Janet Yellen’s short-term thinking could cost the U.S. big

Janet Yellen gets low marks from most financial experts for her term as Treasury Secretary.

Instead of locking in low rates for 10 or 30 years , she chose to mostly issue debt in short maturities, usually two years and under.

When interest rates inevitably rose in 2022 , the U.S. government was forced to refinance at significantly higher rates, which cost taxpayers billions .

A drop in tax revenue must be met with an even bigger drop in government spending.

Social Security and Medicare must be reformed, but to do so would take an incredible amount of political will.

Even a rise in interest rates to 6 percent or 7 percent , from about 4.5 percent currently, would be catastrophic for U.S. finances.