Friday, May 14, 2021

Feds keep borrowing trillions, but someone will eventually have to pay for it

Weston Wamp is the founder of the Millennial Debt Foundation based in Chattanooga. Tennessee. 

by Weston Wamp, Guest Columnist, The Tennessean - As the pandemic continues to be used as justification for historic levels of deficit spending, the certainty with which progressives are banking the fiscal future of the country on the dubious Modern Monetary Theory (MMT) should be concerning to all young Americans. 

Voltaire famously said, “Doubt is not a pleasant condition, but certainty is absurd.” 

Before the deluge of new debt incurred as a result of COVID-19, the United States was entering an era of structural budgetary shortfalls with deficits projected to range between $1 trillion and $3 trillion annually over the next 30 years.

Hoping to rewrite the rules of history, creative minds offered a new economic theory positing that debt does not matter so long as a country can print its own currency. 

...former Tennessee Democratic Gov. Phil Bredesen and King, a former governor himself, too expressed skepticism that massive deficits are sustainable. Bredesen referred to MMT as “absurd on the face of it” before adding, “at the end of the day there is no free lunch here.” 

...“my generation is spending your money.” MMT, King said, is popular because “it is easy. Who doesn’t like to spend?” “It ain’t monopoly money,” King said. (read more)

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