This is the intelligence level we have in Congress today.
The USA is toast with this guy in charge.
He must have one of them BU Economics degrees.
Keynes, Malthus .... names that this congressman didn’t learn about in school.
we are already broke
we are already bankrupt
we just have not had china call the note yet.
Apparently increasing revenue and decreasing spending never occurred to the congressman.
they set up derivatives on every home which they recently
acquired.
and on the citizens, Malta, Italy, Spain,
MI6 already have made derivatives - and they control SCOTUS
tighter than an Afghani controls his 7 year old wife.
derivatives of 100s of billions of trillions of dollars.
it is special club with no rules, no Laws;
and you Americans, outside of DC, are not in it.
Idiocracy was not supposed to be a government handbook!
Keynesians: spend in bad times, cut spending in good times.
Keystone Keynesians: bad times require more spending, good times are an opportunity to spend more.
Post Modern Democrats: spending as a form of economic masturbation.
The problem with most politicians today, especially commie Leftist DEMs, is they utterly fail at history. Keep printing that money and see what happens, YarmuthIdiot.........!
Look at the intelligence level on Free Republic.
Here we've got you posting a few lines from somebody's Tweet.
Even worse you've classed it as "News".
You are the problem.
nothing changes till the cash flow stops.....................
Guess we can immediately end federal taxation, since they can create all they need!
He’s been meeting with AOC; these are not your Grandpa’s Dems.
Sure. Free money. Why not? Why doesn’t every nation just print more money and no one would be poor, right?
Rep. John Yarmuth (D-KY) Chairman of the Budget Committee.
Another dumb Democrat Marxist/Leftist with HHUHA.
Even the least educated know that keeping interest rates at near zero and printing money as fast a they can makes money worthless. It’s reported that as of August we are at almost 9% inflation year over year. It’s even higher for food and fuel. And it’s climbing higher every month since biden was sworn in. If this does not stop, the dollar will collapse in very short order. If thing things are bad now, wait until that happens.
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.
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?
“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....