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In a webinar discussion hosted by the Economic Club of Washington, D.C. Powell said that although the national debt got on an unsustainable path, the present degree of financial debt is sustainable.
" The U.S. government budget plan is on an unsustainable path, implying simply that the debt is growing meaningfully faster than the economic climate," he said. "The present degree of debt is extremely sustainable. And there's no doubt of our capability to solution and issue that debt for the near future."
Powell added that the UNITED STATE government will eventually need to obtain its financial debt back onto a lasting course; nevertheless that should be done when the economy is on more solid ground.
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U.S. debt is not a problem now but it will be – Fed Chair Jerome Powell
In a webinar discussion hosted by the Economic Club of Washington, D.C. Powell said that although the government debt was on an unsustainable path, the current level of debt is sustainable.
"The U.S. federal budget is on an unsustainable path, meaning simply that the debt is growing meaningfully faster than the economy," he said. "The current level of debt is very sustainable. And there's no question of our ability to service and issue that debt for the foreseeable future."
Powell added that the U.S. government will eventually have to get its debt back onto a sustainable path; however that should be done when the economy is on more solid footing.
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