US Treasury Secretary Janet Yellen says the failure to lift the federal debt limit by Congress would cause an “economic catastrophe” that would raise the costs of borrowing “into perpetuity.” She speaks Tuesday at a conference in Washington.
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Transcript
As many of you know I have asked Congress to raise or suspend the debt limit since 1789 the United States has paid all of our bills on time and it should stay that way in my assessment in that of economists across the board it default on our debt
Would produce an economic and financial catastrophe many residents in Sacramento could ultimately lose their jobs household payments on mortgages auto loans and credit cards would rise and American businesses would see credit markets deteriorate on top of that it’s unlikely that the federal government would be able to issue payments to millions of Americans
Including our military families and seniors who rely on Social Security in the longer term default would raise the cost of borrowing into perpetuity future Investments would become substantially more costly this economic catastrophe is preventable and the solution is simple Congress must vote to raise or suspend
The debt limit and it should do so without conditions and it should not wait until the last minute I believe it is a basic responsibility of our nation’s leaders to get this done
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Will you be suspending or raising debt limits for citizens? I’m really hoping for total economic collapse. It is obscene to spend 200 bucks on groceries when 20 years ago I could fill my cart for 25$. Let it all burn down
Both parties have failed the American people. I say that because it is extremely easy to be fiscally responsible, but both parties, especially the democrat party,
will have no part of it. Both parties agree our debt will eventually grow beyond 50 trillion dollars. What this does is guarantee never ending inflation and an annual debt of interest only
of about a trillion dollars a year. That's insane. We need to do what is necessary to balance our budget in accordance to actual revenue and also raise taxes to start paying it down. This
means most people on welfare will have to go to work. It also means major cuts in pay for federal workers and major cuts for federal pensions as well. I am one of those people. We can
offset these job losses by creating a new job-creating pension program, that takes 20 dollars a month from monthly social security contributions to create the people's own shark tank. We
the people would own all the businesses created and would receive dividends after the required number of years contributing, which would be 40 at any age, 30 at 60, 20 at 70 and 10 at 80.
This program would start with a budget of about 20 billion dollars a year plus. When we would be using all profits for the first ten years for just growth, the pension program would grow
exponentially. We insure 70% of jobs will be in the U.S. and 30 % in allied countries. If the new invention comes from a citizen of an allied country, then that country gets 70% of the jobs
and the U.S. 30%. And all pensions can be handed down to one's next of kin generation after generation without penalties of any kind. Parents can sign their children up and pay into the
program so in 40 years their child can start collecting, which would be 50% of dividends earned for the month. The other 50% goes back into the system to guaranteed cost of living raises
without burdening the system. If a person on welfare can lift themselves up to go to the bathroom and take a shower, than there is a job they can do, even if it is from home. There is
much more than this that has to be done. We also need to put the wheels in motion to replace most of our public servants with A-I, which includes our elected official, but A-I should not
be used to replace private sector jobs and we need laws that forbid it from happening. We also need to annex as many cities, counties and states for the purpose of eliminating up to 75% of
all city, county, state and federal governments. The money saved is money we use to balance our budget and help pay down our debt. A-I will make this an easy proposition. We do not eliminate
the public servant jobs without a another job to take its place. Our military needs to be brought back home and stationed in around our country and its territories and then turn over all
our foreign bases to our allies. We give them 25% of the savings realized to keep them readied and use another 25% to improve upon defenses in and around our country and its territories and
use the remaining savings to help balance our budget and to pay down our debt. This is just the tip of the ice berg of things that can be done. I also know how to give the American people free college and healthcare without raising one tax. And I also know how to eliminate our homeless problem in just five years without raising one tax to do it. It is not hard to solve the before mentioned
problems. What is hard is to get our corrupt representatives to go along with them. Corruption plagues both parties, but more so the democrat party. You should avoid that party as if it
were the plague. Sorry folks, but the JFK democrat party is dead and has been dead for a long time. If you truly want to solve problems and for our country to be debt free in 30 years, then
please consider my advice on how to do it.
Maybe we should nationalize the dollar and take control away from the blood sucking individuals that run the fed from behind the scenes. JFK tried to do that, and we know how that turned out.
The Great American Collapse💀
They can only kick this problem down the road for so long before the inevitable collapse happens. I think we're at that point.
The government cannot continue indefinitely spending far more than they bring in.
May as well get the party started now. Hope you're all prepped up because when the entitlements stop, people will go crazy.
So if the dollar collapse……what will happen to all the millionaires and billionaires????? will they suddenly become poor????? Just asking everyone.
Guys… These are the tricks played by the US government to not support Ukraine ,which needs immediate help. It's the US responsibility to support Zelenski and punish Russia.
Let's send more Money and Weapons to Ukraine to defeat Russia. Be a good Patriot 🇺🇸
This solution is temporary not permanent though! this debt will help for 3 month only. After that same speech will be thrown! actually US economy is totally collapsed.
In India no government offical can give advice to government from podium that what to do.
STOP SPENDING MORE THEN WHAT COMES IN!
Il disegno divino di colpire gli USA con nuove piaghe si sta compiendo!!
'This economic catastrophe is preventable. The solution is simple' – This is not going to age well.
Dem crooks
Remember, typical americans did not cause this.
Stop funding Ukraine? Cut gov employee income by half or to a middle class income.
Why only residents in Sacramento??
Rely on social security.. that’s a joke.. they spent that currency already
Cut all democrat pet project spending and stop giving our money to Ukraine and we can pay YOUR debt
It should ouly affect all the politicians economic problems, when they sacrifice their wages to lower spending.
Maybe it would be a better idea to teach Democrats how to stay within budget
What do you give a morphine addict ,…more morphine because if not he will die……..excellent
That's amazing. And yet your solution boils down to spending your way out of debt? If the US has been using this strategy since 2008…why does the debt continue to grow? Hmmm…
She said if we don't raise the debt limit, it "could cause severe hardship to american families".
Soooooooooo, i overdrafted my checking by 67 cents and it COST me 30 dollars in fees due to MY bad action.
So my choice became pay for gas to get to work that week, or buy food for dinner that week.
So THAT cause me severe hardship.
How much can we plan on the govenment officials who caused all that debt be paying in fees??
Will THEY have to choose between food and flying on their private jets this week??
No of course not.
Tell Lying Biden to cut his American hating budget!!!!
I dont know a single person who is confident in Janet….she is unqualified for ANY job
We need to STOP the Biden Administration with any and all spending until an agreement is made to STOP spending amd concentrate on the debt..The US owes more than $580,000,000,000 just in interest this year alone.