Pointing to the unresolved issue of US National Debt, Sen. Kennedy is calling out Biden’s agenda and Treasury Secretary Yellen on underlying solutions.
Senator Kennedy openly questions if the current mountain of unsustainable debt threatens economic sustainability and accuses our government of manufacturing a ‘crisis’ as an agenda related to inflation.
Daily Caller reports, Republican Sen. John Kennedy of Louisiana grilled Treasury Secretary Janet Yellen Wednesday on what level of debt was “unsustainable.”
In his proposed budget for fiscal year 2024, Joe Biden included over $5 trillion in new taxes, including a 20% increase in capital gains tax rates and a 7.6% increase in top income tax rates.
Yellen looked embarrassed – as she should be – and Kennedy had to push her to answer, but she did acknowledge it was that number. People who think they will get this amount in taxes by going after people over $400,000 are not paying attention.
According to her, 109 percent is sustainable. It’s going to ruin us, and maybe that’s what they’re trying to do. With these kinds of actions, it certainly seems so.
After responding to Rep. Mark Amodei (R-NV), Yellen said that the IRS lacks resources, which is why people dislike it. Yes, she said that.
As reported previously, 90 percent of new IRS audits would be on people making less than $400,000.
Following her astonishing testimony last week regarding bank collapses and admitting they pick winners and losers to save, she made these wild remarks this week. According to Sen. James Lankford (R-OK), this action would result in people leaving community banks for larger banks or the “winners” that are being selected. The community banks could be cratered by such a response.
Senator John Kennedy has long been adamant against what he believes is the agenda of unchecked government borrowing and spiraling debt. He has taken a hardline stance in his questioning of Treasury Secretary Janet Yellen and other key members of President Biden’s administration on their justification for limiting US economic growth via a mountain of national debt. His statements are indicative of a fear that an ever-growing US national debt will only lead to rampant inflation, undermining the already fragile economy, especially during these troubling times. With his wit, sarcasm and shock at some of the answers provided to him by Yellen, Kennedy has often chastised the administration for trying to dupe Americans into believing this manufactured crisis as a good thing. The truth is, it’s bad management that has led us here and not just bad luck. The question remains then: How far do we allow our nation’s debt to grow while still seeking economic sustainability? Clearly Senator Kennedy is determined to bring an answer.
