US Debt clock breaches 35 trillion bucks – Yellen says an extra 3 trillion bucks a year needed for “climate transition" - 75 trillion dollars over 25 years - US Federal debt will 100 trillion by 2038

From here: U.S. National Debt Clock : Real Time (usdebtclock.org)

IS Federal debt has broken through 35 trillion dollars. This represents the accumulation of annual fiscal deficits run up by both sides of the aisle as they have to borrow to pay for endless wars, undeliverable welfare promises, pork barrel policies, fake pandemics, bailing out banks, and latterly, open borders and insane “net zero” policies.

The interest bill alone runs to 1.4 trillion bucks a year and will get far larger in the coming years.

How on earth the US hangs onto its top credit ratings is beyond a joke. (note Fitch downgraded Ukraine to “C” this week – one above junk status of “D” for default).

Amidst that harbinger of doom and bankruptcy. Treasury Secretary Janet Yellen weighed in with her (usual completely detached from practical reality) costing of the transition to “net zero”.

From here:

Yellen says $3 trillion needed annually for climate financing, far more than current level (msn.com)

“BELEM, Brazil (Reuters) - U.S. Treasury Secretary Janet Yellen said on Saturday that the global transition to a low-carbon economy requires $3 trillion in new capital each year through 2050, far above current annual financing, but that filling the gap is the biggest economic opportunity of the 21st century.”

Got that? 3 trillion a year for 25 years.

How stupid is this? Let’s cunt the ways. Here are 8 off the top of my head.

1.      There is no climate crisis requiring such spending on a transition plan. The costs of adapting to any climate changes are minimal and yet to be invented technologies will render solar and wind obsolete, but their “pollution footprint” will last forever.

2.      It will not impact CO2 or other greenhouse gas emissions at the global level because the biggest producers are Chia, India, South America and Africa – whose emissions already far surpass those of the US and are the engines of global growth – not the US.

3.      The technology does not deliver renewable energy – aside from its ugliness, environmental harms and high costs – it cannot keep up with the extra demand from server farms supporting AI.

4.      Federal income taxes raise a little over 2 trillion a year (around half of total revenue), meaning that the additional spending on the “transition” will be 50% higher than annual Federal income taxes.

5.      In order to spend that much money each year – it will be necessary to DIVERT current production away from existing areas – 3 trillion a year is around 10% of GDP. Yellen states that additional spending is required, not a redirection of spending, meaning that the transition must be funded by more and more debt, on top of the current rapidly accumulating debt trajectory from the 35 trillion bucks just breached.

6.      There are claims that renewable energy accounts for a fifth of US electricity generation already, but this costs 3-4 times as much as electricity sourced from hydrocarbon fuels and does not reflect the demand that would occur from 100% power for EV’s or the increased demand from AI. Neither does it reflect the amount of energy capacity that has to be kept on standby for when “green energy” fails to produce - I would bet that Yellen has not factored in the cost of transmission infrastructure or the higher wear and tear on roads from EV’s that are twice as heavy as ICE autos or the fact that insurance companies are increasingly refusing to insure EV:s because of the cost of repairs to batteries.

7.      Renewable energy sources, such as wind turbines and solar panels are incredibly toxic to make, maintain and dispose of. Not only that, but they also create millions of tons of microplastics each year from “shedding” and destroy entire ecosystems wherever they are built.

8.      Wind turbine forests and solar panel plantations are already destroying entire ecosystems f plant, animal and sea life. The “transition” requires at least FIVE TIMES the current rate of the destruction of nature and no-human life.

The utter stupidity and folly of the likes of Yellen and the rest of the outgoing “Green New Deal” lunatics is staggering. Imagine what ELSE could be done with that money instead of pissing it up against the wall and bankrupting the country!

Neither the US nor any country can afford this stupidity.

At the current rate of annual fiscal deficits of around 2 trillion, plus this additional 3 trillion a year, the US will have 100 trillion of debt in just 13 years – by 2038. And that is before the social security trust funds go broke (requiring yet another 20 trillion?).

The objective is not “energy transition” – the objective is to bankrupt the US and impose communism on a country in default.

Onwards!!!

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