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Even if the central bank under Mr. Warsh defies Mr. Trump and keeps trying to do its job, it will face a second problem: Its hands will be increasingly tied by the federal debt.
The government’s dependence on borrowed money is growing at an unsustainable rate. The Treasury paid $970 billion in interest last year, or about 19 cents of every dollar collected in taxes. By 2035, interest payments on the debt could consume 27 cents of every tax dollar.
By Binyamin Appelbaum
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Financialization is a grift, a rarified form of bookmaking, of no net value to workers and consumers, the economy, or society as a whole. Let’s treat it accordingly. Economists and the news media can stop using the word “invest” in contexts where no investing occurs. “Speculate” or “bet” will do just fine.
By Oren Cass
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| Last updated: Feb. 10, 16:30 | Page 3 of 5 |


