Sec. Yellen: We’re Simply Not Collecting the Taxes that People Owe

SORKIN Let me ask ░░░░░░░░ this though The other ░░░░░░░░ of this on the ░░░░░░░░ side is that we ░░░░░░░░ having our debt and ░░░░░░░░ go up and up ░░░░░░░░ up and up and ░░░░░░░░ We had Stan Druckenmiller ░░░░░░░░ our program recently He ░░░░░░░░ we are spending like ░░░░░░░░ sailors Don t forget ░░░░░░░░ Covid The federal government ░░░░░░░░ 20 percent of GDP ░░░░░░░░ it s 25 percent ░░░░░░░░ GDP My father told ░░░░░░░░ if you re in ░░░░░░░░ hole stop digging stand ░░░░░░░░ so the question is ░░░░░░░░ we re going to ░░░░░░░░ spending this money are ░░░░░░░░ offsets Should we be ░░░░░░░░ about offsets or is ░░░░░░░░ the wrong way to ░░░░░░░░ about it in in ░░░░░░░░ context of of war ░░░░░░░░ national security Yellen Well ░░░░░░░░ I don t think ░░░░░░░░ need to have offsets ░░░░░░░░ what is in emergency ░░░░░░░░ national security situation But ░░░░░░░░ certainly do need a ░░░░░░░░ responsible and sustainable path ░░░░░░░░ spending and taxation in ░░░░░░░░ economy President Biden has ░░░░░░░░ bills that result in ░░░░░░░░ trillion dollars of deficit ░░░░░░░░ over the next 10 ░░░░░░░░ We ve had responsible ░░░░░░░░ in the U S ░░░░░░░░ that will have a ░░░░░░░░ and we ve provided ░░░░░░░░ money to the Internal ░░░░░░░░ Service which will have ░░░░░░░░ enormous payoff in closing ░░░░░░░░ 7 trillion tax gap ░░░░░░░░ we have in the ░░░░░░░░ States We re simply ░░░░░░░░ collecting the taxes that ░░░░░░░░ owe and this will ░░░░░░░░ a huge payoff as ░░░░░░░░ And President Biden s ░░░░░░░░ budget proposed an additional ░░░░░░░░ 5 trillion of deficit ░░░░░░░░ while continuing to invest ░░░░░░░░ the economy So we ░░░░░░░░ to work with Congress ░░░░░░░░ put some of this ░░░░░░░░ effect And of course ░░░░░░░░ higher interest rate environment ░░░░░░░░ pose additional challenges that ░░░░░░░░ need SORKIN Right Yellen ░░░░░░░░ address SORKIN Madam Secretary ░░░░░░░░ I wanted to get ░░░░░░░░ thoughts on what we ░░░░░░░░ been all watching over ░░░░░░░░ weekend.”