Janet Yellen formerly of the Fed says our rising deficits are unsustainable. And that it will only get worse with baby boomer retiring and increased spending on health care.
“If I had a magic wand, I would raise taxes and cut retirement spending,” Yellen told CNBC’s Steve Liesman at the Charles Schwab Impact conference in Washington, D.C., who characterized the U.S. debt path as “unsustainable.”
Yellen noted this will only get worse as more baby boomers retire and spending on retirement and health care programs grow.
What do you think she means by unsustainable?
How much would she raise payroll taxes to cover SS and medicare? They are already over 15% of the cost of an employee. How much would she cut health care and retirement spending. She may have said, but I could not find the complete speech.
By “unsustainable” she means Donald and “conservatives” have exploded the deficit. Now everyone gets to pay for their irresponsibility. It ain’t rocket surgery.
I think that Donald Trump should mint 100 trillion-dollar coins and sprinkle them over China and the banks. Then once all of our bills are paid, everybody gets a tax-free year for the next forty years.
Yep, and specifically retirement spending as she pointed out. But there is no one to propose such cuts, or payroll tax hikes. I guess that’s how all those other countries ended up in default.
Actually we should just do away with taxes and have the government print what it needs, which would in essence function as a fair tax that everyone shared equally as it would devalue the currency everyone uses. We already do it for like 40 plus percent of the budget.
Yep, U.S. inflation is 400 percent per week, I hear. Milk I bought for $3 on Friday is now worth $12 today. I’m just gonna stockpile milk and get rich, hombre!
