More hypocrisy from the left. Janet Yellen’s disappointing transformation from economist to politician
...Yellen has long warned that the enormous national debt is a serious issue. Indeed, just in 2017, she said she was “very worried about the sustainability of the U.S. debt trajectory” and called it “the type of thing that should keep people awake at night.” Yellen offered this warning when the ratio of federal debt held by the public to the size of the economy was at just 75% — now, it’s over 100%.
But Yellen’s tune has changed now that she works for a Democratic president with massive spending ambitions. We’ve already spent an astounding $4 trillion on COVID-19 relief, much of which proved inefficient and rife with fraud. Yet Yellen is defending President Biden’s push to blow out the budget with trillions more and dismissing debt concerns.
We think it’s very important to have a big package [that] addresses the pain [COVID-19] has caused,” Yellen said on CNBC. “I think the price of doing too little is much higher than the price of doing something big. We think that the benefits will far outweigh the costs in the longer run.”
The economist-turned-politician is making this argument even as the economy is projected to recover without more stimulus and as nonpartisan projections show our post-pandemic budget trajectory is even more disastrous.
Yellen’s flip-flop on the minimum wage is even more glaring....