Federal Reserve Chair Jerome H. Powell is telling Congress Tuesday that now would be a good time to reduce the federal budget deficit, which is expected to top $1 trillion this year. In past recessions, the Fed has played a large role in reviving the economy by sharply cutting interest rates. But Powell has been warning lawmakers that the central bank won’t have much ammunition left to fight the next downturn since interest rates are currently so low . . . More government spending is likely to be needed to aid the economy in the next recession.
Heather Long. @byHeatherLong Washington Post.
A trillion dollars ain't so vast;
I bet it can be paid off fast.
Just shut down Congress and evict
clerks who like to contradict.
Then raise taxes to the hilt
on gas and food and grandma's quilt.
Shake down banks until they scream,
from Silicon Valley skim the cream.
There's wealth enough in this great land;
just squeeze it out of pine and sand.
That Border Wall, we'd better settle,
is quickly sold for old scrap metal.
Once the debt is good and gone,
we send the Fed off to Oman . . .
and live as Jefferson conceived --
as farmers in denim shirts short sleeved.
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