Treasury Secretary announces prices will go up.

HHusky · March 7

But it's the good kind of prices going up.

RaceBannon · March 7

Cry harder

HFNY · March 7

Biden added $11 trillion to the debt. That's very inflationary.

HuskyBuck · March 7

This just in….Treasury secretary also reporting water is wet!

Bob_C · March 7

Will they be transitory like the last treasury secretary said?

HuskyBuck · March 7

https://hardcorehusky.com/discussion/comment/2058498#Comment_2058498

Source? Trump added 7.8 billion in his 4 years….that was also very inflationary.

Sledog · March 7

https://hardcorehusky.com/discussion/comment/2058501#Comment_2058501

Almost 11 trillion right?

Bob_C · March 7

https://hardcorehusky.com/discussion/comment/2058502#Comment_2058502

My quick math says Trump contributed 7.9 and Biden like 9.

HFNY · March 7

https://hardcorehusky.com/discussion/comment/2058501#Comment_2058501

My mistake, I added a year that shouldn't have been attributed to Biden. For Biden, it will be about $8.5 trillion (including 2025, which is his budget).

Trump also ran deficits though, to be fair, his $4.23 trillion added in 1 year was due to Covid. Every other year was below $1.5 trillion.

What concerns me about Trump is that he won't reduce the deficit from nearly $2 trillion (in 2025) because he wants to extend all tax cuts and also add cuts on overtime, tips, and Social Security.

I do like the new Treasury Secretary (Scott Bessent). Janet Yellen really blundered in not doing longer duration debt when interest rates were very low so $9 trillion of Treasury debt is coming due in 2025 but interest rates are much higher than they were in 2021. $9 trillion of debt is about 25% of all Federal Debt outstanding. Crazy.

Bob_C · March 7

https://hardcorehusky.com/discussion/comment/2058508#Comment_2058508

Your last point on how the deficit was financed is a good one. It was obvious that it was happening that way before they admitted to it based on the yields. They didn’t want to touch the ten year yield as that is the usual basis for consumer debt. It’s akin to a middle manager at Amazon rigging a KPI that they are accountable on at the expense of another area in the company that they aren’t accountable too.