Former Federal Reserve head Janet Yellen said last week that she’s worried about the Federal deficit. She says current government spending is unsustainable. And, Yellen said, she’d raise taxes if she had a “magic wand.” Well, I’m also worried. And Yellen is absolutely right. But let’s parcel out the blame. The US debt level rose by $8.59 trillion from 2010 to 2017, according to HowMuch.net. That was on President Obama’s watch. And while Yellen wasn’t in charge of federal spending, she deserves some of the blame for the economy during half of those years. US debt is now nearly $21.7 trillion, and it’s growing fast. It will grow even faster when interest rates rise and the government has to spend more to borrow. With his tax cuts, Trump is expected to add $4.78 trillion to the debt between now and 2021. So he’s to blame also. And if the economy doesn’t respond massively to his tax cuts, Trump will be very much to blame. … [Read more...] about Janet Yellen is absolutely right about the federal deficit
Janet yellen
Janet Yellen Calls Trump’s Attack on Fed Counterproductive
Former Federal Reserve Chairwoman Janet Yellen said President Trump’s attacks on the central bank could be counterproductive if they cause investors to doubt the Fed’s commitment to keeping inflation in check. Ms. Yellen said Monday at the annual convention of the Mortgage Bankers Association that she didn’t think the central bank or her successor as Fed chairman, Jerome Powell, would be influenced by Mr. Trump’s criticism last week, in which he said the Fed had “gone crazy” in its campaign to slowly raise short-term borrowing... … [Read more...] about Janet Yellen Calls Trump’s Attack on Fed Counterproductive
Janet Yellen advocates ‘lower-for-longer’ rates plan for future slumps
Christopher Condon and Rich Miller, Bloomberg Published 10:03 am PDT, Friday, September 14, 2018 Janet Yellen, former chair of the U.S. Federal Reserve, listens during a Brookings Institution discussion in Washington on Sept. 12, 2018. Janet Yellen, former chair of the U.S. Federal Reserve, listens during a Brookings Institution discussion in Washington on Sept. 12, 2018. Photo: Bloomberg Photo By Zach Gibson. Photo: Bloomberg Photo By Zach Gibson. Image 1 of / 1 Caption Close Image 1 of 1 Janet Yellen, former chair of the U.S. Federal Reserve, listens during a Brookings Institution discussion in Washington on Sept. 12, 2018. Janet Yellen, former chair of the U.S. Federal Reserve, listens during a Brookings Institution discussion in Washington on Sept. 12, 2018. … [Read more...] about Janet Yellen advocates ‘lower-for-longer’ rates plan for future slumps
Janet Yellen sides with Harvard in admissions bias case
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page Deirdre Fernandes Globe Staff September 06, 2018 Janet Yellen, the former chairwoman of the Federal Reserve, allied herself with Harvard University on Wednesday, becoming the most high-profile economist to defend the Ivy League school’s position that it does not discriminate against Asian-American applicants.Yellen, the first woman to run the US central bank, joined a roster of economists who have filed documents in the federal court case supporting the analysis done for Harvard by fellow economist David Card. Yellen and her husband, Nobel Prize economist George Akerlof, in court documents both defended Card’s analysis of Harvard’s admission data that found no discrimination.Yellen’s decision to weigh in on the case puts her at odds with the Trump administration, which last week argued that Harvard’s admission process “may be … [Read more...] about Janet Yellen sides with Harvard in admissions bias case
Adviser to Bernanke, Yellen Will Reprise Role for Powell
Jon Faust, who served as a senior adviser to former Federal Reserve chiefs Janet Yellen and Ben Bernanke, has taken on a similar full-time role for Fed Chairman Jerome Powell, according to people familiar with the matter. Mr. Faust, a professor of economics at Johns Hopkins University, had returned to the Fed to advise Mr. Powell on a part-time basis earlier this year. He spent one day a week at the central bank until he completed his academic duties for the term.... … [Read more...] about Adviser to Bernanke, Yellen Will Reprise Role for Powell