Posted on 09/30/2021 8:52:35 AM PDT by ChicagoConservative27
Treasury Secretary Janet Yellen said Thursday she supports abolishing the federal debt limit, calling it a “very destructive” threat to the full faith and credit of the U.S.
In congressional testimony, Yellen argued it made no sense to limit the Treasury's ability to pay bills already approved by Congress and the president with an arbitrary cap on how much debt it can issue.
“When Congress legislates expenditures and puts in place tax policy that determines taxes, those are the crucial decisions Congress is making,” Yellen said during a hearing before the House Financial Services Committee, where she appeared beside Federal Reserve Chair Jerome Powell.
(Excerpt) Read more at thehill.com ...
YOU CANNOT FIX RETARDED!
Like Congress is going to abandon power of the purse. It’s the leverage that they have in working deals to get deals for the folks giving them their campaign contributions. It’s the grease that keeps the wheels turning and every committee chair and ranking member knows that that is the source of their power.
I'm going to call my credit card company today and ask them to eliminate my credit limit. Whaddaya think they're gonna say?
The Turtle must be sent to China with his CCP wife .
Then the American people will not only not trust democrats they will call for a constitutional amendment for a balanced budget. I think we will need that anyway.
This woman either lacks understanding and judgement or she’s a leftist Agendanista supporting the destruction of America. I suspect the latter is most likely.
It’s amazing how a few individuals can wreak such havoc on civilizations and everyone just knuckles under. Probably one of the most destructive economic monsters in history is the fool Keynes. He gave justification to decades of corrupt politicians. Right now our national finances are being destroyed by his disciples.
Using this logic, shouldn’t my visa card have a unlimited limit?
But the debt limit was instituted to curtail the very destructive spending.
Is there no path that’s not very destructive?
With no requirement to pay any of the bills the credit card company may send.
Who was it (head of the Federal Reserve?) who recently said debt was no problem because more money could be printed?
Yep. When Fed Reserve was created 2 things were implemented to try put breaks on things unraveling. 1 Fed wasn’t allowed to directly purchase treasuries, which has now obviously been worked around through banking industry. Then 2 they created the debt limit just in case they worked around number 1. And now the debt limit is dangerous...there is just not much that can be done when the overlords are determined to destroy a nation.
My credit card limit is so “destructive”
In other words, we own the presses and plates, so money’s not a problem. The way to destroy all America’s wealth and make the yuan the global currency of choice. You go Biden girl.
So according to her ‘logic’, Congress could approve $100 Trillion in new spending tomorrow and it would be just fine and dandy.
Print up the money! Damn the hyperinflation and general misery! We can’t have that destructive debit limit to hold us back.
Might just as well get rid of it; it’s only a pretense, a pointless display, like lipstick on a pig.
The video almost makes itself, Yellen, Rice, and Sockhead in”I’m a Biden girl, in a Biden world” ( to the tune of Barbie Girl)
How great, the sky is the limit. I think I will use this for my budget for next year. So much easier.
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