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.”
...Yellen made her statement about unsustainable deficits when she was questioned by Sen. Dan Coats (R.-Ind.). Coats remarked that businessmen in Indiana told him that their businesses were underperforming at this time because of the uncertainty they felt as result of federal taxation and regulatory policies.
"...I agree with you,” said Yellen. “My own discussions with businesses, I hear exactly the same things that you are citing: concerns with regulations, about taxation, about uncertainty about fiscal policy... [the] combination of demographics, the structure of entitlement programs, and historic trends in health-care costs, we can see that over the long-term deficits will rise to unsustainable levels relative to the economy.
When -- not if, when -- the economy does collapse, who do you Democrats think will be hardest hit?
Will it be the oligarchs like Clinton, Obama, Reid and Pelosi? Will it be the elites in the ruling class?
No, of course not, drones. It will be the elderly, the poor, and the infirm.
Most importantly, it will be our daughters and sons, our grandchildren, and generations yet unborn, who will face the results of this bizarre form of national suicide.
The alarm klaxons have sounded, over and over again, warning us, blinking red, flashing every possible signal that the insane policies of endless borrowing and printing and spending must end.
And still Democrats and the media ignore those indicators, gleefully following Duck Dynasty, NFL team names, Amanda Knox, and some racist kook billionaire, instead of what is truly important.
The fuse has been lit and time grows short.
Hat tip: BadBlue News
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