Wednesday, June 23, 2021

U.S. Federal Reserve Chairman Jerome Powell Warns Congress That US Deficit On 'Unsustainable' Path

 

FOX News: Fed's Powell warns Congress that US deficit on 'unsustainable' path  

The US deficit soared to $1.9T for the first eight months of the fiscal year, the Congressional Budget Office said 

Federal Reserve Chairman Jerome Powell warned Congress during his semi-annual testimony that the U.S. budget deficit, which is expected to hit $3.7 trillion this year, is on an "unsustainable path." 

"The United States federal budget has been on an unsustainable path for years now," Powell said Tuesday on the first of his two-day testimony. "And that just means the debt is growing faster than the economy, so debt-to-GDP is rising. That is, by definition, unsustainable." 

The U.S. deficit soared to $1.9 trillion for the first eight months of the fiscal year, the Congressional Budget Office said. In May, the gap between what the government spent and what it collected hit $424 billion, more than twice the level it was at one year ago. The nonpartisan agency estimated that revenue in May totaled $175 billion — down $58 billion from last year, the result of a decline in wages and overall economic activity.  

Read more ....  

WNU Editor: I find it incredible to actually hear the US Federal Reserve Chairman admitting that the current deficit situation is unsustainable. And what is even more incredible is the lack of news media coverage on what he said. 

But this is nothing new from the Fed Chairman. He was saying the same thing in 2019 before the pandemic .... Powell: U.S. debt is 'on unsustainable path,' crimping ability to respond to recession (USA Today).

15 comments:

Anonymous said...

Democrats and activist allies are too busy looting the middle class to stop and listen to the chairman.

Anonymous said...

The second congress takes a step to correct it every reader of this blog will be flipping out in the comments because MUH STOCK MARKET!!!!

You can't have a sham economy AND your pensions. Choose one.

Anonymous said...

They're destroying the country to replace it with a new system and them on top.
You can bet on it.

You either get rid of them, or the United States as we know it will cease to exist.

Either rid the World of the cancer that is the leftist Democrat fanatic occult machine, or see the demise of freedom and stability, followed by global war.

The Democrats who committed election fraud send used the fake pandemic to push for last minute unconstitutional mail in ballots in the millions with no oversight ... they need to be hung publicly or faith in your system will end.
For me it has ended with the election. I'll move my company from the US.. before I already thought about it due to the unequal application of law and the race and gender division pushed by the toxic fanatic left.

There's a disease on the left. Look at the PEW studies on this .. the further people are on the left, the more mental diseases. On average, the leftist fanatic is 10x more likely to suffer from a serious mental disease. The average leftist is twice as likely to have a mental disease.

The Democrats frontman is a pedophile, senile angry man who had multiple brain operations. We are ruled by Frankenstein and an ugly, vile, evil body of leftist fanatics and vile hateful people.

Rid this nation of this cancer this vile disease that's spreading into every institution devouring freedom and harmony.

They're clearly evil. Look at their eyes. Tell me those are normal humans.

Look at the eyes of the people at CNN. Look at their track record... their police record.. half the staff, ON RECORD, caught with crystal meth, cocaine, weed all of it. Nothing happened.

And nothing will happen until YOU stand up with me and smash those nightmarish inhuman ghouls trying to replace freedom with obedience to a state party.

They're vile, evil, repulsive inhumane criminals.

Put them away for life. Hang those involved in the higher crimes to restore faith in justice, or darkness will spread.

Anonymous said...

wanker dribbling his shit here
move elsewhere if you are unhappy

Anonymous said...

225 MUH but are you not the stupid shit. You have 3 tails on you and you do not know it.

The pensions of most people in the stock market are converted to bonds starting at age 50 to protect them against swings in the stock market . Fir those younger the swings in the stock market do not matter over the long haul. Maybe the troll research department could read up HR, the Fortune 100, and the Russell 5000 before making obviously false statements.

Your post tells me you do not have a 401K and do not work in the US or you are an internet troll foreign or domestic.

225 you are as dumb as 716 and that is very dumb. 716 is so dumb that the standards body, International Bureau of Weights and Measures, wants to extradite it to Paris to place them next to the kilogram and the meter standards.

Anonymous said...

@716 that's exactly what I'm doing and I said so. Please, for the love of God think about it. I'm a business owner, two degrees, one ivy league, multiple awards, and I'm choosing a different country now.

Not the USA, and I'm very happy with this decision and sure of it.


But think. This brain drain is accelerating and my friends are thinking like me, all business owners, fed up with the fanatic, dogmatic, vile left and the unequal application of law.

This is only going to accelerate. People know what a sinking ship looks like, and this is it.

Go woke, go broke. I'm out

Anonymous said...

so long it's been good to know you

Anonymous said...

Always classy aren't you Lapides.

Anonymous said...

Lapides is pretty dumb, but I believe a troll has taken over his persona. No one could be as dumb as 7:16/8:45 Not even an unhip wokester.

Anonymous said...

you woke?
no joke
first smirk
then jerk
feel good?
you in the hood

Anonymous said...


I have always felt the problem with economists such as powell is that their days in school didn't include any psycology classes. They are too mechanical in their financial manipulations.

Anonymous said...

Pathetic

Anonymous said...

Just for people to understand how the financial system works

Through guns and intimidation and education

In schools they'll teach the children that modern monetary easing is just a cool tool

That continues in college

They're repeating, like parrots what the school or college board tells them

And they get their suggestions from financial sponsors

We live in a world in which they liars feed the lies at the earliest stage and for years of school and college to the next batch of slaves

Until we break this cycle and go on the offensive and openly talk about punishment and death penalties for the corrupt, this will never change

We must not get bogged down in their next lie, eg that the Wuhan lab deserves a Nobel prize. It doesn't. Neither did Obama. But that's what the occult fanatic left does: LIE

And they then give each other prizes to historically institutionalise the lie.

They're monsters and we need the death penalty so bad for them

The courts are corrupt, there's Antifa and BLM terrorists burning down city blocks and murdering and assaulting people and the left media lies. That's what they do. They're demonic monsters.

Our generations war is not against China or Russia or nazi Germany.. no

Our war is against the people without God in their heart. You cannot be believing in God and justice if you act like this. They're psychopaths, murderers, villains, liars and they want YOU to bend the knee for them

It's war alright and the decent people are waking up to this vile, demonic left

And the decent people, those who love God and want mankind to be free.. they're not intimidated by human laws that are ever changing to the tune of boots and batons. Nope, sir.

Take out the most hateful, vile and corrupt and do it publicly. Make it a message. Go for the media ghouls, but do it legally. Use their tactics. All legal. Change the laws. Change even words if necessary, as they do.

Or.. with the right conviction and strength in your hearts, maybe we will see a new revolution. And it'll be quick. We know who THEY are. Hiding behind barbed wire fences while telling us they're legitimate. Right.

DEATH TO TYRANTS!!

Anonymous said...

and to fucking misfits that write shit comments

Anonymous said...

11:45 go back to looking up porn and jacking off.