Below is the link to the Twitter page for Rep. John Yarmuth @RepJohnYarmuth
The Tweet that you posted is on his website and is obviously this John Yarmuth.
https://twitter.com/repjohnyarmuth?lang=en
This humblegunner is once again, off the track.
Posted on 09/11/2021 12:46:56 PM PDT by Oatka
Yes! Paraphrasing, We can steal from the worlds biggest tip jar.
The "few lines from somebody" are quotes from Budget Chairman Yarmuth. Yarmouth's quote shows his belief that government can devalue our currency until it becomes worthless.
Even worse you've classed it as "News".
It's pure news.
And the “THAT” you cite just might be the one tunneling through debate at this moment.
Allegedly, the bar tender from ny, AOC, has an econ degree too.
I got mine in 1972 and am returning it. I do not want to be in the same company as these two ill-educated twits
Yeah, on Twitter. Supposedly attributed. Not posted in full.
Yarmouth's quote shows his belief
Oh, well WOO and YAY somebody has a belief.
And how did he change the spelling of his name right during your post?
Well—the good news is that the dollar is still the world’s reserve currency.
That means we can take the whole world economy down with us.
(but we are still deeply f&^%$)
Bunch of scaremongering. The US GDP is about $22t. The debt is only $29t. As Rush used to say, it’s a bit like a family owning a home at a bit more than their income. Not that big of a deal yet.
I’ve heard this talk all my life, and I go with Rush.
The "somebody", is Budget Chairman Yarmouth.
It's now been pointed out twice to you.
Welcome again to Econ 101.
Today, class, we will address what Rep. John Yarmuth (D-KY) Chairman of the Budget Committee has said showing an astonishing lack of understanding about money and the economy.
What is wrong with saying we can always print more money to not go bankrupt?
Anyone?
It’s because money doesn’t CREATE wealth. Money is the MEASURE of wealth. Just like individual wealth is created by net gain in producing, investing, buying, and selling in the marketplace, so corporate wealth is created by the Gross Domestic Product (GDP).
Printing more money regardless of the GDP is like changing the scale to read whatever you want it to read regardless of the actual weight of the item.
Who put these nuts in charge anyway?
Yeah. By someone that can't even spell the name the same way twice.
Budget Chairman Yarmuth. Yarmouth's quote shows
If he's going to be your new hero, you might want to learn to spell the name.
There is a lot of excellent analysis online about what happens when national debt starts to exceed 100% of GDP.
The best analogy I can give is the event horizon around a black hole—almost impossible to get out of...probable doom.
The world reserve currency status has given us a little breathing room—just a little...
“We are not broke as a nation.”
That depends on your definition of “broke”, and the statement wrongly conflates “the nation” when what they mean is the government.
“We are not bankrupt.” Yet.
“We can’t go bankrupt. We absolutely cannot go bankrupt because we have the power to create as much money as we need to spend to serve the American people,”
Having such a power does not automatically presume that power will, or even ought to be used, to prevent bankruptcy.
Just as in a family situation, it is possible for bankruptcy, of a government, to help to get basic government and spending properly aligned.
Yes. It is “possible” for the U.S. government to default (not pay when due) on its debts.
However, the Constitution suggests that such a case would have to follow the government first cutting back on any and possibly every other form of spending, as the U.S. debts are the only spending the Constitution mandates as required to pay.
So, yes, the federal government “could” declare itself unable to pay its debts (it is possible, likely or not), but before it did it would first have to cut the federal spending from anywhere else, and possibly everywhere else, until AFTER that it could not pay off debt coming due.
It may be a crisis to avoid, and yet it could be a crisis from which we come out with a much smaller federal government. I think the economy would actually like that.
Demorats print money like they do election ballots....and both systems they rig according to their Obama political agenda....
I think they did. Which is why we’re not in Afghanistan anymore.
Please ignore the 14% year over year inflation on fuel, food, and housing.
If the US government cannot pay its obligations and the US currency is no longer the reserve currency of the world, the US Constitution provisions on this subject will be totally ignored—by all three branches of government.
You can take _that_ to the bank.
I describe Yarmuth as somebody who believes that government should devalue our currency until it becomes worthless.
And you think he's my hero?
Are you even trying to make sense?
I would prefer President Dwayne Elizondo Mountain Dew Herbert Camacho to Biden.
Below is the link to the Twitter page for Rep. John Yarmuth @RepJohnYarmuth
The Tweet that you posted is on his website and is obviously this John Yarmuth.
https://twitter.com/repjohnyarmuth?lang=en
This humblegunner is once again, off the track.
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