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@treatdevourer.bsky.social

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Since the founding of this great democracy 250 years ago, generation upon generation have assumed the burden and the honor of moving us closer to the ideal that all are created equal. Now, it's your turn. I ask you to take a minute and realize how the quest for these values has led us to this point in our history. We lead the world in so many ways, including in scientific innovation and economic dynamism. Our great universities are the envy of the world and a crucial national asset. Look around you. I urge you to take none of this for granted. When you look back in 50 years, you will want to know that you have done whatever it takes to preserve and strengthen our democracy, and bring us ever closer to the Founders' timeless ideals. Those of you who are not entering the military or other public service may wonder, what is so great about public service? I'll give you a recent example. In my years at the Fed, the global economy has experienced a fair amount of turbulence, and one outright crisis—the acute phase of the COVID-19 pandemic. With little warning, economies around the world came to a hard stop. Critical financial markets were near collapse. The possibility of a long, severe, global depression was staring us in the face. Everyone turned to the government, and to the Federal Reserve in particular as a key first responder. Career civil servants at the Fed who are veterans of previous crises stepped forward and said, "We got this." We took a range of aggressive measures to supply credit to the economy—many of them unprecedented—while the financial sector recovered. Others in government and the private sector did their part too. Through the joint efforts of many, we avoided the worst outcomes. It is hard to imagine the pressure people face at a time like that. Their collective efforts saved our economy, and the career civil servants involved deserve our respect and gratitude; it is my great honor to serve alongside them. That's what public service is like. With …
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