Fed Chair: America on an ‘Unsustainable Path’
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Fed Chair: America on an ‘Unsustainable Path’
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Our national debt continues to skyrocket, growing faster than our economy. The Federal Reserve chair calls the situation “unsustainable.”
From The Hill. 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.
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“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.
The U.S. national debt topped $34 trillion for the first time ever in early January, just over three months after surpassing the $33 trillion mark. …
Despite the Fed chair’s long-term worries about the national debt, he said members of the central bank’s rate-setting panel believe “the economy’s in a good place.”
The economy has been growing quickly, clocking in at an annual rate of 3.3 percent during the fourth quarter of 2023, according to the latest data released by the Commerce Department’s Bureau of Economic Analysis.
Inflation has also fallen drastically from its 9 percent peak in summer 2022 to 3.4 percent in December, according to the latest consumer price index (CPI). The Fed hiked interest rates from near zero in March 2022 to a range of 5.25 to 5.5 percent in June 2023, and they have held rates steady at subsequent meetings.
Top Fed officials have signaled rate cuts on the horizon in 2024 but declined to cut rates following the January meeting last Wednesday, as expected. …
Powell and the Fed have taken heat from both sides of the political spectrum for their decision to keep interest rates at their highest level in more than two decades. …
But Powell pushed back on any implication that politics would play a role in the Fed’s decision to cut interest rates in the coming months.
“We do not consider politics in our decisions. We never do. And we never will,” Powell said. “Integrity is priceless. And at the end, that’s all you have.”
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(Excerpt from The Hill. Photo Credit: Sawyer Sutton/Pexels via Canva Pro)
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Proverbs 27:12 The prudent see danger and take refuge, but the simple keep going and suffer for it.
1 Timothy 6:10 For the love of money is a root of all kinds of evil. Some people eager for money, have wandered from the faith and pierced themselves with many griefs.
Proverbs 22:7 The rich rule over the poor, and the borrower is servant to the lender.
“Father, You see the unsustainable path we are on. WE THE PEOPLE must ‘fast & pray’ now. It may already be too late. Federal Reserve Chairman, Jerome Powell, needs to spell out CLEARLY for the American people EXACTLY what this unsustainable path will lead to! Do not allow Mr. Powell to mince words! Burden his heart to speak truth LOUD & CLEAR. I pray this in Jesus name. Amen.”
Father, you alone can heal our country and stop our destruction. I ask for your mercy and your wisdom for our leaders. As the election draws closer, bring wise people who will make wise decisions.