The head of the Federal Reserve System (FRS) Jerome Powell said that now is not the time to worry about the public debt issue. He spoke about this, speaking via video link at the Economic Club of New York, the recording of his speech was published on the YouTube channel CNBC Television.
According to him, the United States is now very far from taking into account the ability of the federal government to finance itself in its policy. It is noted that recently, the US budget deficit and national debt have grown sharply due to the fact that the country’s authorities have adopted large-scale packages of measures to support the economy amid the coronavirus pandemic.
Earlier, the US Department of Commerce reported that US GDP fell 3.5 percent last year, the worst since World War II. The country’s economy experienced a significant decline for the first time since the global financial crisis of 2008, when GDP fell by 2.5 percent.