December 4, 2022

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Critically important that fiscal policy be responsible

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Treasury Secretary Yellen: Critically important that fiscal policy be responsible






























































More from Treasury Secretary Yellen

  • critically important that fiscal policy be responsible
  • important that policy not impose tax increases on future generations.
  • Budget to be presented on Friday.
  • Budget will increase debt to GDP ratio a bit.
  • Real interest rate cost on federal debt is currently negative at current rates.
  • We have a problem in terms of deficits after 2030 due to an aging population.
  • Inflation we have┬áseen in recent months have to do with supply shortages and bottlenecks as we get back to pre-pandemic full employment, it will be appropriate for interest rates to rise above current rock-bottom levels
  • Biden budget assumes that over time,┬árates will revert to low but more normal levels
  • Biden is proposing investments that will increase long run supply potential boost labor force participation

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