Treasury Secretary Janet Yellen said this week that she is concerned about the nation’s “fiscal sustainability.” She said she’s “sorry” that “more progress” wasn’t achieved during the Biden administration.
She has no self-awareness.
Yellen apologized during a discussion held at The Wall Street Journal’s CEO Summit on Tuesday.
Now She’s Concerned About Sustainability
“I am concerned about fiscal sustainability, and I am sorry that we haven’t made more progress,” she said, adding, “I believe that the deficit needs to be brought down, especially now that we’re in an environment of higher interest rates.”
Yellen pointed to the interest cost of the nation’s debt. She described it as “one of the largest items responsible for the increase in the budget deficit.”
What did she think was going to happen? She made excuses for the wild spending.
The federal budget deficit reached $622 billion over the past two months, according to the Congressional Budget Office (CBO).
The figure marks a $242 billion increase from the deficit recorded during the same period in the previous fiscal year. Outlays saw an 18 percent jump while revenues dipped 7 percent.
The national debt has risen to more than $36 trillion overall.
Under Yellen, total US debt increased by $6.8 trillion while she was Fed Chair. Then it went up another $8.4 trillion while she was Biden’s Treasury Secretary.
Yellen has personally presided over a gargantuan $15.2 trillion increase in US debt, or about 42% of all US debt ever issued! @zerohedge pic.twitter.com/NXC1iiLYmP
— Professor Mark W Guthner (@MGuthner) December 12, 2024
We are on target to have $51 trillion in debt and Yellen continually said it wasn’t a problem.
KENNEDY “So $51 trillion of debt, up from $33 trillion doesn’t bother you?”
YELLEN: “I think the path that’s set out in the President’s budget is fiscally sustainable.”
Yellen also argues that the national debt being 109% of GDP is no big deal. pic.twitter.com/ybaRT9Dwki
— Young Americans for Liberty (@YALiberty) March 24, 2023
Our tax dollars are being wasted.
62.5% of the personal income taxes you paid to the federal gov’t last month were for interest on the debt –
No roads or bridges
No schools or hospitals
No military of Social Security
Just interest: pic.twitter.com/64tpHIe6rd— E.J. Antoni, Ph.D. (@RealEJAntoni) December 11, 2024
Congratulations
The United States pays more on debt service than it does for Social Security. It is bigger than healthcare. It is one-and-a-half times what we spend on the military-industrial complex. At 1.4 trillion, it is double what it was last year. It comes to nearly $900 more per month per family just in federal interest that’s not including the $8 trillion in private debt.
Including mortgages, car loans, and consumer loans, it comes to $1350 per month in debt interest per household. This doesn’t include the $1.9 trillion deficit, which amounts to $15,000 more per household in a single year.
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