Yellen Boasts About Clean Energy Tax Break Success Despite $1.7T Deficit And $34T In Debt

Despite the fact that the country is running record deficits, has just passed $34 trillion in debt and is, for all intents and purposes, on the precipice of a debt spiral “point of no return”, Treasury Secretary Janet Yellen still seems awfully cavalier about spending.

This past week Yellen said that she “welcomed” larger than expected uptake of tax breaks under the Biden administration’s Inflation Reduction Act, despite the fact that the country doesn’t have any way to pay for it, according to Bloomberg.

Yellen said this week: “What that reflects is the effectiveness, the tremendous response rate, that we’re seeing from the private sector, from cities and states, to these incentives. So you’re clearly having a very major effect on take-up for clean energy investments.”

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And since there is no longer a way out, we may as well joke about it so consider this: in the third quarter when US GDP supposedly grew at a 4.9% annualized rate – hardly the stuff of recessions – rising $547 billion in nominal (not real) dollars, the US budget deficit increased by a whopping $622 billion.