The fact that U.S. debt is about to soar past $20 trillion “is the type of thing that should keep people awake at night,” outgoing Federal Reserve Board Chairwoman Janet Yellen said Wednesday in testimony to Congress.
“This should be a very significant concern,” Yellen told the Joint Economic Committee.
She said expenditures on Medicare, Medicaid and Social Security will grow more rapidly than tax revenues as the U.S. population ages.
Madison’s K-12 spending grows annually and now approaches $20,000 per student.