Viewpoints
Opinion

Yellen Worries About the Deficit; Biden Wants More Taxes

If deficits and interest expenses are going to soar in a booming economy, it is evident that no revenue measure is going to end this disastrous trend.
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Yellen Worries About the Deficit; Biden Wants More Taxes
Treasury Secretary Janet Yellen speaks at an event on the Biden Administration’s economic strategy toward the Indo-Pacific in Washington on Nov. 2, 2023. Madalina Vasiliu/The Epoch Times
Daniel Lacalle
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Commentary

The long-term forecast for higher interest rates, according to Treasury Secretary Janet Yellen, makes it more difficult to control U.S. borrowing needs, which emphasizes the significance of raising revenue in the forthcoming budget talks with Republican lawmakers. There is only one problem: I believe she is wrong.

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Daniel Lacalle
Daniel Lacalle
Author
Daniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat”​ (2015), and “Life in the Financial Markets.”