Debt Service Is More Than Social Security, Yellen Says It’s Unsustainable

11
401

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.

We are on target to have $51 trillion in debt and Yellen continually said it wasn’t a problem.

Our tax dollars are being wasted.

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.

Watch:

You can comment on the article after the ads and subscribe to the Daily Newsletter here if you would like a quick view of the articles of the day and any late news:

PowerInbox
5 1 vote
Article Rating
11 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Boycott/Bankrupt Fake News
Boycott/Bankrupt Fake News
5 months ago

Janet Yellen is just now figuring out that our debt is “unsustainable”???? Well, she can quit blaming Social Security because it was the trillions lost by the US military, the hundreds of billions spent on foreign wars and the hundreds of billions wasted on feeding, housing, importing and taking care of the needs of illegal immigrants that caused the problem.

B. Bigly
B. Bigly
5 months ago

It’s only money. Just print more. When it’s cheaper to heat one’s home in the winter by burning stacks of hundred dollar bills instead of using wood, coal or natural gas, one is realizing mistakes such as foisting the likes of Obama and Biden on the country just because one is black and the other a raging fool, both looking for a country to ruin. It makes me smile Bigly!!! Hahaha. “Whoa, horsey, giddy-up, run backardy” for Bammy Boy and Bidong! It’s only money…

Eyes of Horus
Eyes of Horus
5 months ago

The National Debt is based on the amount of interest that the Federal Reserve is charging the Federal Government to borrow our own tax money paid to the Federal Reserve every year. there would be no National Debt without the Federal Reserve. Ron Paul has been right all along: Dump the Federal Reserve!!! It’s a privately held conservancy and has NOTHING to do with the Federal Government.

Nationalist
Nationalist
5 months ago

Obvious simple solution is for the US government to directly issue our currency based on the production of real actual goods. No more ponzi schemes, no borrowing for globalist goals, no more interest payments. Let globalists pay their own way. Also let globalists pay the current debt they ran up for their globalist schemes.

It’s an international racketeering operation with the express goal of destroying our nation while accruing the riches of the world unto themselves. It is not incompetence or stupidity – it is their goal.

Last edited 5 months ago by Nationalist
Eyes of Horus
Eyes of Horus
5 months ago
Reply to  Nationalist

And no more Federal Reserve!!!!

Taras Bulba
Taras Bulba
5 months ago
Reply to  Eyes of Horus

The Federal Reserve is no more federal than Federal Express!

Together we stand
Together we stand
5 months ago

A FOREVER LOAN that you are only allowed to pay the interest, but never on the principal. YOU ARE SLAVES!

Eyes of Horus
Eyes of Horus
5 months ago

The Federal Reserve has three main functions: 1) To make a profit for it’s private investors; 2) To manipulate the economy by imposing a false control that does nothing for the economy or for the people; 3) Create a debtor nation and keep the government, the banks and the people in debt.

Without the Federal Reserve there would be NO Federal Debt. Ron Paul has been right all along: DUMP THE FEDERAL RESERVE!!!!