Fed Chairman Says We're Headed for Economic Collapse

[longknife]

You know, the one the Democrat-controlled Senate just confirmed.

Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office's long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”

And our political geniuses don't know this? I'm not one bit sorry this reads sarcastic for that's exactly what I mean it to be. Read more @ Doug Ross @ Journal: FED CHAIR YELLEN: Yes, Under Democrat Policies, the Country Is Indeed Headed for Economic Collapse and don't tell me you're surprised. Oh yeah, you libs go ahead and attack the source because you don't like the message. We all expect that.

 

[georgephillip]

"The U.S. increased the ratio of public and private debt from 152% GDP in 1980 to peak at 296% GDP in 2008, before falling to 279% GDP by Q2 2011.

"The 2009-2011 decline was due to foreclosures and increased rates of household saving.

"There were significant declines in debt to GDP in each sector except the government, which ran large deficits to offset de-leveraging or debt reduction in other sectors."

Janet Yellen has been part of a bipartisan attack on the US middle class for decades, and you won't change her mind by putting a Republican in the White House.

Both major parties are owned by the 1%, and they're doing just fine.

Financial position of the United States - Wikipedia, the free encyclopedia

 

[longknife]

I have absolutely no idea how to correct this other than to take steps to reduce government and increase activity in the private sector. It always works!!!

 

[kiwiman127]

I used this in another post discussing healthcare, I think it fits into this discussion too.
The U.S. Does Not Have A Debt Problem ... It Has A Health Care Cost Problem
""That’s not my line, I took it from The Economist, but it’s a good one. If health care costs were under control, i.e. growing no faster than the economy, we could manage our debt. However, health care spending is growing at about 1.5x the rate of growth of GDP and is already close to 20% of the economy. In this post I will talk about the scary numbers. In the next post I will offer some thoughts on what we can do manage the situation.
If the trends of the last 20 years continue, health care spending will eat up U.S. GDP in our children’s lifetimes. See the first chart. The blue line is the federal government’s projection of health care spending. The red line projects spending at the trend growth rate of the last 20 years.
Health care spending will eat up the federal government’s budget even sooner, and that is the root cause of the U.S. sovereign debt problem. The second chart shows projected federal spending on health care as a percent of GDP rising from 5% today to about 18% of GDP, leaving no room for social security, defense, or any of the other federal government roles. In 2012 the entire federal budget is about 24% of GDP, up sharply from 20% before the financial crisis. If this forecast comes to pass, either taxes will rise to Swedish levels, or the U.S. will be a junk-quality sovereign credit like the European “PIGS”."
For more go to: The U.S. Does Not Have A Debt Problem ... It Has A Health Care Cost Problem - Forbes

 

[georgephillip]

I have absolutely no idea how to correct this other than to take steps to reduce government and increase activity in the private sector. It always works!!!

It seems like the private sector today prefers to invest outside the US.
Could you support another Works Progress Administration?

"The WPA built traditional infrastructure of the New Deal such as roads, bridges, schools, courthouses, hospitals, waterworks, and post-offices, but also constructed museums, swimming pools, parks, community centers, playgrounds, coliseums, markets, fairgrounds, tennis courts, zoos, botanical gardens, auditoriums, waterfronts, city halls, gyms, and university unions.

"Most of these are still in use today.[17]

"The amount of infrastructure projects of the WPA included 40,000 new and 85,000 improved buildings.

"These new buildings included 5,900 new schools; 9,300 new auditoriums, gyms, and recreational buildings; 1,000 new libraries; 7,000 new dormitories; and 900 new armories.

"In addition, infrastructure projects included 2,302 stadiiums, grandstands, and bleachers; 52 fairgrounds and rodeo grounds; 1,686 parks covering 75,152 acres; 3,085 playgrounds; 3,026 athletic fields; 805 swimming pools; 1,817 handball courts; 10,070 tennis courts; 2,261 horseshoe pits; 1,101 ice-skating areas; 138 outdoor theatres; 254 golf courses; and 65 ski jumps.[17]

"Total expenditures on WPA projects through June 1941, totaled approximately $11.4 billion.

"Over $4 billion was spent on highway, road, and street projects; more than $1 billion on public buildings, including the iconic Dock Street Theater in Charleston, the Griffith Observatory in Los Angeles, and the Timberline Lodge on Oregon's Mt. Hood.[18]"

Works Progress Administration - Wikipedia, the free encyclopedia

 

[SteadyMercury]

Fed Chairman Says We're Headed for Economic Collapse

No, she didn't. She said nothing of the sort.

How are you so comfortable making a thread where the title is a complete lie? Are you a compulsive liar outside of this message board as well? Does that affect your personal and family relationships?

 

[Rshermr]

Fed Chairman Says We're Headed for Economic Collapse

No, she didn't. She said nothing of the sort.

How are you so comfortable making a thread where the title is a complete lie? Are you a compulsive liar outside of this message board as well? Does that affect your personal and family relationships?

Probably. That is what con tools do. Sad, eh.

 

[PredFan]

Fed Chairman Says We're Headed for Economic Collapse

No, she didn't. She said nothing of the sort.

How are you so comfortable making a thread where the title is a complete lie? Are you a compulsive liar outside of this message board as well? Does that affect your personal and family relationships?

Well, you're right AND wrong. She didnt say exactly that but what do you think "unsustainable levels" means?

 

[007]

Fed Chairman Says We're Headed for Economic Collapse

No, she didn't. She said nothing of the sort.

How are you so comfortable making a thread where the title is a complete lie? Are you a compulsive liar outside of this message board as well? Does that affect your personal and family relationships?

Well, you're right AND wrong. She didnt say exactly that but what do you think "unsustainable levels" means?

To them it means, SPEND, SPEND, SPEND LIKE THE WIND... right up until the very second the economy implodes, and DENY, DENY, DENY it's coming until it does. Hey... that's their EBT cards and obama phones we're talking about.

Sadly it appears repubs are just as willing to spend as the democrats are.

Also sadly, it appears our only way out is either one, for the collapse to happen, and/or two, a second Revolutionary War.

 

[Rshermr]

No, she didn't. She said nothing of the sort.

How are you so comfortable making a thread where the title is a complete lie? Are you a compulsive liar outside of this message board as well? Does that affect your personal and family relationships?

Well, you're right AND wrong. She didnt say exactly that but what do you think "unsustainable levels" means?

To them it means, SPEND, SPEND, SPEND LIKE THE WIND... right up until the very second the economy implodes, and DENY, DENY, DENY it's coming until it does. Hey... that's their EBT cards and obama phones we're talking about.

Sadly it appears repubs are just as willing to spend as the democrats are.

Also sadly, it appears our only way out is either one, for the collapse to happen, and/or two, a second Revolutionary War.

Yup, thats it. Like it did in the past. Uhhhhh, except it did not. Never happened. Never will.
Even when the debt was much larger in relation to gnp.

Perhaps you would like to let us know what catastrophe you see coming, me boy. Did you EVER notice that the debt always decreases when we have something like full employment??? Were you aware at all that the debt is a function of spending AND receipts??? Maybe, just maybe, since the debt ALWAYS decreases when we have full employment, we should try to increase employment.

JESUS.

 

[007]

Well, you're right AND wrong. She didnt say exactly that but what do you think "unsustainable levels" means?

To them it means, SPEND, SPEND, SPEND LIKE THE WIND... right up until the very second the economy implodes, and DENY, DENY, DENY it's coming until it does. Hey... that's their EBT cards and obama phones we're talking about.

Sadly it appears repubs are just as willing to spend as the democrats are.

Also sadly, it appears our only way out is either one, for the collapse to happen, and/or two, a second Revolutionary War.

Yup, thats it. Like it did in the past. Uhhhhh, except it did not. Never happened. Never will.
Even when the debt was much larger in relation to gnp.

Perhaps you would like to let us know what catastrophe you see coming, me boy. Did you EVER notice that the debt always decreases when we have something like full employment??? Were you aware at all that the debt is a function of spending AND receipts??? Maybe, just maybe, since the debt ALWAYS decreases when we have full employment, we should try to increase employment.

JESUS.

You just validated my post.