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For people who aren’t up to speed on macroeconomics, here is why Mitch McConnell hates stimulus spending (nothing to do with the debt):
When the treasury increases the money supply, the millions he and Elaine have stashed away in cash and bonds becomes less valuable, QED.
When the treasury increases the money supply, the millions he and Elaine have stashed away in cash and bonds becomes less valuable, QED.
With deficit spending, you can re-distribute wealth without actually taking any money away from rich people.
They HATE that.
They HATE that.
The irony is, most of us are in debt one way or another (student debt, mortgages). We cringe when we hear that America is taking on even more debt.
But here’s the thing: When the Fed issues more debt, it weakens the $ — so effectively YOUR DEBTS ARE PARTIALLY FORGIVEN.
But here’s the thing: When the Fed issues more debt, it weakens the $ — so effectively YOUR DEBTS ARE PARTIALLY FORGIVEN.
The only downside would be the possibility of austerity to prevent US defaulting on its debts.
As long as US $ is the global reserve currency THAT WILL NEVER HAPPEN.
Reserve currency status is a license to print $. The big downside is the impact on people who already have it
As long as US $ is the global reserve currency THAT WILL NEVER HAPPEN.
Reserve currency status is a license to print $. The big downside is the impact on people who already have it
I am not an economist, btw, but I do read the Economist. Do your own research. 
Btw http://Mishtalk.com is a fun place to get crotchety armchair quarterback rants about monetary policy (taken with a grain of salt)
Btw http://Mishtalk.com is a fun place to get crotchety armchair quarterback rants about monetary policy (taken with a grain of salt)
