Treasury Secretary Janet Yellen Says The USA Will Be in Debt Default in Jan 2025 - Unless...

originally posted by: Guyfriday
a reply to: WeMustCare

Yes I do. Yellen has been around the DC monster farm for a long time now, and she knows what she is doing when it comes to Soros styled economic warfare.

I wonder what Janet Yellen thinks she can do over the next 3 weeks to effect the economy in a major way?

originally posted by: nugget1
I recently read an article on American Thinker that gave a persoective I'd never seen before.

Nothing changes because America’s spending crisis can’t be solved.
Not in its present form.
Not without changes the American people refuse to make.
Here’s why.

First, myths about deficits and the national debt.

People think the national debt results from discretionary overspending. $1,000 Army toilet seats, million-dollar federal grants to study the sex lives of hermaphrodite salamanders, Washington pay raises, and legislative pork barrel projects are solely responsible for trillion-dollar deficits each year. They contribute, but they’re not the problem. They’re pocket change that wouldn’t cover 2023’s $1.6 trillion deficit if they were eliminated.

In 2023, 86% of the $6.1 trillion in federal spending covered mandatory budgets that the government must pay according to either federal law or common sense. This spending is locked in; there is no room for cuts. Here’s how it breaks down and why there’s no solution. The following totals came from the Congressional Budget Office (CBO).

Let’s start with the lowest line items.


Interest on the National Debt: $659 billion. The nation defaults if the government refuses to pay, which is financial suicide.

Income Security and Veterans’ Benefits: $950 billion. This includes financial assistance to the disabled, their families, low-income households, and family members who survive someone who received social security benefits.

Medicare and Medicaid: $1.46 trillion. These cover a portion or all of the health care for a vast number of people in the nation, from illegal aliens to the elderly. It provides cradle-to-grave services, from Children’s Health Insurance Programs (CHIP) to paying the cost of nursing home care for the elderly once they exhaust personal assets.

Social Security Payments: $1.3 trillion. This sacred payment has become the sacrosanct Golden Calf of American politics.

Defense Spending: $805 billion. Defense spending is discretionary and can be cut. But with the war in Ukraine, Middle East conflicts, and China’s desire to take Taiwan, reductions place America at risk.

The total cost of these “untouchable” programs, from the interest on the debt and entitlements to Defense spending, is $5.2 trillion, which leaves only $917 billion in discretionary spending for everything the government does.

So, what exactly is Washington going to cut?

I've left quite a bit out; read it in its entirity at the link.

Our politicians sold an endless stream of programs to an American public who embraced them with open arms while neither side bothered to ask if the government could pay for them. The generations of largesse have created dependency, and they’re now considered a natural right to which anyone currently living on American soil is presently entitled.

This created the greatest challenge of this entire budget drama — the mindset of the Americans who believe the federal government can pay for all the entitlements the vast majority of Americans can’t live without.

Nearly everyone or their family benefits from some level of government subsidy — whether it’s the Earned Income Tax Credit (EITC) for some working households, who pay no income taxes but receive a payment of thousands of dollars from the federal government if they meet income guidelines, to Medicaid that pays for nursing care for the elderly who have exhausted their resources so families do not have to care for them in their homes.

Much of the nation receives something from these categories, and that’s the problem.

[www.americanthinker.com...]

When the cliinton's left the Whitehouse they trashed the place; stealing furniture and anything that wasn't nailed down and just pure vandalism, like taking all of the 'W' keys off of computers. Biden is out-doing them by trashing the entire nation-beyond repair. There will have to be a reset at some point in the very near future.

Politicians have spent many years turning the US into a socialist country so slowly that few have noticed.

Why would they do that? Because we are chatle to them; a means to their wealth, power and elitist lifesstyle.

A VERY INFORMATIVE POST! Thank-you for: www.americanthinker.com... , also.

a reply to: WeMustCare

Yellen is starting off 2025 on a positive note.
The debt ceiling legislation deadline squeeze resulting in the use of extraordinary measures by the Treasury was supposed to start January 2nd.
Extraordinary measures might hold the US government till summer.
Since Republican administrations typically tend to keep spending and taxes lower when they have a House and Senate majority she should have an easier time getting a new debt ceiling voted in.

During the last house vote for the current spending bill about 30 members voted nay after deciding it was too generous. They are trying to achieve a balanced budget with less popular measures such as raising the age to receive social security and decreasing Medicare waste/benefits.

Moderate Republicans would only need to get enough Democratic votes to overcome that small ultra conservative group to prevail. It will be refreshing to hear about the possibility of a balanced budget with a solvent social security system from this group but they certainly don't yield absolute control over the congressional vote.

I imagine even if Congress just votes in an emergency CR again it will raise the debt ceiling less than a Democratic party incumbency.

four years of Biden and Democrat spending spree and now all of a sudden with Trump coming in Ms. Yellen decides we're spending too much.
pure political posturing.
hope she gets fired on day 1.

a reply to: Skinnerbot

Otherwise we might have huge wasteful spending without auditing.


But? We've had that for decades haven't we. 🤣

The "Debt Ceiling" BS is a cover up for actual wasteful spending without auditing. 😄

So why did Yellen WAIT till now? Congress was debating last week right????

This BS from her is another anti-D.O.G.E. move as they setup a new BAMN crisis. 🤣🤣

a reply to: xuenchen

when i had my shop open i was on the navy's and air force's vendor list. at the end of every fiscal year i would got requests for quotes for all kinds of electrical parts from several units from at least five bases in our area.

it was so they could spend the leftover from that year, and get the same or more next year.

that's why i said that any excess should remain in that unit's, agency, departments budget the next year and get the same for the next or adjusted for inflation.

originally posted by: xuenchen
So why did Yellen WAIT till now? Congress was debating last week right????

This BS from her is another anti-D.O.G.E. move as they setup a new BAMN crisis. 🤣🤣

Good point.