The federal deficit has reached unsustainable levels, with the U.S. national debt surpassing $36 trillion, largely due to reckless fiscal policies under the Biden administration.
- Treasury Secretary Janet Yellen acknowledged concerns over the lack of progress in reducing the deficit, admitting that the deficit needs to be brought down amid rising interest rates.
- The Biden administration’s fiscal approach, including $3 trillion in economic stimulus, led to runaway inflation and a ballooning deficit, with interest expenses now exceeding defense and health spending.
- The incoming Trump administration, with Treasury Secretary nominee Scott Bessent, aims to prioritize fiscal responsibility, focusing on reducing government spending, reforming entitlement programs, and promoting sustainable economic growth.
- The U.S. faces an urgent need to address its fiscal crisis to avoid a future debt crisis, with the Trump administration tasked with restoring fiscal sanity and rebuilding public trust in responsible financial management.
As the Trump administration prepares to take the reins of government, the nation faces a stark and urgent reality: The federal deficit has ballooned to unsustainable levels, threatening the long-term stability of the U.S. economy. The outgoing Biden administration, led by Treasury Secretary Janet Yellen, leaves behind a staggering national debt that has surpassed $36 trillion, a figure that underscores the reckless fiscal policies of the past several years.
Yellen herself has acknowledged the gravity of the situation, expressing concern over the lack of progress in reducing the deficit. During a recent event organized by the Wall Street Journal, she stated, “I am concerned about fiscal sustainability and I am sorry that we haven’t made more progress. I believe that the deficit needs to be brought down, especially now that we’re in an environment of higher interest rates.” These words, though belated, are a stark admission of the fiscal irresponsibility that has characterized the Biden administration’s tenure.
The numbers tell a damning story. Under Yellen’s watch, the U.S. debt increased by an astonishing $15.2 trillion, representing 42% of all U.S. debt ever issued. This unprecedented accumulation of debt was facilitated by years of ultra-low interest rates and massive government spending, much of it aimed at pandemic relief and economic stimulus. While these measures may have provided short-term relief, they have sown the seeds of a future financial crisis.
The Biden administration’s approach to fiscal policy was marked by a dangerous overconfidence in the ability of government spending to solve economic problems. Yellen, in her role as Treasury Secretary, endorsed the administration’s 3 trillion in economic stimulus, including the 1.9 trillion American Rescue Plan. She justified this approach by arguing that “the smartest thing we can do is act big. In the long run, I believe the benefits will far outweigh the costs.” However, the reality is that this strategy has led to runaway inflation and a ballooning deficit, with interest expenses now surpassing defense and health spending. […]
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