Yellen says current US economic growth ‘vindicates’ Biden’s pandemic stimulus spending. With falling inflation, unemployment at 3.7% and the US defying predictions of a recession, Yellen defended the $1.9 trillion American Rescue Plan. The US has recovered “faster than our peers around the world.”
by mafco
10 comments
don’t believe your lying eyes! – Janet Yellen
Great news. Keep it up guys and don’t ruin it again.
Are we really recovering when the deficit is still rapidly growing, with no sight of a reversal of course?
We had a $1.5 trillion deficit in FY2023. That’s equal to the net worth of Amazon as a company. The deficit increased to $2 trillion for FY2024. We’ve now reached a national debt of $34 trillion; which we pay a 3.1% interest rate on. So we’re now spending over $1 trillion every year on interest alone. Pre-pandemic our deficit was growing between $600 billion and 800 billion every year. I totally get that we needed the emergency spending to combat the pandemic, and so did everyone else in Washington. We’re not facing a pandemic anymore, but our spending is still going through the roof. We are spending faster than we can tax people. Even the most zealous rallying cries to “eat the rich” wouldn’t come remotely close to solving our deficit issues.
We faced inflation for 3 years straight, the dollar has been devalued significantly from where it was just five years ago. People still are struggling to afford groceries, rent, and automobiles. I’m sorry but I don’t feel like I can take Yellen, or anybody else, seriously when they try and brag about how the economy is doing.
IRA had nothing to do with helping reduce inflation. Biden himself said ‘I wish I hadn’t called it that’
https://apnews.com/article/biden-inflation-reduction-climate-anniversary-9950f7e814ac71e89eee3f452ab17f71
And we would have recovered from a pandemic regardless of who was in the White House.
Great another article mocking me for being hopeless about home ownership, my kids education, and general well being of my family on the future. Thanks god the stimulus isn’t to blame that’s super helpful information.
Yellen lacks any credibility
Wouldn’t a real recovery include repayment the debt? 🤣
She’s right – but we do have massive deficits that must be addressed. We need to go back to counter-cyclical spending – budget surpluses in good times and deficit spending in downturns.
We can carry the current massive deficit – it’s not pushing out investment and we can easily pay it – but this can’t go on forever.
She’s 100% correct.
If that’s what it takes for a good economy, the U.S. will be dead in ten years. Just an enormous opportunistic spending spree.