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New Fed Chair: U.S. “Not on a Sustainable Fiscal Path”

Thursday March 8th, 2018   •   Posted by Craig Eyermann at 5:57am PST   •  

30594554 - a road sign with right way wrong way words on sky background Last week, while testifying before the U.S. Congress, the new head of the U.S. Federal Reserve Jerome Powell acknowledged that the U.S. government is not on a sustainable fiscal path.

CNBC has a video excerpt of Powell’s testimony on February 27, 2018, which came in response to questions asked by Representative Bruce Poliquin (R-ME), but here is the relevant portion of the transcript:

Poliquin: “Mr. Powell, do you take a different tack from the folks that were here, earlier, the last administration, do you think this is a problem?

Powell: “Do I think this is a?…”

Poliquin: “Yes. This 21 trillion dollars in debt.”

Powell: “Well, yeah, I think… I think that we’re not on a sustainable fiscal path and I think that we need to be on a sustainable fiscal path.”

That’s quite a refreshing change from the previous leadership of the U.S. Federal Reserve, who didn’t acknowledge that there was a problem with the growth of the U.S. national debt until their last months on the job.

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March 2018