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November 1, 2023 | US Treasury Secretary Unclear on the Concept of a “Deficit”

Martin Armstrong

Martin Arthur Armstrong is current chairman and founder of Armstrong Economics. He is best known for his economic predictions based on the Economic Confidence Model, which he developed.


I have both good and bad news. The bad news is that the US government is continually spending with no end in sight. The proxy wars have eliminated even a level-headed discussion of anything akin to a real budget. In a move that angered Treasury Secretary Janet Yellen (also good news) Republicans introduced legislation to reduce funding toward Biden’s IRS army through the Inflation Reduction Act. They still plan to spend billions of taxpayers’ money, but that money will now go toward Israel instead of hunting down those who fund the organization.


A bit of luck for those who do not want to be harassed throughout the year by 87,000 new IRS agents for something trivial like selling something over $600. The proposal will redirect $14.3 billion in funds to Israel instead of doubling the IRS, angering Treasury Secretary Janet Yellen, who insists America has money for two wars and a standing IRS army. The news comes one week after Biden pledged $105 billion to fight the West’s war in the Middle East. Per usual, these aid packages drastically increase weekly and our elected officials are able to make these crucial decisions without approval from the people.

“We cannot let our national security be undermined in an attempt to weaken our efforts to modernize the IRS – efforts which reduce the deficit, improve customer service for Americans, and make sure that wealthy tax cheats pay what they owe,” Yellen posted to the social media platform, X.


I always question how this woman has a job. She insists Americans are happy with their economic situation, and called the US debt downgrade “arbitrary.” Above she is promoting the propaganda about inflation being transitory. Do not dare to mention the deficit when you continually support massive spending packages with hidden agendas. Yellen herself admitted that the Inflation Reduction Act was really a method to support climate change. “The Inflation Reduction Act is, at its core, about turning the climate crisis into an economic opportunity,” Yellen admitted.

US national debt spiked by $4.8 trillion since Biden took office, and yet he continues to pass multi-billion dollar spending packages that in no shape or form benefit Americans. It is safe to say that those in charge see the people, the Great Unwashed, as enemies of the state. Yellen wants to spend billions on harassing law-abiding Americans because she believes what you earn belongs to the government.

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November 1st, 2023

Posted In: Armstrong Economics

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