Janet Yellin is asking for billions of dollars to give it to foreign countries for debt relief and to fight global warming.
I once again repeat the question I have been asking for weeks, “When is it American’s turn to see something from the Democrats?” The answer is frankly never. This is on top of the 500 million doses of the COVID vaccine Biden plans in giving away to other countries.
Treasury Secretary Janet Yellin is asking congress for billions of dollars because she is afraid that other countries’ economies are unfairly benefiting the rich over the poor and middle class. And that is our responsibility because?
We are not the world’s keeper.
The same countries Yellin wants us to pay for are the same countries who vote against us in the United Nations.
Yellen told Congress on Thursday:
When I took office, one of my greatest concerns was a K-shaped recovery from the pandemic; a recovery where high-income households rebounded quickly — or even emerged better-off — while low- and middle-income families suffered for a very long time… Low-income nations haven’t had the fiscal space to implement sweeping relief, as we did with the American Rescue Plan. Even their ability to access vaccines is limited.
Yellen goes on to say that fighting off climate change would be much easier if we give away all of our money to other countries.
Money is only a problem if we possess it. It would be easy for you to wonder if you have any part to play in the billions of tax dollars that would be spent by Yellin. But of course, you do. You get to pay for it.
Likewise, Yellen asked Congress to support new global entities meant to help developing nations struggling to meet foreign debt obligations.
The second involves low-income-country debt. The pandemic has wreaked havoc on the finances of these nations, and if they are going to rebuild, many will need to address their debt vulnerabilities. The United States led in creating the G20 Debt Service Suspension Initiative (or DSSI) and the Common Framework for Debt Treatments for precisely this reason, but now we need to fund both. Without new funding, the United States could be forced to delay the multilateral debt process under the Common Framework and charge much higher interest rates on DSSI debt service suspensions.