John Kennedy, Janet Yellen, and the Disastrous Biden Budget

 The thing to understand is that Kennedy has of late been doing to Yellen what he's frequently done to the Biden administration's ridiculously unqualified federal judicial nominees.

So we need people like John Kennedy to shine the light of accountability on these people, and he did that to Yellen in spades last week What's the big takeaway from this cross-examination? Well, the most striking thing to take from it is that Team Biden has gone around proclaiming that his budget cuts deficits and the national debt by some $3 trillion, and that's such a pathetic lie as to make it impossible to ever take any of them seriously again.

With a straight face, Janet Yellen tells Kennedy that the national debt would end up larger than $51 trillion in a decade but for the Biden budget, because the $4.7 trillion in new taxes - some $470 billion per year - proposed in the budget cuts down on that deficit.

As Kennedy says, this kind of logic is only possible in Washington, D.C. So you have a projected $54 trillion in national debt over the next 10 years, based on the completely unsustainable bacchanal of federal spending, and rather than do something to address that number and bring it down - much less seek to pay off the current $32.7 trillion - Team Biden, with Yellen as the Treasury secretary sent out to tout this gibberish, belched up a document that spends a half-trillion more dollars next year than it spent this year.

Yellen dares to call this "Fiscally sustainable." She even goes so far as to say that interest rates are historically low, so the interest on a federal debt that is larger than our national economy is no big deal even while the Federal Reserve continues raising interest rates in a vain attempt to fight inflation.

Of course, every time the Fed raises rates, it's more deficit spending because our "Fiscally sustainable" federal government, which wants to blow through $6.9 TRILLION this year, has to service that $32.7 trillion debt.

When the rates go up, the debt service goes up - and while Treasury debt is not bank debt, it competes with bank debt for financing, and that drives the price of that debt service.

https://spectator.org/john-kennedy-janet-yellen-and-the-disastrous-biden-budget/