Former Fed Chair and current Treasury Secretary Janet Yellen wants us to know that she's sorry, everyone.
Our debt increased by more than $15 trillion under her leadership, and all we get is a "sorry"???
Here's what she said during an event organized by the Wall Street Journal:
I am concerned about fiscal sustainability and I am sorry that we haven't made more progress. I believe that the deficit needs to be brought down especially now that we're in an environment of higher interest rates.
First, it was under Yellen's watch that the US experienced its biggest debt increase in history. As shown below, Yellen was Fed chair from Oct 2010 until Feb 2014, and then Fed Chair from Feb 2014 until Feb 2018, a period during which she intentionally kept rates at zero for almost the entire duration of her 'apolitical' tenure. We say 'apolitical' because in January 2021 the mask came off, and Yellen was picked for her political ideology to serve as Biden's top debt printing Democrat by taking control of the US Department of Treasury.
ZeroHedge provides this handy chart:
So yeah, she's literally presided over 42% of all the debt we've ever acquired, and she's … sorry?
And things need to change now that she'll be out of power.
Now that we have relatively high interest rates, and Trump is coming into office, we must become responsible.
You know what, maybe she'll get her wish!
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