These people are insane. They have no idea what they are doing. They only know how to hurt the common man and help the elites and every country other than America.
We heard last week that Treasury Secretary Janet Yellen pushed for a minimum global tax rate. Yahoo reported:
Finance leaders from the G7 group of advanced economies said Saturday that they had reached an agreement on establishing a minimum global corporate tax rate, a significant step forward in the Biden administration’s effort to reduce tax avoidance by major corporations.
Under the agreement announced by the G7 nations – Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – multinationals would have to pay a tax of at least 15% in each country in which they operate, less than the Biden administration’s earlier proposal of 21% but still within the range of what the White House said it would accept.
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Treasury Secretary Janet Yellen reportedly played a major role in the effort to reach a consensus on an issue that has been under discussion for a decade or more. “That global minimum tax would end the race to the bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world,” she said in a statement. “The global minimum tax would also help the global economy thrive, by leveling the playing field for businesses and encouraging countries to compete on positive bases, such as educating and training our work forces and investing in research and development and infrastructure.”
The problem with this is that taxes will rise on corporations which will negatively impact corporate earnings and money for R&D and other activities that add value. At the same time, consumers will pay more because these taxes will be pushed down to the consumers. Finally, the tax dollars will go to countries and wasted by corrupt politicians like those in the Obama/Biden Administration.
Now today, the brilliant Yellen claims that inflation is going to happen but it will be good. The Daily Caller reported:
Increased inflation could ultimately be a net positive for the U.S. economy and large government spending won’t overheat the economy, Treasury Secretary Janet Yellen told Bloomberg.
Treasury Secretary Janet Yellen, who previously chaired the Federal Reserve, said the central bank has been more concerned about inflation levels that are too low, according to Bloomberg. Increasing consumer prices could signal a return to normal, she said.
“We’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” Yellen told Bloomberg in an interview Sunday.
Yellen acknowledged that there may be a “spurt” in prices as a result in higher spending, but that it would be temporary. Higher inflation could contribute to the Fed deciding to eventually increase interest rates, which would be “a good thing” for the economy in the long run, Yellen said.
“If we ended up with a slightly higher interest rate environment it would actually be a plus for society’s point of view and the Fed’s point of view,” Yellen told Bloomberg.
This too is insanity coming from the Obama/Biden gang. Yellen forgets that the Obama/Biden Administration is spending like drunken sailors on BS liberal insane initiatives. The trillions they have already added and the trillions more they are planning to add will come at a cost. The borrowings on this debt will be massive and the higher the interest rates go, the more of the US budget will be spent on interest payments.