These people have lost their minds and we are not sure if there is any way to help them find them at this point. Things only seem to be getting crazier and crazier. Do they have even the faintest idea of what they are doing? You may have recently heard about Treasury Secretary Janet Yellen and her insistence on pushing for a minimum global tax rate last week.
If you didn’t, the following is an excerpt from the Yahoo report:
“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.
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 workforces and investing in research and development and infrastructure.”
There is just one major problem with this idea. The taxes are going to hurt corporations and before anyone thinks to thumb their noses at that, guess what? Any additional expenses that the corporation incurs are going to be passed down to the consumer. That’s what the far left does not realize about this one.
Once their tax dollars are filtered to Obama and Biden, they are doled out foolishly. That’s why this cannot happen. Yellen, in her infinite brilliance, has heard the criticism and is firing back with one of her own. She says that we do not need to worry about inflation because it is good, actually. What in the world? The Daily Caller here offers further background:
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.”
The Obama and Biden crew are hilarious. It is okay for them to spend like idiots, as they are adding trillions and trillions of dollars to the already massive debts that we have. The elites are perfectly fine with selling us down the river, so that they can continue to live in the lap of luxury. Yellen is not thinking at all here and it won’t be long before we are paying the price for it, quite literally.