession levels, contributing to <a href="https://www.dailywire.com/news/americans-continue-to-opt-out-of-the-workforce">worker shortages</a> that increase expenses for businesses and prices for consumers.
Arguing that “you don’t see any of the signs” of a broad-based economic contraction, Yellen referred to “solid” consumer spending figures. Although a report from the Department of Commerce shows that <a href="https://www.dailywire.com/news/retail-sales-surge-faster-than-expected-as-inflation-rattles-economy">national retail sales</a> grew by 1% last month, the Consumer Price Index (CPI) rose 1.3% over the same period — implying that higher price levels played a significant role in the higher spending rather than true gains in economic activity.
Indeed, the White House — which <a href="https://www.dailywire.com/news/white-house-again-claims-u-s-stronger-economically-than-we-have-been-in-history">repeatedly insisted</a> in recent weeks that the nation is “stronger economically than we have been in history” — has been laying out its economic case ahead of the Bureau of Economic Analysis growth report.
“While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the White House said in a Thursday <a href="https://www.whitehouse.gov/cea/written-materials/2022/07/21/how-do-economists-determine-whether-the-economy-is-in-a-recession/">blog post</a>. “Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data — including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year — even if followed by another GDP decline in the second quarter — indicates a recession.”
As President Joe Biden’s approval rating continues to plummet, news of a recession would serve to worsen Democrats’ chances in the upcoming midterm elections. CNBC’s All-America Economic Survey, for example, recently <a href="https://www.dailywire.com/news/bidens-economic-approval-is-now-double-digits-lower-than-trumps-worst-rating">showed</a> a meager 30% of Americans approving of Biden’s economic performance, and Republicans are <a href="https://www.dailywire.com/news/new-polling-cnn-analysis-spells-disaster-for-democrats-in-midterm-elections">positioned</a> to gain up to 70 seats in the House of Representatives.

Yellen: We’re Not In A ‘Recession,’ We’re In A ‘Transition In Which Growth Is Slowing’

Yellen Dismisses Recession Claims, Says Economy Is In A 'Transition' Toward Lower Growth

Treasury Secretary Janet Yellen said Sunday that the U.S. economy is not necessarily headed for a recession even if the gross domestic product experiences two consecutive quarters of decline.
Appearing on NBC&#8217;s &#8220;Meet the Press,&#8221; Yellen acknowledged that many economists generally define a recession as two consecutive quarters of negative GDP growth but emphasized, &#8220;That is not the technical definition.&#8221;
&#8220;There is a ton of data coming out this week; it&#8217;s probably a fun week for an economist because we are going to have consumer confidence survey, inflation numbers for June,&#8221; host Chuck Todd said. &#8220;Which is the indicator? What’s the number you’re most focused on that will give you a better indication of where this economy is headed?&#8221;
&#8220;Well, I look at all the data, and GDP will be closely watched,&#8221; Yellen replied. &#8220;A common definition of recession is two negative quarters of GDP growth, or at least that’s something that’s been true in past recessions. When we have seen that, there has usually been a recession. And many economists expect second-quarter GDP to be negative. First-quarter GDP was negative. So we could see that happen, and that will be closely watched. But I do want to emphasize: what a recession really means is a broad-based contraction in the economy. And even if that number is negative, we are not in a recession now, and I would, you know, warn that we should be not characterizing that as a recession.&#8221;
&#8220;I understand that, but you&#8217;re splitting hairs,&#8221; Todd challenged. &#8220;If the technical definition is two-quarters of contraction, you’re saying that’s not a recession?&#8221;
&#8220;That’s not the technical definition,&#8221; Yellen retorted. &#8220;There is an organization called the National Bureau of Economic Research that looks at a broad range of data in deciding whether or not there is a recession. And most of the data that they look at right now continues to be strong. I would be amazed if the NBER would declare this period to be a recession, even if it happens to have two-quarters of negative growth.&#8221;
According to <a href="https://www.forbes.com/advisor/investing/what-is-a-recession/">Forbes</a>, economist Julius Shiskin created several &#8220;rules of thumb&#8221; to help identify a recession in 1974; the most popular, which became the standard definition, was two consecutive quarters of declining GDP. But the National Bureau of Economic Research (NBER) has its own criteria for determining a recession, which is: “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”
NBER, a nonprofit, is &#8220;generally recognized&#8221; as the body that defines the beginning and end of recessions in the United States, according to the outlet.

6E4B23DD-6B3E-48B5-B4FC-493529DB25EF_1_201_a

Treasury Sec Yellen: US Economy Isn’t Necessarily Headed For A Recession, Might Not Meet ‘The Technical Definition’

Treasury Sec Yellen: US Economy Isn't Necessarily Headed For A Recession, Might Not Meet 'The Technical Definition'

Meet the Press

Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen">Janet Yellen</a> said on Monday that she is working to reduce American dependence on the <a href="http://dailywire.com/topic/china">Chinese</a> <a href="http://dailywire.com/topic/supply-chain">supply chain</a> for semiconductors.
Yellen is meeting with Asian allies in an effort to “friend-shore” trade ties with trusted <a href="http://dailywire.com/topic/economy">economic</a> partners, according to <a href="https://www.reuters.com/markets/us/us-wants-end-dependence-china-rare-earths-yellen-2022-07-18/">Reuters</a>. In an interview with the outlet, Yellen said that the U.S. has “real concerns with respect to China” and its willingness to threaten exports of manufactured goods bound for other countries.
&#8220;Resilient supply chains mean a diversity of sources of supply and eliminating to the extent we can the possibility that geopolitical rivals will be able to manipulate us and threaten our security,&#8221; Yellen explained. Although U.S.-China trade relations are not &#8220;totally negative or escalating into tremendously hostile territory,” Yellen noted that the communist nation has “used coercion to pressure a number of countries whose behavior they have disapproved of” — including Japan, Australia, and Lithuania.
<a href="https://www.dailywire.com/topic/taiwan">Taiwan</a>, China, <a href="https://www.dailywire.com/topic/south-korea">South Korea</a>, and <a href="https://www.dailywire.com/topic/japan">Japan</a> maintain nearly 80% of global semiconductor manufacturing capacity, according to the <a href="https://www.brookings.edu/blog/order-from-chaos/2022/04/12/ensuring-a-stronger-us-taiwan-tech-supply-chain-partnership/">Brookings Institution</a>, with Taiwanese companies like TSMC producing over 90% of cutting-edge chips smaller than 10 nanometers — the class of chips used in cell phones and computers.
Yellen — who plans to tour facilities run by South Korean consumer electronics company LG during her visit — remarked that the nation has “tremendous strengths in terms of resources, technology, abilities” and a “substantial capacity to produce advanced semiconductors.”
Many Asian economies enacted harsh lockdown measures in response to COVID, causing bottlenecks in the global semiconductor supply chain. Some automotive companies, for example, have been forced to limit or pause production, worsening inflationary pressures as vehicle prices <a href="https://www.dailywire.com/news/here-are-the-products-making-your-wallet-lighter-as-inflation-hits-new-highs">surge</a> at the highest rate in decades. According to the most recent Consumer Price Index (CPI) report from the U.S. <a href="https://www.bls.gov/news.release/cpi.nr0.htm">Bureau of Labor Statistics</a>, new and used vehicles are 11.4% and 7.1% <a href="https://www.dailywire.com/news/here-are-the-products-making-your-wallet-lighter-as-inflation-hits-new-highs">more expensive</a> since June 2021, respectively.
Lawmakers have <a href="https://www.dailywire.com/news/plans-for-new-semiconductor-factories-across-america-hit-major-roadblock">proposed</a> the $52 billion CHIPS for America Act — but because the funding has not yet reached chipmakers, companies such as Intel, TSMC, and GlobalFoundries recently issued “public warnings” that they might “scale back their plans to make semiconductors” in the United States, according to the U.S. <a href="https://www.commerce.gov/news/press-releases/2022/06/icymi-three-companies-warn-about-delayed-chip-funding-globalwafers">Department of Commerce</a>.
Intel CEO Pat Gelsinger said at a recent panel event that his firm could increase chip production in Europe due to legislative delays in the U.S. “The rest of the world is moving rapidly despite the inability of Congress to get this finished,” he remarked, noting that Asian countries are also passing new incentives.
The U.S. <a href="https://www.dailywire.com/news/onshoring-semiconductor-capacity-is-crucial-to-national-security">represents</a> 12% of global semiconductor manufacturing and 25% of global semiconductor demand, according to Radford University management professor Zachary Collier.
In reaction to high inflation, National Economic Council Director Brian Deese <a href="https://www.dailywire.com/news/top-biden-adviser-called-out-for-saying-more-spending-will-finally-stop-inflation">said</a> on CNBC last week that the U.S. can address the cost pressures by passing new incentives for the semiconductor industry. Yet the official was pressed on the notion that higher spending is a sustainable answer to the record inflation, which follows $6 trillion in <a href="https://www.dailywire.com/news/with-6-trillion-in-covid-relief-the-government-could-have-given-every-taxpayer-41000">federal stimulus packages</a> enacted in response to COVID.
“I think you have to look at the unique situation that we’re in as an economy and think about how do we build more supply, how do we increase the productive capacity of our economy, so that we actually can supply more goods, bring prices down,” said Deese, who formerly worked as a senior adviser to President Barack Obama. “We know the answer on semiconductors exactly. We need more supply of those goods.”

Treasury Secretary Yellen And Fed Chair Powell Testify Before House Financial Committee On Coronavirus And CARES Act

Yellen Pushes To End American Dependence On China For Computer Chips

Yellen Calls For End To American Reliance On Chinese Computer Chips

China

South Korea

Supply Chain

Treasury Secretary <a href="https://www.dailywire.com/topic/janet-yellen">Janet Yellen</a> on Thursday said that <a href="http://dailywire.com/topic/inflation">inflation</a> is “unacceptably high” after another dismal price level report.
The Consumer Price Index (CPI) <a href="https://www.dailywire.com/news/inflation-soars-to-new-high-of-9-1">rose</a> 9.1% between June 2021 and June 2022, a Wednesday morning report from the U.S. <a href="https://www.bls.gov/news.release/cpi.nr0.htm">Bureau of Labor Statistics</a> showed. Yellen reacted to the news ahead of a meeting with other finance ministers in Bali, Indonesia, according to <a href="https://www.cnbc.com/2022/07/14/yellen-warns-inflation-in-the-us-is-unacceptably-high.html">CNBC</a>.
“We are taking our own steps which we believe will be supportive in the short term to get inflation down — particularly what we’re doing on energy prices and the Strategic Petroleum Reserve,” Yellen told the press.
Indeed, rising energy costs were responsible for roughly half of consumer inflation last month, during which national average gas prices surged to <a href="https://www.dailywire.com/news/gas-prices-hit-grim-national-average-of-5-per-gallon">$5.00 per gallon</a>. Another <a href="https://www.bls.gov/news.release/ppi.nr0.htm">Bureau of Labor Statistics</a> report released on Thursday showed that the Producer Price Index (PPI) rose 11.3% from June 2021 to June 2022 — a phenomenon driven almost entirely by higher energy costs.
Alongside Yellen, President Joe Biden pointed to the “historic release of oil” from the Strategic Petroleum Reserve in response to the inflation news. Although releasing one million barrels of oil per day was marketed by the White House as an “unprecedented” move to “provide a historic amount of supply” to Americans facing high prices, a report from <a href="https://www.reuters.com/business/energy/oil-us-reserves-head-overseas-gasoline-prices-stay-high-2022-07-05/">Reuters</a> recently <a href="https://www.dailywire.com/news/stunning-amount-of-oil-released-by-biden-found-its-way-to-china-other-countries">showed</a> that at least five million barrels of oil were exported to European and Asian nations during the month of June — including to a Chinese firm with <a href="https://www.dailywire.com/news/biden-admin-sold-nearly-1-million-barrels-of-oil-to-chinese-state-owned-company-tied-to-hunter-biden">links</a> to Hunter Biden.
Yellen also said that she would endorse any actions taken by monetary policymakers at the <a href="http://dailywire.com/topic/federal-reserve">Federal Reserve</a> — an entity she led from 2014 to 2018 — to quell rising prices. “We’re first and foremost supportive of the Fed’s efforts; what they deem to be necessary to get inflation under control,” she remarked.
The central bank has recently opted to <a href="https://www.dailywire.com/news/federal-reserve-takes-most-aggressive-action-to-fight-inflation-in-three-decades">raise interest rates</a> at large increments — most recently, by a 0.75% rate hike that represented the boldest move to combat inflation in nearly three decades — after moving rates to near-zero levels in response to COVID and the lockdown-induced recession. The current target interest rate is now between 1.5% and 1.75%.
In response to the most recent inflation report, many analysts believe that the Fed could hike rates by 1% later in July. The market appeared to price in a 0.93% rate hike by Wednesday afternoon, according to <a href="https://www.cnbc.com/2022/07/13/traders-bet-the-fed-could-raise-interest-rates-by-1percent-this-month.html">CNBC</a>. Because there is a historical <a href="https://www.dailywire.com/news/expect-higher-unemployment-as-federal-reserve-tackles-inflation-warns-top-policymaker">tradeoff</a> between unemployment and inflation, further moves to battle rising prices will likely lead to higher degrees of joblessness.
Yellen recognized that higher interest rates could also impact other nations. “On the one hand, it can strengthen their ability to export which is good for their growth,” she said. “On the other hand, to the extent that countries have dollar-denominated debt, it can make those debt problems — which already are very severe — more difficult.”
Over the past year, the exchange rate between the dollar and the euro has <a href="https://www.dailywire.com/news/global-turmoil-makes-euro-cheap-for-americans">dropped</a> from $1.22 per euro to $1.00 per euro, according to <a href="https://www.bloomberg.com/quote/EURUSD:CUR">Bloomberg Markets</a>. Higher interest rates cause more demand for a nation’s currency on foreign exchange markets while making other nations’ exports less expensive.

Janet Yellen Testifies On 2023 Budget In House Hearing

Janet Yellen Addresses ‘Unacceptably High’ Inflation, Tells What Biden Administration Will Do Next

Janet Yellen Responds To Record Inflation

Federal Reserve

Inflation

The United States government and the World Bank are sending a combined $1.7 billion in assistance to the <a href="https://www.dailywire.com/topic/ukraine">Ukrainian</a> government in an effort to support <a href="https://www.dailywire.com/topic/health-care">health care workers</a> in the war-torn nation.
On Tuesday, The Associated Press <a href="https://federalnewsnetwork.com/government-news/2022/07/ukraine-gets-1-7b-in-fresh-aid-to-pay-health-care-workers/">reported</a> that the U.S. Agency for International Development (USAID) announced that the funds were being provided to help stop <a href="https://www.dailywire.com/topic/vladimir-putin">Russian President Vladimir Putin</a>&#8216;s &#8220;brutal war of aggression.&#8221;
USAID has now sent approximately $4 billion in financial support to Ukraine, while the U.S. government has sent more than $7 billion total since the war began in February, according to the AP.
USAID administrator Samantha Power told the AP that while Putin&#8217;s “assault on Ukraine’s public services continues, the United States is rushing in with financial support to help the government keep the lights on, provide essential services to innocent citizens and pay the health care workers who are providing lifesaving support on the frontlines.”
Treasury Secretary Janet Yellen also said in a statement that this new round of aid &#8220;will help Ukraine’s democratic government provide essential services for the people of Ukraine.&#8221;
For his part, President Joe Biden has <a href="https://www.dailywire.com/news/biden-refuses-to-limit-aid-to-ukraine-make-sure-they-are-not-defeated-by-russia">maintained</a> that the U.S. will continue to support Ukraine through various measures indefinitely in order to defeat Russia.
“We are going to support Ukraine as long as it takes,” Biden <a href="https://www.youtube.com/watch?v=zSI0qRc0I8I">told</a> reporters when asked about the future of the United States’ commitment to Ukraine in late June.
“They’ve had to renege on their national debt for the first time since the beginning, in almost well over a hundred years. They’ve lost 15 years of the gains they’ve made in terms of their economy,” Biden said of Russia. “They’re going to have trouble maintaining oil production because they don’t have the technology to do it. They need American technology. They’re also in a similar satiation in terms of their weapons systems and some of their military systems. So they’re paying a very, very heavy price for this.”
“I don’t know how it’s going to end but it will not end, but it will not end with a Russian defeat of Ukraine in Ukraine,” Biden added.
The president has also said Americans should expect to pay high gas prices until Russia is defeated.
In June, a reporter <a href="https://www.dailywire.com/news/biden-on-how-long-its-fair-to-expect-americans-to-pay-historic-gas-prices-as-long-as-it-takes-to-beat-putin">commented</a> on the high prices of gas in the U.S. and asked Biden, “How long is it fair to expect American drivers and drivers around the world to pay that premium for this war?”
Biden responded again by saying that Americans should expect to pay higher prices at the pump until Putin is stopped.
“As long as it takes,” Biden responded, “so Russia cannot in fact defeat Ukraine and move beyond Ukraine. This is a critical, critical position for the world. Here we are. Why do we have NATO? I told Putin that in fact, if he were to move, we would move to strengthen NATO. We would move to strengthen NATO across the board.&#8221;

Ukraine Flag stock photo

U.S. Announces Another Round Of $1.7 Billion In Aid To Ukraine

U.S., World Bank Sending $1.7 Billion More To Ukraine

Federal Government

Foreign Policy

Russia

Samantha Power

Ukraine

New Hampshire Governor Chris Sununu (R) predicted that a recession is coming and blasted Treasury Secretary Janet Yellen, claiming &#8220;she&#8217;s completely misled America&#8221; and should be fired.
Sununu made the remarks during an interview on CNN&#8217;s &#8220;State of the Union&#8221; on Sunday.
&#8220;A recession is coming. You cannot add $5 trillion to America&#8217;s balance sheet and just hope it goes away. The recession is coming. The Fed, I think, has known this for a while. They&#8217;ve kind of ignored it,&#8221; the governor told CNN host Jake Tapper.
&#8220;They should have been easing us into the right rates and where we need to go over a year ago. You have a treasury secretary who is saying, &#8216;Oh, it&#8217;s not inevitable.&#8217; Well, of course, it&#8217;s inevitable. You don&#8217;t need four years of Dartmouth economics to know that when you add $5 trillion, there has to be some outcome, and unfortunately, the outcome is high gas prices, high housing prices, the price of a taco is getting unbearable for some folks. And it hits middle and lower-income families very, very hard. That&#8217;s just going to be the issue going forward,&#8221; Sununu added.
The New Hampshire Republican was also asked about his ideas to improve the situation. His key recommendation was to terminate Yellen from her role as Treasury Secretary.
&#8220;First, I would fire the Treasury Secretary. I think she&#8217;s completely misled America,&#8221; Sununu said.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
&quot;I would fire the treasury secretary. I think she&#39;s completely misled America …&quot;<a href="https://twitter.com/GovChrisSununu?ref_src=twsrc%5Etfw">@GovChrisSununu</a> of New Hampshire tells CNN&#39;s <a href="https://twitter.com/jaketapper?ref_src=twsrc%5Etfw">@jaketapper</a> about his issues with how the Federal Reserve has dealt with a possible recession on the horizon. <a href="https://twitter.com/CNNSotu?ref_src=twsrc%5Etfw">@CNNSotu</a> <a href="https://twitter.com/hashtag/CNNSOTU?src=hash&amp;ref_src=twsrc%5Etfw">#CNNSOTU</a> <a href="https://t.co/LASRXcrgBI">pic.twitter.com/LASRXcrgBI</a>
&mdash; CNN (@CNN) <a href="https://twitter.com/CNN/status/1546127076666875904?ref_src=twsrc%5Etfw">July 10, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Last month, Yellen <a href="https://www.dailywire.com/news/yellen-recession-not-inevitable-russias-war-to-blame-for-soaring-inflation" target="_blank" rel="noopener">appeared</a> on ABC’s “This Week with George Stephanopoulos,” claiming that inflation is at “unacceptably high levels” but that a recession might not be around the corner.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Treasury Sec. Janet Yellen tells <a href="https://twitter.com/GStephanopoulos?ref_src=twsrc%5Etfw">@GStephanopoulos</a> that a recession isn&#39;t “inevitable,&quot; but says inflation is &quot;unacceptably high.&quot; 
&quot;I expect the economy to slow.&quot; <a href="https://t.co/xMZVnzRLgN">https://t.co/xMZVnzRLgN</a> <a href="https://t.co/Xx9UpkmWz4">pic.twitter.com/Xx9UpkmWz4</a>
&mdash; This Week (@ThisWeekABC) <a href="https://twitter.com/ThisWeekABC/status/1538515987481481216?ref_src=twsrc%5Etfw">June 19, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
“I expect the economy to slow,” Yellen said. “It’s been growing at a very rapid rate, as the economy, as the labor market, has recovered. We have reached full employment. It’s natural now that we expect a transition to steady and stable growth, but I don’t think a recession is at all inevitable.”
Inflation hit a 40-year high in May. Gas prices have also hurt Americans as prices have soared to record levels this year and have doubled over the cost per gallon just two years ago.
Tesla CEO Elon Musk has also recently <a href="https://www.dailywire.com/news/elon-musk-splits-with-biden-advisers-says-recession-is-inevitable" target="_blank" rel="noopener">spoken out</a> with his prediction that a recession is coming. He made the comments during an appearance at the Qatar Economic Forum in June.
“A recession is inevitable at some point. As to whether there is a recession in the near term, that is more likely than not. It is not a certainty, but it appears more likely than not,” Musk said.
Musk’s assessment stands in contrast with the Biden administration&#8217;s <a href="https://dailywire.com/news/watch-biden-pushes-back-at-reporter-over-recession-warnings-dont-make-things-up/" target="_blank" rel="noopener">view</a> that said the nation is not necessarily expected to face a recession.
Former Obama administration economic adviser Larry Summers also recently <a href="https://www.dailywire.com/news/top-obama-economic-advisor-whole-range-of-indicators-point-to-coming-recession" target="_blank" rel="noopener">warned</a> that an array of economic signs are pointing to a recession within the next two years.
&nbsp;

Chris Sununu

GOP Governor Says ‘Recession Is Coming,’ Treasury Secretary Has ‘Misled America’ And Should Be Fired

GOP Governor Says 'Recession Is Coming,' Treasury Secretary Has 'Misled America' And Should Be Fired

Jake Tapper

New Hampshire

State of the Union

President <a href="http://dailywire.com/topic/biden-administration">Joe Biden</a> announced on Tuesday that he would appoint Marilynn Malerba, chief of the <a href="http://dailywire.com/topic/native-americans">Mohegan Tribe</a>, as the next <a href="http://dailywire.com/topic/department-of-the-treasury">treasurer</a> of the United States.
Malerba will serve alongside Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen">Janet Yellen</a> as she oversees the U.S. Mint, Fort Knox, and the Bureau of Engraving and Printing. She will also advise Yellen on “community development and public engagement” and lead the newly created Office of Tribal and Native Affairs.
The U.S. treasurer role has been vacant since January 2020, when Trump appointee Jovita Carranza departed to lead the Small Business Administration.
Malerba, who is carrying out a lifetime appointment as chief of the Mohegan Tribe in Southeastern Connecticut, worked as a registered nurse before her current role as a member of the Treasury Tribal Advisory Committee, according to the <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/21/president-biden-announces-intent-to-appoint-marilynn-malerba-as-treasurer-of-the-united-states/">White House</a>. She advises Yellen on the taxation of Native Americans.
“Chief Malerba’s appointment as Treasurer of the United States will also mean that for the first time in U.S. history, a Tribal leader and Native woman’s signature will soon be seen on the nation’s currency,” according to a <a href="https://home.treasury.gov/news/press-releases/jy0824">Treasury Department</a> statement.
“I am deeply honored that Chief Malerba will serve as the nation’s Treasurer and spearhead the department’s new Office of Tribal and Native Affairs. This is an historic appointment,” Yellen remarked. “Her leadership and experience will deepen our commitment to help expand economic opportunities for all Tribal communities.”
After her confirmation in January 2021, Yellen <a href="https://home.treasury.gov/news/press-releases/jy0003">told staff members</a> at the Treasury Department that she intends to “address inequality, racism, and climate change.”
“I know that many of you… see economic policy as a way to improve people’s lives; you see the humanity beneath the data,” she wrote. “I cannot be sure about the future, but I expect that when economists look back at this period in American history, they’ll conclude that perspective helped us leave behind a stronger, more prosperous country.”
More recently, however, Yellen and other top officials in the Biden administration have been forced to contend with high inflation and other economic bottlenecks. Earlier this month, the U.S. <a href="https://www.bls.gov/news.release/cpi.nr0.htm">Bureau of Labor Statistics</a> announced that the Consumer Price Index (CPI) rose 8.6% between May 2021 and May 2022, meaning that <a href="https://www.dailywire.com/news/inflation-reaches-8-6-setting-new-four-decade-high">inflation hit new four-decade record highs</a> and once again surpassed economists’ expectations.
Last week, the Dow Jones Industrial Average and the Nasdaq Composite fell 4.8%, while the S&amp;P 500 was down 5.8% — marking its <a href="https://www.dailywire.com/news/investment-banks-predict-how-much-more-stock-market-could-plummet">worst week</a> since 2020, according to <a href="https://www.cnbc.com/2022/06/16/stock-market-news-futures-open-to-close.html">CNBC</a>.
Yellen acknowledged the economic woes while remaining <a href="https://www.dailywire.com/news/yellen-recession-not-inevitable-russias-war-to-blame-for-soaring-inflation">as optimistic as possible</a> during a recent interview with ABC News host George Stephanopolous. “I expect the economy to slow,” Yellen explained. “It’s been growing at a very rapid rate, as the economy, as the labor market, has recovered. We have reached full employment. It’s natural now that we expect a transition to steady and stable growth, but I don’t think a recession is at all inevitable.”
Nevertheless, Federal Reserve Governor Christopher Waller <a href="https://www.dailywire.com/news/expect-higher-unemployment-as-federal-reserve-tackles-inflation-warns-top-policymaker">cautioned</a> on Saturday that efforts from the central bank to combat inflation would lead to higher unemployment, which could rise from 3.6% to 4% or 4.25%. Last week, the Federal Reserve <a href="https://www.dailywire.com/news/federal-reserve-takes-most-aggressive-action-to-fight-inflation-in-three-decades">hiked interest rates</a> by 0.75% — the most aggressive move to combat inflation since 1994.
“If the data comes in as I expect, I will support a similar-sized move at our July meeting,” Waller explained. “The Fed is ‘all in’ on reestablishing price stability.&#8221;

Treasury Secretary Yellen Meets With German Finance Minister Scholz

Biden Taps Native American Chief To Serve As Next Treasurer Of The United States

Native American Chief To Serve As Treasurer Of The United States

Department of the Treasury

Native Americans

Treasury Secretary <a class="editor-rtfLink" href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> said on Sunday that suspending <a class="editor-rtfLink" href="http://dailywire.com/topic/oil-and-gas" target="_blank" rel="noopener">gas</a> taxes is “certainly worth considering” amid rising <a class="editor-rtfLink" href="http://dailywire.com/topic/gas-prices" target="_blank" rel="noopener">energy prices</a>.
The comments came during an interview with <a class="editor-rtfLink" href="https://abcnews.go.com/Politics/week-transcript-19-22-secretary-janet-yellen-rep/story?id=85484967" target="_blank" rel="noopener">ABC News</a> host George Stephanopoulos. The national average gas price continues to hover near <a class="editor-rtfLink" href="https://www.dailywire.com/news/gas-prices-hit-grim-national-average-of-5-per-gallon" target="_blank" rel="noopener">$5.00 per gallon</a>, according to <a class="editor-rtfLink" href="https://gasprices.aaa.com/" target="_blank" rel="noopener">AAA</a>.
Stephanopoulos questioned Yellen on whether Congress could feasibly enact a federal gas tax holiday as a “short term” measure to ease pressure on consumers.
“Gas prices have risen a great deal, and it’s clearly burdening households. So he stands ready to work with Congress, and that’s an idea that’s certainly worth considering,” Yellen said of President Joe Biden.
The federal government currently imposes a gas tax of $0.184 per gallon of gasoline and $0.244 per gallon of diesel, according to the<a href="https://www.eia.gov/tools/faqs/faq.php?id=10&amp;t=10"> U.S. </a>Energy Information Administration. Combined with state taxes, the average American driver pays $0.571 in gas taxes per gallon, according to the <a class="editor-rtfLink" href="https://www.api.org/oil-and-natural-gas/consumer-information/motor-fuel-taxes/gasoline-tax" target="_blank" rel="noopener">American Petroleum Institute</a>, with Californians facing some of the highest tax burdens.
When pressed by Stephanopoulos on the Biden administration’s “shifting away from domestic oil and natural gas,” Yellen denied that the White House is to blame for rising fuel prices. She instead attributed the phenomenon to producers’ failure to anticipate higher demand for fuel after the recession.
Yellen also argued for a “medium term” need to emphasize green energy. “The way in which we can ensure reasonable energy expenses for households is to move to renewables, to address climate change,” she contended. “That’s a way to free us from geopolitical movements in oil prices.”
Multiple White House officials — including Transportation Secretary <a class="editor-rtfLink" href="https://www.dailywire.com/news/buttigieg-electric-cars-will-make-it-so-americans-never-have-to-worry-about-gas-prices-again" target="_blank" rel="noopener">Pete Buttigieg</a>, Energy Secretary <a class="editor-rtfLink" href="https://www.dailywire.com/news/bidens-energy-secretary-on-gas-crisis-if-you-drove-an-electric-car-this-would-not-be-affecting-you" target="_blank" rel="noopener">Jennifer Granholm</a>, and President <a class="editor-rtfLink" href="https://www.dailywire.com/news/white-house-slammed-over-comments-on-electric-cars-fairy-dust-and-unicorns" target="_blank" rel="noopener">Joe Biden</a> himself — have similarly argued that high gas prices will accelerate a transition to green energy, especially as more Americans buy electric cars.
“The people who stand to benefit most from owning an EV are often rural residents who have the longest distances to drive, they burn the most gas, and underserved urban residents in areas where there are higher gas prices and lower-income,” Buttigieg said last year. “They would gain the most by having that vehicle. These are the very residents who have not always been connected to electric vehicles that are viewed as kind of a luxury item.”
Governor Gavin Newsom (D-CA) <a class="editor-rtfLink" href="https://www.dailywire.com/news/even-as-prices-at-the-pump-remain-high-california-is-still-raising-its-gas-tax" target="_blank" rel="noopener">rejected</a> Republican lawmakers’ bid to suspend an upcoming increase in the state’s gas tax, alleging that the policy would help “petro-dictators and oil companies.” Instead, Newsom pursued a plan to distribute up to $800 in <a class="editor-rtfLink" href="https://www.dailywire.com/news/newsom-pushes-400-gas-price-relief-payments-as-california-fuel-prices-reach-record-levels" target="_blank" rel="noopener">tax rebates</a> per person, depending on the number of vehicles registered in an individual’s name.
The Biden administration is likewise considering a plan to send gas rebate cards to Americans. As one White House official told <a class="editor-rtfLink" href="https://www.foxbusiness.com/politics/white-house-considering-gas-rebate-cards-americans" target="_blank" rel="noopener">Fox Business</a>, Biden “has made clear that he is willing to explore all options and hear all ideas that would help lower gas prices for the American people,” although “no decisions have been made.”
Last week, Biden <a class="editor-rtfLink" href="https://www.dailywire.com/news/biden-sends-letter-to-oil-companies-blasting-them-for-profits-demanding-they-increase-oil-production" target="_blank" rel="noopener">sent a letter</a> to oil companies urging them to hike production and slash their profits amid rising gas prices.
“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Biden wrote. “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”

Yellen Gives Opinion On Pausing Federal Gas Tax To Bring Prices Down

Yellen Says Suspending Federal Gas Tax Is On The Table

Gas Prices

Oil and Gas

Former Obama administration economic adviser <a href="https://www.dailywire.com/topic/larry-summers">Larry Summers</a> warned Sunday that all precedents in the <a href="https://www.dailywire.com/topic/economy">economy</a> are pointing to a recession happening in the next two years. 
Summers, appearing on “<a href="https://www.nbcnews.com/meet-the-press/video/fmr-treasury-secretary-larry-summers-says-recession-likely-by-end-of-next-year-142416965792">Meet The Press</a>,” told NBC News host Chuck Todd that “a whole range of indicators” — including markets, relative levels of <a href="https://www.dailywire.com/topic/interest-rates">interest rates</a> at different durations, consumer expectations, and supply and demand — are pointing toward a recession, which is defined as two consecutive quarters of negative economic growth. 
“All of that tells me that, while I wouldn’t presume whether to judge the timing, the dominant probability would be by the end of next year we will be seeing a recession in the American economy,” said Summers, who also served as treasury secretary in the 1990s. He also said that this perspective had become the common view among a number of statistical models and forecasters. 
Noting economic precedents, Summers said in a different <a href="https://www.bloomberg.com/news/articles/2022-04-14/podcast-summers-predicts-a-u-s-recession-more-likely-than-a-soft-landing?srnd=premium">Bloomberg</a> interview, “If you look at history, there has never been a moment when inflation was above 4% and unemployment was below 5% when we did not have a recession within the next two years.”  
The Biden administration, for its part, has been acknowledging the challenge of the economy but has also echoed in lock-step that an economic downturn isn’t inevitable. Department of Energy Secretary <a href="https://www.dailywire.com/topic/jennifer-granholm">Jennifer Granholm</a> and Department of Treasury Secretary <a href="https://www.dailywire.com/news/yellen-recession-not-inevitable-russias-war-to-blame-for-soaring-inflation">Janet Yellen</a> both spoke to this point on Sunday morning news shows, as well. 
“I expect the economy to slow,” Yellen told George Stephanopolous on ABC News. “It’s been growing at a very rapid rate, as the economy, as the labor market, has recovered. We have reached full employment. It’s natural now that we expect a transition to steady and stable growth, but I don’t think a recession is at all inevitable.”
According to a <a href="https://www.dailywire.com/news/new-survey-reveals-when-ceos-expect-a-recession-to-hit">Conference Board survey</a> of 750 CEOs released on Friday, a majority of top company execs foresee a recession in the next 12 to 18 months. A small minority, 15%, said in the same survey that the region in which their company operates is already in a recession. In a National Association of Manufacturers Survey, nearly <a href="https://www.dailywire.com/news/majority-of-manufacturers-predict-recession-within-the-next-year">6 in 10 business leaders</a> indicated that a recession was more likely in the next year due to inflationary pressures. 
President <a href="https://www.dailywire.com/topic/joe-biden">Joe Biden</a> himself has suggested Vladimir Putin is partly responsible for rising costs and accused businesses of price gouging. On Thursday, in an interview with the Associated Press, Biden encouraged Americans to <a href="https://www.dailywire.com/news/biden-claims-recession-not-inevitable-tells-americans-they-shouldnt-believe-economist-warnings">wait and see</a> whether economists were correct about their recession predictions. 
“They shouldn’t believe a warning. They should just say: ‘Let’s see. Let’s see, which is correct.’ And from my perspective, you talked about a recession. First of all, it’s not inevitable,” said Biden.

Former U.S. Treasury Secretary Larry Summers

Top Obama Economic Advisor: ‘Whole Range Of Indicators’ Point To Coming Recession

Larry Summers Says 'Range Of Indicators' Point To Recession In Next Two Years

Larry Summers

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