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tv   Bloomberg Markets European Close  Bloomberg  December 1, 2021 11:00am-12:00pm EST

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ray much. -- thank you very much. rep. waters: the gentlelady's time has expired. the german from oklahoma is now recognized for five minutes. -- the gentleman from oklahoma is now recognized for five minutes. >> like my colleagues, chariman powell, congratulations on your nomination for another term. i'm not sure the president did you a favor, but thank you for being willing to do this again. that said, let's talk about a number of issues. i will try to roll through them in a concise fashion. is onset of the pandemic, the united states has added more than $5 trillion to its total national debt, standing in about $29 trillion. as the secretary alluded to we need to raise the debt ceiling very soon to address that. that does not count be extra chileans that have gone on the federal reserve systems balance sheet.
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the u.s. is now expected to exceed the debt to gdp ratio not seen since the second world war. chairman powell, speak to us from a macro economic perspective. when is the right time to prioritize the threat of u.s. debt outpacing economic growth? we spent a lot of money in the last couple of years. chair powell: as i generally would say, as is appropriate for me to say in my role, the u.s. needs to get back on a sustainable fiscal path. the right time to do that is when the economy is strong, when taxes are rolling in, when employment is high. the right way to do it is to have a longer-term plan to get the economy growing faster than the debt. by definition it is unsustainable to have the debt going faster than the economy. we have that now. rep. lucas: you and i were both young men in the carter-reagan period under chairman vogler and
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we went through an inflationary cycle that was more karen just then this. the effort -- that was more horrendous than this. the effort it took to bring that period to a conclusion, the amount of money through congressional activity we put into circulation, and in 2020 i think in a bipartisan way we voted an incredible amount of money out of this place because the wheels were coming off in the spring and summer of 2020 with covid. no one wanted to return to the 1929, 1941 period. we were willing to do whatever it took. that now brings us to this point of addressing inflation and getting a grip on that. could you describe how policy -- i know you did not comment on legislation -- how policy makers
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