Yellen Says US “Can Certainly Afford Two Wars” At Once
Editors’ Note: When we read statements like this, it requires us to fondle our US Gold Eagles just to calm down. There is no political force today or any institutional constraint to stop both parties from spending this nation into bankruptcy. Once a staple of our collective political discussion, controlling spending and deficits, and bringing down the national debt, are now simply not part of the discussion. With a tremendous fiscal burden now in the immediate future, due to the result of our Ponzi scheme structured social entitlement programs, coupled with severe demographic shifts, we now have been at war for more than 20 years. And, with spending to GDP already as high as it was during the peak of World War II, our officials see no problem making it even worse with vast new social spending and new wars. Having unleashed high inflation, and having produced the worst returns of the past three years in the bond market ever recorded in our history, our Brooklyn-accented schoolmarmish Treasury Secretary is determined to drive this nation off a fiscal cliff. Deficits don’t matter until they do. Once that point is reached, there will be nothing to ease the pain. Maybe funding these wars is necessary for our security, and that is being debated. But if that is the case, we can’t simply go on growing the government larger and more expensive. We need wartime finance, which means reducing spending on other things and raising more revenue.
Treasury Sec. Janet Yellen told Sky News in an exclusive interview Monday that the United States can “certainly afford two wars” at once. Host Wilfred Frost asked whether the U.S. can afford to finance a second war with the U.S. being in a weak fiscal position.
“In terms of what this all means, Paul Tudor Jones, the famed investor, was on CNBC this week, and he said, ‘This is the most threatening and challenging geopolitical environment that I’ve ever seen. At the same time, the U.S. is in its weakest fiscal position since World War II, with debt-to- GDP at 122 percent.’ Can — can America, can the West afford another war at this time?”
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“I think the answer is absolutely. America can certainly afford to stand with Israel and support Israel’s military needs. And we also can and must support Ukraine in its struggle against Russia. And look, the American economy is doing extremely well.”
Yellen implored Republicans to elect a Speaker so that Congress can approve financial aid to Israel and Ukraine.
“We do need to come up with funds, both for Israel and for Ukraine. This is a priority,” Yellen said to Sky News. “It’s really up to the House to find, seat a speaker and to put us in a position where legislation can be passed.” (RELATED: Will The War In Israel Put Further Strain On US Weapons Stocks?)
We stand with Israel. America has also made clear to Israel, we’re working very closely with the Israelis, that they have a right to defend themselves,” Yellen said. “But it’s important to try to spare innocent civilian lives to the maximum extent possible.”
The White House was reportedly considering tying more funding to Ukraine to a request for aid to Israel, The Washington Post reported. The Biden administration has given Kyiv more than $75 billion since the war in Ukraine began in 2022 and has requested additional aid for the nation.
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