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Treasury Secretary Janet Yellen blamed former President Donald Trump for the soaring U.S. deficit, despite President Joe Biden having had control over the situation for the last four years.
Yellen blamed Trump’s Tax Cuts and Jobs Act for all of America’s fiscal issues back in June, despite the fact that Democrats have had four years of power to enact and help the situation, and have seemingly done nothing. ““I think it’s responsible for many of the problems that we face now with our fiscal trajectory,” Yellen said, adding that the cuts shouldn’t be left in place. (TAKE A POLL: Should Government Officials Be Allowed to Express Religious Beliefs Publicly?)
Trump’s 2017 act was an effort to push spending and investment through slashing corporate tax rates (which helps companies hire more people through job creation), “trimming income tax rates in most tax brackets, increasing the standard deduction for non-itemized tax filers, and more,” Fortune wrote.
What Else Did Yellen Say?
“I think the most important metric in judging sustainability is the interest cost of the debt, and the interest cost of the debt, even with higher interest rates, is at normal historical levels,” she added. “If we engage in deficit reduction so that it stays at this level, I think…we will be on a fiscally sustainable course.” (TAKE A POLL: Do You Attend Weekly Religious Services?)
Yellen supports Biden’s 10-year deficit reduction plan, which is likely up in the air since Biden’s mental capacity over the last indefinite period of time has made him unable to run for a second term. Whether Vice President Kamala Harris will step in to do anything is currently unknown, as she has yet to apply herself to any major political action other than issues like abortion.
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