What’s crazy to me is the US government is engaged in depression level deficit spending to keep the economy growing at 2%. Its borrowing trillions and trillions of dollars it never intends to repay. Yet no one is talking about it. Not even a campaign issue for anyone. Incredible
— hks55 (@hks55) November 13, 2019
He's been reading my Twitter thread. t.co/sRyiQ0VC1j
— Lawrence Lepard (@LawrenceLepard) November 13, 2019
Fed to Congress: It may soon be your turn to save the economy, so get your finances in better shape.
Federal Reserve Chairman Jerome Powell warned lawmakers Wednesday that the ballooning federal debt could hamper Congress’ ability to support the economy in a downturn, urging them to put the budget “on a sustainable path.”
Powell suggested such fiscal aid could be vital after the Fed has cut its benchmark interest rate three times this year, leaving the central bank less room to lower rates further in case of a recession.
“The federal budget is on an unsustainable path, with high and rising debt,” Powell told the Joint Economic Committee. “Over time, this outlook could restrain fiscal policymakers’ willingness or ability to support economic activity during a downturn.”