atditor’s note: Yelm Blog readers have been forewarned throughout 2018 about the exploding national debt incurred under President Trump. Now, the drum beat grows louder about the President doing nothing to reign in that massive debt. The group commonly known as “all-ways Trumpers” have been expecting for 2 years that the President will issue an Executive Order to expire the Federal Reserve. However, Trump’s mounting issues, including his mental fitness, would be questioned under intense scrutiny if he attempted such and be rescinded by Congress. That train (Trump potentially doing away with the Fed.) left the station long ago.
“Fed Chairman Powell says he is ‘very worried’ about growing amount of US debt”
- “I’m very worried about it,” Fed Chairman Powell said Thursday [Jan 9, 2019] . “It’s a long-run issue that we definitely need to face, and ultimately, will have no choice but to face.”
- Total U.S. debt is about $21.9 trillion, of which $16 trillion is owed by the public. The sustained annual U.S. deficit is now believed to be more than $1 trillion.
- In part because of continued rate increases under Powell, the interest cost on that debt could start to become a bigger and bigger burden.
By Thomas Frank, CNBC.