Fed Chair: Current Policies Will Create Unsustainable Debt

(CNSNews.com) - Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office's long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”

In the 10-year budget projections it released in April, the CBO estimated that the federal government will run $7.618 trillion in deficits from 2015 through 2024. At the same time, the CBO projected that the federal government’s debt held by the public would rise from $11.983 trillion at the end of fiscal 2013 to $20.947 trillion by the end of 2024.

The debt held by the public is the part of the U.S. government debt that is not held by the federal government itself. It primarily consists of marketable Treasury securities, including bills, notes and bonds. It does not include what the government calls “intragovernmental debt," which is the money the Treasury has borrowed out of the Social Security Trust Fund and other government trust funds to pay current expenses.

The total debt of the federal government at the end of fiscal 2013--including both the debt held by the public and the intragovernmental debt--was $16.719 trillion. The CBO estimates that by 2024, the total debt of the federal government will be $27.159 trillion—of which $20.947 trillion will be debt held by the public.

If that projection holds up, the federal debt held by the public in 2024 would be more than four times the $5.035 trillion federal debt held by the public at the end of 2007.

Yellen made her statement about unsustainable deficits when she was question by Sen. Dan Coats (R.-Ind.). Coats remarked that businessmen Indiana told him that their businesses were underperforming at this time because of the uncertainty they felt as result of federal taxation and regulatory policies

We've been unsuustainable for years, this cow is just figuring it out ? And wring too boot ? Better repkace her with a dtunken sailor so we can get some sort of responsibility in there.

dogtowner said:

Better replace her with a drunken sailor so we can get some sort of responsibility in there.

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"The report comes just two days after the Fed cut its benchmark interest rate another quarter percentage point to a target range of 4.25%-4.5%, the lowest in two years. However, Chair Jerome Powell and his colleagues reduced their expected path in 2025, now penciling in just two reductions compared with four indicated in September."

Trumps latest foot stamping about the debt ceiling clearly indicates his intentions. His problem is those 30 odd republicans who voted against it. Not sure if it was a genuine request by Trump or it was a way to flush out the dissidents in the GOP. Either way, it backfired.

It does show that any outrageous proposals will be met with a hostile house. What happens then?
Executive orders will come out of the oval office like paper off a public toilet roll.

This is beginning to prove my prediction of his fascist takeover.
But I can clearly recall mark screaming about the debt under Biden but is now deathly silent about another Trump spendathon.
Where's the hypocrisy in that.
Seems perfectly normal for a fascist.

One day that family will be held accountable for what is about to happen to USA. If they are alive they will be imprisoned. Some may and should be executed. A great nation destroyed by a tyrannical despot and brain-dead cultists lusting to destroy any rule of law and democracy.

Inside 12 months it will be visibly unfolding.

yes I really like how Biden addressed the debt by adding trillions to it and a couple hundred billion more a year for illegals .