Outgoing Treasury Sec. Yellen ‘sorry that we haven’t made more progress,’ believes deficit must be decreased
Outgoing Treasury Secretary Janet Yellen recently expressed her concerns about fiscal sustainability and the need to decrease the deficit. Speaking at the Wall Street Journal’s CEO Council Summit, Yellen acknowledged the challenges of reducing the deficit, especially in the current environment of higher interest rates.
During her tenure as Treasury Secretary under President Joe Biden, the national debt continued to rise, surpassing $36 trillion. Yellen emphasized the importance of addressing the deficit to ensure economic stability and growth.
As the Biden administration comes to an end, President-elect Donald Trump has appointed Scott Bessent to serve as the new Treasury Secretary. Trump praised Bessent’s expertise as an international investor and geopolitical strategist, highlighting his commitment to addressing economic challenges.
Yellen’s efforts to promote IRS enforcement as a means to close the budget deficit have been recognized, but the task of achieving fiscal sustainability remains a top priority for the incoming administration.
Yellen’s previous experience as chair of the Federal Reserve Board of Governors has equipped her with valuable insights into economic policy and financial management. As she transitions to a new role, her expertise will continue to be a valuable asset in shaping economic policies and addressing fiscal challenges.
In conclusion, Yellen’s commitment to fiscal responsibility and deficit reduction reflects her dedication to ensuring a stable and prosperous economy. As the new administration takes office, the focus on addressing economic challenges and promoting sustainable growth will be crucial for the future success of the country.
