What If Janet Yellen Is Finally Right About Something?

Treasury Secretary Janet Yellen visits Ukraine in February 2023 (President of Ukraine / Flickr) As the United States closes in on possible default in less than two weeks, economists are debating whether or not such an event would be as devastating as Treasury Secretary Janet Yellen claims. Is she fearmongering for the sake of negotiations or is she serious when she says not raising the debt ceiling would cause “catastrophic” events unlike anything the U.S. economy has ever seen?

The speculative answer to that question comes down to which economists you believe. They’re all over the board right now ranging from a default would be no big deal all the way to a default would cause economic carnage that could devolve into a full-blown economic collapse in a matter of months.

Yellen seems to be in the latter camp, saying, “In my assessment – and that of economists across the board […]

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