A former chairman of the Federal Reserve and now Treasury Secretary, rarely has one person been so responsible for so much economic misery in the US than Janet Yellen.
Just another part of the freak show. This administration is full of people who have proved the Peter Principle is standard operation procedure for the left.
First of all, November cannot change any of this.
Second of all, at deficit levels in play, using debt/income (GDP growth) as a parameter becomes suspect, because Govt Spending is increasingly defining of GDP.
Remember the equation. GDP = C(onsumption) + I(nvestment) + G(overnment Spending) + (Exports - Imports)
If you cut G to address the deficit, you cut GDP. If you raise taxes to address the deficit, that decreases I.
Capitalism failed some time ago. Keeping the wheels turning has depended on G. Hard to accept, but that’s the way it is.
Whenever GDP is talked about, it is in terms of % growth. But instead, look at the raw value. $28T projected for 2024. That grew last year at 2.5% so last year it was $27.3T.
An increase of $700B.
But we ran a deficit of $1.6T over the past year. G was more than the decrease in I by $1.6T. Yet GDP only rose $0.7T. Why? Because Capitalism failed and ate $900B.
There is no fix for this. It’s gone too far. Regime change can do nothing for it. Regime change can only Drain the Swamp. That is the only agenda.
That woman is a blooming idiot and to think she runs the economy!