Cuts to social services within Trump's budget bill, which reduces Medicaid while lowering taxes for the wealthy, may add $6 trillion to the national debt. Janet Yellen warns average Americans will face dire consequences such as unaffordable housing and car loans, as well as heightened burdens from student debt, with further education becoming costlier. She underscores a political attempt to lower interest rates through manipulation, evoking concerns reminiscent of economically unstable regimes and predicting potential hyperinflation as a result.
Cuts to Medicaid while slashing tax rates for the wealthiest could add six trillion dollars to the national debt, with severe impacts on average Americans' financial well-being.
Yellen states higher interest rates will make housing and car loans less affordable and that student debt burdens will increase as further education becomes less accessible.
The President's attempt to influence interest rates and his threats to replace the Fed chair reflect a troubling trend in economic management likened to that of a 'banana republic'.
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