Skip to comments.Yellen: $20 trillion national debt 'should keep people awake at night'
Posted on 11/29/2017 12:12:00 PM PST by DCBryan1
With Congress wrestling over a tax reform plan that critics say would explode the government budget deficit, Federal Reserve Chair Janet Yellen said she also is concerned over the surging level of public debt.
A Senate committee passed the GOP-sponsored proposal, which would slash the corporate tax rate and lower individual income rates for many Americans.However, the price tag of the plan is in the area of $1.5 trillion at a time when the Congressional Budget Official already is projecting a deficit of more than $1 trillion in the years ahead and with the total debt level at $20.6 trillion and rising. Of that total, $14.9 trillion is owed by the public.
The Trump administration contends that the lower tax rates would pay for themselves through growth. In her semiannual testimony before Congress, Yellen was asked about a proposal that would trigger tax hikes if economic goals are not met.
The central bank chief did not specifically comment on the trigger plan but said Congress is right to be thinking about the future of the national debt.
"I would simply say that I am very worried about the sustainability of the U.S. debt trajectory," Yellen said. "Our current debt-to-GDP ratio of about 75 percent is not frightening but it's also not low."
"It's the type of thing that should keep people awake at night," she added.
(Excerpt) Read more at cnbc.com ...
I dont recall Obamas losing any sleep as he ran it up.
“It’s the type of thing that should keep people awake at night,” she added.
Uh, where has this dumb c**ze been the last decade?
Yup, he doubled the national debt in what, 4-5 yrs? Never heard the media one single time bring it up...
NOW she tells us.
Isn’t Bezos or Slim or one of those guys worth a trillion dollars? What’s Apple worth?
As in all things media, the reporting completely depends upon whether there is an R or a D involved.
The Federal Reserve has 20 Trillion reasons to keep the interest rates near zero. A good interest rate on a bond should be around 5%. That would be an annual debt service of one trillion dollars.
Ran it up? He more than doubled it in 8 years, along with help from the RINOs.
Yellen was warning about how Congress was running up the debt back when she was running the San Francisco Fed. Jerome Powell is of the same mind.
Really Yeltsin? I dont recall a peep out of you ever since Obama nominated you about how concerning the debt was. Only that the economy was doing great and you were going to raise interest rates any day now because the economy was oh so awesome under Obama.
Now I note youve actually just raised the rate but fear the economy isnt good enough for that (even though it is) and now youre frothing at the mouth about the debt because you dont WANT to talk about how good the economy is because youre a good sycophant and a lousy financial manager.
Federal Reserve Propoganda.
They are the foundation of America’s progressive government, massive spending, and debt-based economy.
EXACTLY !! SHEESH.
Why worry? Climate change, Trumps Twitter, and racism are going to kill us before the debt becomes a problem. /s
” Vladimir Lenin quotes from BrainyQuote.com. ... The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”
Trump is proposing 1.4 tril in ten years.
What a difference a President makes.
Who cares who it is. This is laughable and minuscule compared to UNFUNDED LIABILITIES at over 300 - 400 TRILLION.
That should keep folks wide awake at night.
How about 0 in 10 years? Whatever happened to pushing a true balanced budget?
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