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" "So, it is not reporting of individual transactions or anything of the like. And it would be a simple thing for banks and other payment providers to provide along with the other information they’re already providing.
Janet Louise Yellen (born August 13, 1946) is an American economist who served as the United States Secretary of the Treasury from 2021 to 2025. She was the Chair of the US central bank, the Federal Reserve System, from 2014 to 2018. She previously served as Vice Chair from 2010 to 2014.
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O.K., so what does standard new classical economics say? You should cut the wages of everybody who works for you. Because there are all the people standing outside the factory gates, and they have the same skill set as the people who work for you. You should at least be willing, according to this view, if not to hire them, to say to your own workers, ‘If you don’t take a pay cut, I’m going to replace you with them.’ But one goes around, actually talks to firms, and you’ll find that no firm would do that.
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