Fed chair Jerome Powell says government is on ‘unsustainable fiscal path’

Breaking News

Federal Reserve Chair System board of governors chair Jerome Powell noted during an interview for “60 Minutes” that in the long term, the government is on an “unsustainable fiscal path,” which he explained “means that the debt is growing faster than the economy.”

Interviewer Scott Pelley suggested that Powell is worried about the issue.

“Over the long run, of course it does,” Powell said, acknowledging his concern. He noted that “effectively we’re borrowing from future generations.”

According to fiscaldata.treasury.gov, the country’s national debt is currently more than $34.1 trillion.

You Might Like

Powell said regarding staples such as bread, milk, and eggs, “Prices are substantially higher than they were before the pandemic,” adding, “we think that’s a big reason why people … have been relatively dissatisfied with what is otherwise a pretty good economy.”

In a post on X, Peter Schiff declared, “When it comes to our dire fiscal situation, #Powell is wrong. We’re not just on an unsustainable path. We’ve already arrived at an unsustainable destination. As with Wile E. Coyote, we’ve already run past the edge of the fiscal cliff. It’s just that we haven’t looked down yet.”

Some U.S. lawmakers have been sounding the alarm about the country’s ever-expanding debt.

“Our deteriorating fiscal health and our ballooning national debt pose the greatest threat to American economic security,” GOP Rep. Randy Feenstra of Iowa declared in a social media post. “Our national debt is over $34 trillion. We need to stop borrowing money from our enemies, stop printing money out of thin air, and stop spending money that we don’t have,” he had noted in another post.

“Reminder: the U.S. is over $34.1 TRILLION in national debt. Our country cannot continue down this debt death spiral,” GOP Rep. Richard Hudson of North Carolina noted.

Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!

Articles You May Like

Chilling video shows woman trying to escape captor at Arizona gas station only to get brutalized; police asking for your help
ABC News Remains ‘Uncommitted’ To Reporting On Michigan Dems’ Protest Vote
Court Filing Reveals When Jack Smith Wants Trump’s Classified Documents Trial To Start
The Morning Briefing: Garland’s Goons Arrest a Journalist but Trump’s the Threat to Democracy
Warner Bros. Discovery halts merger talks with Paramount Global, sources say

Leave a Reply

Your email address will not be published. Required fields are marked *