America


Soaring Debt


R COMMENTARY


Triggers Alarm


apidly rising debt, healthcare spending, an aging population, and a historically low birth rate have the Congressional Joint Economic Committee ringing alarm bells about the country’s economic future.


In a letter sent on behalf of the committee, Rep. David Schweikert, R-Ariz., issued a dire warning to House Budget Committee Chair Jodey Arrington, R-Texas. “The nation continues to


navigate a precarious path toward fiscal insolvency, demanding urgent action to avoid catastrophic consequences,” wrote Schweikert. “While recent efforts


in Congress have averted drastic tax increases, streamlined investment incentives, and endeavored to cut ineficiencies in federal spending, more must be done.” Topping the to-do list


is slowing the growth of the federal deficit, which as of September had ballooned to $37.4 trillion, according to the Joint Economic Committee. The debt is $2.09 trillion higher than the previous September, and $10.73 trillion more than five years ago. It is increasing by nearly $46 billion each day ($66,000 per second) and amounts to slightly more than $110,000 per person.


14 NEWSMAX | NOVEMBER 2025


Fed Chief in Over His Head


Jerome Powell should quit before he does more harm, says top


economist Stephen Moore. I


t’s hard to believe that a couple of years ago, Time magazine consid- ered naming Federal Reserve Board Chair Jerome Powell as their “Person


of the Year.” He may well have won, if it hadn’t been


for someone named Taylor Swift. Powell has been idolized by the left for


one reason: He’s been a thorn in the side of President Donald Trump for years. If Trump says “ying,” Powell says “yang.” In September, Powell finally lowered the


federal funds rate, and better late than never. But his speech to the media was a tirade


against Trumponomics. He was filled with doom and gloom in his statement, telling global investors that the economy is growing at only 1.6% so far this year and is expected to grow 1.6% next year. What country was he talking about? Afghanistan? Here are the facts: In the sec- ond quarter of this year, the U.S. economy grew by 3.3%, and the Federal Reserve Bank of Atlanta is forecasting 3% growth in the third quarter — twice Powell’s cracked crystal ball. Powell also never mentioned that real household incomes are up $1,100 for the first seven months of 2025. He never mentioned that capital invest-


ment — the seed corn of a growing econo- my — has been ramped up, with hundreds of billions pledged next year. He attacks Trump’s tariffs and more restrictive immigration policies as restrict- ing growth — and he has a point that those have slightly slowed growth. But he never mentioned the Trump


POWELL


tax cuts, the immediate expensing for capital purchases (which has spurred an investment boom), the deregulations that could save up to $1 trillion this year, or that Trump’s pro-energy policies have increased U.S. production of oil and gas to record highs, or that the area where job growth is way down is in govern- ment employment — which is GOOD for the economy. There’s also something almost comical


about a Fed chair who let inflation soar by 21% during former President Joe Biden’s four years in office — the highest rates in nearly 40 years, dating back to Jimmy Carter’s stagflation. He promised inflation was “transitory” — oops. Tell that to people whose grocery bills rose by one-third in four years. He accommodated the disastrous lock-


downs of the economy with nary a word of objection by shoveling trillions of dollars into the economy in 2020 and 2021. The result: Americans saw a three-year


crash in their after-inflation incomes. It was right and proper that Americans


chased Biden and former Vice President Kamala Harris out the door, but here we are nine months later, and Powell is still around. Powell is attacked by Trump as “Too


Late Jerome.” But the reality is, he’s “Too Wrong Powell.” His job, as former World Bank President


David Malpass notes, should be “to defend the dollar and keep it stable in value.” Powell’s defenders counter any criticism


of the Fed by reflexively arguing that the central bank should be independent. Yes. But it should also be competent and accountable. Under Powell’s reign of error, the central bank has been neither. Powell should admit he’s in over his


head and exit stage left now before he does more harm. The good news is that at least he will be gone in six months.


Stephen Moore is a former Trump senior economic adviser and the cofounder of Unleash Prosperity, which advocates for education freedom for all children.


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