Department of the Treasury Secretary Janet Yellen listens to lawmakers as she testifies during a Senate Finance Committee hearing to examine President Joe Biden's proposed budget request for fiscal year 2023, on Capitol Hill, Tuesday, June 7, 2022, in Washington. – Treasury Secretary Janet Yellen said Sunday that she expects the U.S. economy to slow in the months ahead, but that a recession is not inevitable.
Yellen offered a dose of optimism even as economists grow increasingly worried about a recession fueled byShe also expressed an openness, during an interview on ABC's “This Week,” to a federal gas tax holiday to help give motorists some relief at the pump. Several lawmakers have floated the idea as the average price of gasoline hovers around $5 per gallon; the tax is 18.4 cents per gallon.
“That’s an idea that’s certainly worth considering,” Yellen said when asked if the administration is weighing it. She added that President Joe Biden wants “to do anything he possibly can to help consumers.” And Energy Secretary Jennifer Granholm said “it's one of the tools,” but told CNN's “State of the Union” that “part of the challenge with the gas tax, of course, is that it funds the roads.
“I expect the economy to slow,” Yellen said. “It’s been growing at a very rapid rate and the economy has recovered and we have achieved full employment. We expect a transition to steady and stable growth, but I don’t think a recession is at all inevitable.”with The Associated Press last week insisted that a recession is “not inevitable” and made the case that U.S. is"in a stronger position than any nation in the world to overcome this inflation.
The tightening of monetary policy was accompanied by a downgrade to the Fed’s economic outlook, with the economy now seen slowing to a below-trend 1.7% rate of growth this year, unemployment rising to 3.7% by the end of this year and continuing to rise to 4.1% through 2024.Yellen said it will take “skill and luck” to bring down inflation while maintaining low unemployment.Copyright 2022 The Associated Press. All rights reserved.
Should be at home retired,baking cookies and playing with grandkids.
The upcoming recession has NOTHING TO DO WITH RUSSIA OR UKRAINE! That’s either and uneducated response or a flat out lie.
FAKE NEWS!!
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Recession Isn't ‘Inevitable,' But Inflation Is ‘Unacceptably High,' Treasury Secretary Yellen SaysTalk of a recession has accelerated this year as inflation remains high and the Federal Reserve takes aggressive steps to counter. Yellen also said inflation wouldn't pass 3% I don't think it's inevitable either. I suspect inflation would get right under control if the oil companies get hit with an investigation and a windfall profits tax. And what is going on with the transport companies? They musta made up what they lost during the pandemic by now “Vaccines prevent covid” May 2021- Tony Fauci
Source: NBCDFW - 🏆 288. / 63 Read more »
Gasoline Tax Holiday ‘Worth Considering,’ Yellen SaysTreasury secretary says high fuel prices are a burden for U.S. consumers, but others say cutting the tax doesn’t necessarily offer consumer relief. Of course not! It’s about oil company profits. JUST DO IT Tax holiday just means raising taxes elsewhere or more borrowing.
Source: WSJ - 🏆 98. / 63 Read more »
Biden officials downplay recession risk — despite experts’ warningsTreasury Secretary Janet Yellen claimed on ABC that a recession is not inevitable, though she foresees the US economy slowing down in the months ahead. Anyone who believe a word that comes out of this administration mouth is ignorant. Either that or they are just willfully ignorant and don’t care. They have always been lying. The data they show actually shows inflation going down shortly after Putin invasion. biden is not an economist, he's a politician. Down play are they for real 😂
Source: nypost - 🏆 91. / 67 Read more »
U.S. Recession Isn't ‘Inevitable,' But Inflation Is ‘Unacceptably High,' Treasury Secretary Yellen SaysTalk of a recession has accelerated this year as inflation remains high and the Federal Reserve takes aggressive steps to counter. Yellen also said inflation wouldn't pass 3% I don't think it's inevitable either. I suspect inflation would get right under control if the oil companies get hit with an investigation and a windfall profits tax. And what is going on with the transport companies? They musta made up what they lost during the pandemic by now “Vaccines prevent covid” May 2021- Tony Fauci
Source: NBCDFW - 🏆 288. / 63 Read more »
Recession in US not inevitable: Treasury secretaryUS Treasury Secretary Janet Yellen, however, conceded that 'clearly inflation is unacceptably high,' attributing it partly to the conflict in Ukraine. lol Don't mess with Russia lesson learned 😂😂😂😂😂
Source: trtworld - 🏆 101. / 63 Read more »
Gasoline Tax Holiday ‘Worth Considering,’ Yellen SaysTreasury secretary says high fuel prices are a burden for U.S. consumers, but others say cutting the tax doesn’t necessarily offer consumer relief. Of course not! It’s about oil company profits. JUST DO IT Tax holiday just means raising taxes elsewhere or more borrowing.
Source: WSJ - 🏆 98. / 63 Read more »