Jerome Powell, chairman of the Federal Reserve System’s Board of Governors, said in an interview on “60 Minutes” that the government is on an “unsustainable fiscal path” over the long term, which means “debt is outpacing economic growth.” This means that it is increasing.” . ”
Interviewer Scott Perry suggested Powell was concerned about the issue.
Powell acknowledged his concerns, saying, “It’s natural that this will happen in the long run.” “In effect, we are borrowing from future generations,” he said.
according to fiscal data.treasury.govThe country’s national debt currently exceeds $34.1 trillion.
“Prices are significantly higher than they were before the pandemic” for staple foods like bread, milk and eggs, Powell said, adding: “That’s why people are…relatively dissatisfied with things that are otherwise good.” I think that’s a big reason why I’m here,” he added. The economy is good. ”
in post In X, Peter Schiff writes, “When it comes to our country’s dire financial situation, #Powell is wrong. We are not just on an unsustainable path; we are already at an unsustainable destination. As with Wile E. Coyote, we are “already over the edge of the fiscal cliff; we just haven’t looked down yet.”
Some US lawmakers are sounding the alarm over the country’s ever-expanding debt.
“Our deteriorating fiscal health and rising national debt pose the greatest threat to America’s economic security,” Iowa Republican Rep. Randy Feenstra declared on 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 we don’t have.” “There must be,” he said in another article. post.
“Reminder: America’s national debt is over $34.1 trillion. Our country cannot continue on this debt death spiral,” said Republican Congressman Richard Hudson of North Carolina. I got it..
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