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Are we in the end times, or has everyone just gone crazy in Washington?
One of the two has got to be the case when the list of crazy includes the Chairman of the Federal Reserve.
The facts behind this assertion are found in the Axios article below, but the long story made short is that Chairman Powell has for some time warned about the unsustainable nature of our national debt...but now he says don’t worry. He claimed Sunday on “60 Minutes” that now was not the time to focus on debt’s growth. He said the time to do that is when the economy is strong.
But wait….it just was…
…..and it was during this time that we were running up unprecedented deficits - and the debt that accrues with it.
Not today…but tomorrow…has certainly always been the operative term when it comes to federal debt and spending, but we are moving to a new point of reckless when even the Chairman of the Federal Reserve is giving politicians cover for what they are always biased to do - spend more...and worry about it’s consequences later.
I have lived through, and fought against, this movie at both the federal and state level. When times are good people refuse to focus on setting aside for a rainy day and spending roars upward as revenues climb. When times are bad, the chorus claim is that this is the time for the government to step in and spend more.
...and it all works out for everyone complicit in the dance - until it doesn’t.
It's my belief that we will soon see the dance come to an end. People have not witnessed this for a generation, and each of us will be profoundly hurt when this chorus of experts, pundits, financial fools and more are proven wrong.
I’d love your thoughts on what's below….
Sincerely,
https://www.axios.com/jerome-powell-coronavirus-stimulus-response-d94cd03a-af34-4f30-a620-e5ccc03c28cf.html
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