On 2/6/24 10:28 AM, mINE109 wrote:
On 2/5/24 11:45 AM, ScottW wrote:
Federal Reserve Chair Jerome Powell said “the U.S. is on an
unsustainable fiscal path” in a “60 Minutes” interview with Scott
Pelley released Sunday.
“The U.S. federal government’s on an unsustainable fiscal path. And
that just means that the debt is growing faster than the economy. So,
it is unsustainable. I don’t think that’s at all controversial,”
Powell said when asked if the national debt is a danger to the
economy.
Released Sunday.
You'd think a Fed Chair would know more about economics but he knows on
which side his bread is buttered.
Friday:
https://www.msn.com/en-us/news/politics/trump-would-not-reappoint-powell-as-fed-chief/ar-BB1hFTud
Former President Donald Trump said he would not reappoint Federal
Reserve Chair Jerome Powell if Trump wins this year's presidential
election, the Republican frontrunner told Fox Business in an interview
aired Friday.
"No I wouldn't," Trump said in response to a question on whether he
would reappoint Powell, whose second four-year term as chair will expire
in 2026.
Trump said he believes Powell is going to lower interest rates to help President Joe Biden's prospects for re-election.
"I think he’s going to do something to help the Democrats, if he lowers interest rates,” Trump said.
End quote.
Another perspective:
https://www.cbo.gov/publication/59933
Director’s Statement on the Budget and Economic Outlook for 2024 to 2034
Posted by Phill Swagel on February 7, 2024
"From 2024 to 2033, the deficit is about 7 percent smaller than we
projected last year, primarily as a result of the Fiscal Responsibility
Act of 2023 and subsequent continuing resolutions. Together, those laws
reduce the growth of discretionary spending. Including the effects on
debt service, legislative changes reduce deficits by $2.6 trillion over
the next 10 years.
In our projections, the deficit is also smaller than it was last year
because economic output is greater, partly as a result of more people
working. The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration. As a result of those changes in the
labor force, we estimate that, from 2023 to 2034, GDP will be greater by
about $7 trillion and revenues will be greater by about $1 trillion than
they would have been otherwise. We are continuing to assess the
implications of immigration for revenues and spending."
More immigration, more sustainable.
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