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That was fast! Economists are already screaming inflation was “never licked” and the national debt is an existential threat.

Photo above - What is Treasury Secretary Lawrence Summers whispering to President Clinton? And why is Clinton cracking up? Probably nothing to do with the national debt and housing costs which are driving our nation to ruin.

The election has been over for what? ONE WEEK? Some states aren't even done counting the votes for the House of Representatives/ And the Kamala Harris campaign team is trying to scrounge up the cash for a recount of the presidential votes. And now THIS: Lawrence Summers (Clinton’s secretary of the Treasury) and Jerome Powell (Fed chairman during the entire Biden administration) are screeching that we’re all gonna die (economically). See links below.

If memory serves me right, Powell declared inflation licked last summer. And cut the Fed funds rate twice. Given that the Fed Funds increases had zero impact on essentials like housing, electricity, gasoline, and farm produce, lots of people wanted Powell to undo the rate hikes. Now Powell is screaming that the National debt ($35 Trillion) is a YUGE problem. Powell’s exact words yesterday: “Our debt not unsustainable. This path is unsustainable . We see that.. ... It's ultimately a threat to the economy.” (see link below).

NOW he tells us. Why the hell didn’t Powell speak up during the Kamala Harris presidential campaign? Was he afraid that she’d fire him after taking the oath of office? But on the morning after the election Powell thumped his chest and defied President-Elect Trump to fire him. If this sort of Fed whipsawing on the economy around election results isn’t political interference, then nothing is. Can senate hearings help sort this out?

Wait, it gets worse. Remember Lawrence Summers? Okay, nobody does. He was Bill Clintons Secretary of the Treasury, and President Harvard University, and he has a PhD in Economics. “Larry” (as he prefers to be called) endorsed Kamala Harris for president. Several times, because he didn’t think people were paying enough attention to him. That was then . . . this is now. NOW Larry Summers says inflation was never really licked. But he managed to keep this opinion to himself while shilling for Kamala. Maybe Summers had a belated attack of conscience after seeing all the homeless people living in tents? Anyway, it’s clear that Biden and Kamala will get off Scott-free for any of the continuing bad stuff that happens during the last 2 months of this administration. As if the last 4 years never happened.

I’m just sayin’ . . .

Hold Up. Fed Chair Powell Just Issued a Dour Warning on the Economy. Is the Bull Market in Trouble?

Larry Summers sounds the alarm bell on inflation — before Trump even takes office

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Diotrephes · 70-79, M

@SusanInFlorida Since you are concerned about the national debt start paying your federal taxes at a 80% rate.

wildbill83 · 41-45, M

@Diotrephes because giving government more tax dollars to spend has worked out so well thus far...

Diotrephes · 70-79, M

@wildbill83

because giving government more tax dollars to spend has worked out so well thus far...

Don't you like the military forces and all of their neat equipment? Don't you like the service that the federal government provides in regulating aircrft traffic across the skies? Don't you like the social services the government provides to your old relatives? Don't you like buying toilet paper for the Congress Critters? Don't you want the White House lawn to be clean cut and neat?

All of those things and millions more require money that we pay in taxes so that we will have nice country to live in. Now get to work and pay your damn taxes without any more whining! I like to drive on nice roads and highways across safe bridges.

wildbill83 · 41-45, M

@Diotrephes obviously you've never worked a federal or state job...

both work off allocated budget; and must spend the entire amount allocated or else they lose it/get less the next time around (and most of the time, a good portion of it is wasted on things not needed); giving them more money will only drive us further in debt...

and our defense budget, while bloated, only accounts for about 14% of US budget. Roads are state funded

Diotrephes · 70-79, M

@wildbill83

Roads are state funded

The federal government funds 90% of the cost of the Interstate Highway System. This funding comes from a variety of sources, including the Highway Trust Fund and federal fuel taxes.

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SusanInFlorida · 31-35, F

@Diotrephes i pay my taxes every year. my rate isn't 80%. neither is yours. whats your point.

Diotrephes · 70-79, M

@SusanInFlorida

whats your point.

The point is that if you want to eliminate the national debt you will have to pay a very high tax rate.

And besides, there's nothing wrong with having a high national tax rate because it is a foundation of our financial system. We could have a hundred trillion dollar national debt and it wouldn't be a problem as long as the interest is being paid. And, if things go bad all the government has to do is to declare it null and void and start over. Sure, individuals and institutions would lose a lot but as long as the government funded the social programs and maintained the military and other government infrastructure you wouldn't even notice it.

SusanInFlorida · 31-35, F

@Diotrephes there are two paths to balancing the budget

- raising taxes insanely high

- only buying stuff we can afford

Diotrephes · 70-79, M

@SusanInFlorida

there are two paths to balancing the budget

- raising taxes insanely high

- only buying stuff we can afford

I thought that we were discussing the national debt, not balancing the budget.

SusanInFlorida · 31-35, F

@Diotrephes if you balance the budget, then you stop increasing the national debt.

if you want to learn more, please read:

https://www.amazon.com/Economics-Paul-Samuelson/dp/0073511293

Diotrephes · 70-79, M

@SusanInFlorida

if you balance the budget, then you stop increasing the national debt.

You still have the debt, so how are you going to pay it off?

wildbill83 · 41-45, M

I'm guessing @Diotrephes has never financed anything in his life, being that he's completely oblivious how finances work...🤔

Diotrephes · 70-79, M

@wildbill83

I'm guessing @Diotrephes has never financed anything in his life, being that he's completely oblivious how finances work...🤔

Can you please explain how finances work? I've paid cash for everything I've ever bought.

uikakarotuevegeta · 26-30

@Diotrephes tell me you know nothing about fiat currency and central banking without telling me

uikakarotuevegeta · 26-30

@Diotrephes and that's why you'll never be rich using only cash lmao 🤣

uikakarotuevegeta · 26-30

@Diotrephes tell me you know nothing about government debt without telling me

uikakarotuevegeta · 26-30

@Diotrephes still being unaware of how fiat currency and central banking operates lmao

uikakarotuevegeta · 26-30

@Diotrephes seriously go back to the nursery home or I'm calling the mental asylum

Diotrephes · 70-79, M

@uikakarotuevegeta

and that's why you'll never be rich using only cash lmao 🤣

Everyone is perfectly satisfied with what he has. I own my house, cars, and furniture free and clear and I have a couple of dollars in savings. So, I am happy. If you have $100,000,000 good for you. You have reached your happy point and don't want any more money. If someone is homeless he is perfectly happy with his condition or else he would have done something to avoid it.

Diotrephes · 70-79, M

@uikakarotuevegeta

seriously go back to the nursery home or I'm calling the mental asylum

I hope you enjoy your stay in the mental asylum. I'm sorry that you lack the ability to cope with things in the wide world so let others take care of you in the mental asylum of your choice.