• [stock-market-ticker symbols="AAPL;MSFT;GOOG;HPQ;^SPX;^DJI;LSE:BAG" stockExchange="NYSENasdaq" width"100%" palette="financial-light"]

    Treasury Secretary Mnuchin Says Now Is Not The Time To Worry About Debt, Deficits, Or Fed's Balance Sheet

    September 14, 2020
    2 Comments
    Treasury Secretary Mnuchin Says Now Is Not The Time To Worry About Debt, Deficits, Or Fed's Balance Sheet

    U.S. Treasury Secretary Steve mnuchin said that now is not the time to worry about debt, deficits, or the balance sheet of the Federal Reserve, as the administration must help small business, damaged by the pandemic lockdowns.

    The comments were made on CNBC as the U.S. approaches $30 trillion in sovereign debt.

    “Now is not the time to worry about shrinking the deficit or shrinking the Fed balance sheet,” Mnuchin told CNBC’s “Squawk Box” from the White House. “There was a time when the Fed was shrinking the balance sheet and coming back to normal. The good news is that gave them a lot of room to increase the balance sheet, which they did.”

    “And I think both the monetary policy working with fiscal policy and what we were able to get done in an unprecedented way with Congress is the reason the economy is doing better,” he added.

    Congress has deadlocked on further pandemic relief as conservatives want to spend less, and Nancy Pelosi's Democrats want to spend unrealistic amounts, and push politics agendas, such as mail-in-voting.

    President Trump has acted unilaterally to extend unemployment benefits, defer payroll taxes, and restrict evictions.

    SHARE THIS ARTICLE

    Author

    CDM Staff

    The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
  • Subscribe
    Notify of
    guest

    2 Comments
    Inline Feedbacks
    View all comments

    […] Treasury Secretary Mnuchin Says Now Is Not The Time To Worry About Debt, Deficits, Or Fed’s Ba… […]

    Don Parker

    LOL! The man states the obvious. We crossed that particular Rubicon years ago. The entire world is now a fiat economy. Currency is worth what we all agree on and Sovereign debt means nothing. In fact, debt is for the little people to worry about and be enslaved with.

    FOLLOW US

  • Subscribe to our evening newsletter to stay informed during these challenging times!!

    ×