Federal Reserve Chair Jerome Powell warned Wednesday that the federal budget is on “an unsustainable path” due to rising levels of federal debt. Powell told the Joint Economic Committee that the “high and rising federal debt,” which now tops $23 trillion, could make it difficult for the economy to recover from future market downturns. His testimony came the same day that the U.S. Treasury Department released data showing the federal government ran a deficit of $134 billion in October. https://dailycaller.com/2019/11/13/jerom-powell-budget-national-debt/
Is this guy for real? I don't think so; he is an insider and knows exactly what is going on unlike observers like me who have to guess. The truth is that the federal debt will double within 10 years, but it won't be unsustainable. It can go up to infinity. The Federal Reserve balance sheet will more than double within 10 years as it enables the situation. Yes, this will cause inflation, but the inflation can be fought with higher taxes and higher interest rates.
If he was serious, he would increase interest rates and refuse to buy any more federal debt until they put their affairs in order. But he is not serious. He pretends to care because it makes him look good. Meanwhile, his buddies the international bankers bleed us all dry.
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