Yellen Slams 'Entirely Unwarranted' Fitch US Downgrade

The transcript discusses a disagreement with Fitch's decision, citing outdated data and improvements in governance. It highlights bipartisan efforts to address the debt limit and invest in infrastructure, emphasizing fiscal responsibility. The IRS modernization project aims to reduce the deficit by enforcing tax compliance among wealthy taxpayers. Despite Fitch's decision, the American economy remains strong, with Treasury securities as a safe asset.

What is the main reason the speaker disagrees with Fitch's decision?

• It was influenced by political bias.

• It was made too quickly.

• It ignored international opinions.

• It is based on outdated data.

What legislative action did President Biden take to address fiscal responsibility?

• He eliminated the IRS.

• He increased the national debt limit.

• He signed legislation for deficit reduction.

• He reduced taxes for corporations.

How much deficit reduction is projected in President Biden's budget over the next 10 years?

• $3.5 trillion

• $1 trillion

• $500 billion

• $2.6 trillion

What is the purpose of the IRS modernization project?

• To reduce the number of IRS employees.

• To simplify tax forms for individuals.

• To ensure wealthy taxpayers and corporations pay owed taxes.

• To increase tax rates for all citizens.

What does the speaker claim about U.S. Treasury securities?

• They are no longer considered reliable.

• They are only safe for short-term investments.

• They are the world's safest and most liquid asset.

• They are losing value rapidly.