the staff of the Ridgewood blog
Washington DC, the FED Chair goes rogue during an interview for 60 Minutes, Federal Reserve Chair Jerome Powell underscored the urgency of addressing the United States’ escalating national debt, which currently stands at over $34 trillion and continues to rise. Powell emphasized the unsustainable fiscal trajectory of the U.S. federal government, noting that the debt is growing at a faster pace than the economy.
He acknowledged that while the pandemic necessitated significant government spending to mitigate severe risks, it is now imperative for elected officials to engage in a serious discussion about restoring fiscal sustainability. Powell emphasized that fiscal policy is the responsibility of elected federal policymakers in Congress and the White House. However, he expressed his belief that the national debt poses a long-term threat to the economy and stressed the importance of addressing its structural drivers sooner rather than later.
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