White House: Government Debt Doesn’t
Weaken America ‘at All’
Breitbart Clips,
by
Ian Hanchett
Original Article
Posted By: Imright,
1/14/2023 6:59:11 PM
On Friday’s edition of NBC’s “Now Tonight,” White House Council of Economic Advisers member Jared Bernstein argued that America’s government debt doesn’t weaken the country.
Host Jake Ward asked, “For those of us at home, the idea of having debt sounds like a very, very bad thing. … What I want to ask you here is, is [Speaker Rep. Kevin McCarthy (R-CA)] right, does our debt as a nation make us weak?”
Bernstein responded, “Not at all. First of all, the key point there though — and I will — again, I’ll answer your question, but I think the House leader is engaging in a kind of sleight of hand
Reply 1 - Posted by:
Pepperpot59 1/14/2023 7:14:47 PM (No. 1378743)
It is better to be thought of fool than open your mouth and prove it.
21 people like this.
Reply 2 - Posted by:
rochow 1/14/2023 7:16:58 PM (No. 1378745)
Is this freak from a mental home?? I assume so, since most members of this clown administration graduated from the same place!
14 people like this.
Reply 3 - Posted by:
Birddog 1/14/2023 7:26:03 PM (No. 1378753)
Sheesh...What happens if/when the foreign hedge funds, National banks and Nations that OWN that debt decide to sell it?
All on the same day?
Dump their bonds, sell their stocks, crash the market...then buy back more at firesale prices?
11 people like this.
Reply 4 - Posted by:
jalo1951 1/14/2023 7:29:48 PM (No. 1378755)
So excess debt doesn't weaken a personal family? Seriously? This is why we are in such dismal shape because he is a stupid demented fool. Said this week that prices were going down on groceries. Uh, no they aren't. Problem is he is an idiot and surrounds himself with other idiots. We on the other hand are not. FJB forgets that we don't get a kickback for every covid shot or bullet sent to Ukraine. FJB
10 people like this.
Reply 5 - Posted by:
DVC 1/14/2023 7:44:05 PM (No. 1378761)
Another massive lie.
Currently, the debt is just under 28 trillion dollars. At one percent interest per year, that means that the federal government must pay $280,000,000,000 per year in interest. But....the most recent number I was able to find quickly online was $678 billion annually for interest on the debt, so they are paying around 2.4% interest rate.
If that were to go up to 4%, and the Fed is pushing rates up, so that may be the case in a year, the interest paid would be about $1.1 trillion per year. Last year, all taxes paid to the government came to just under $5 trillion. So, at 4% interest rate, roughly 25% of ALL tax revenue would flow directly out to service the massive debt. And this is without actually paying anything to reduce the debt.
And the debt grows larger every single year.
How long before ALL the tax revenues go to paying the interest on the debt, with nothing for actually paying for roads, bridges, the military, all the welfare, etc.
Something has to give.
15 people like this.
Reply 6 - Posted by:
Digger 1/14/2023 7:58:25 PM (No. 1378769)
Look up Jared Bernstein’s credentials with your favorite search engine. This arrogant know-it-all has a bachelor’s degree in music and a doctorate in social welfare. He is a member of the president’s council of economic advisors. So much for his economic knowledge chops.
13 people like this.
Reply 7 - Posted by:
Birddog 1/14/2023 8:01:32 PM (No. 1378773)
Ask your Local, city, county, state, Govt employees whose pension funds are already soooo far in the red that entire cities will already be bankrupt,....or default. Ask our Children that are born already OWING more than they are likely to make by the time they are 21yo. Ask the 30 yo's if they want to pay 1/2 of their earning for the rest of their lives to support someone ELSE'S Grandparents. While also paying for the housing, food, medical care and education of Millions of MORE immigrants than are already here, while at the same time having to compete for every job, at vastly depressed wages.
10 people like this.
Reply 8 - Posted by:
LC Chihuahua 1/14/2023 8:03:40 PM (No. 1378774)
That's good to know.
We're so screwed.
7 people like this.
Reply 9 - Posted by:
Tet Vet 68 1/14/2023 9:03:29 PM (No. 1378796)
Go shopping for food and tell me the debt induced inflation doesn't matter. Idiot!
11 people like this.
Reply 10 - Posted by:
Jesuslover54 1/14/2023 9:36:12 PM (No. 1378805)
So sick of the stupid sophistry of these people.
8 people like this.
Reply 11 - Posted by:
padiva 1/14/2023 10:47:13 PM (No. 1378819)
Life is better when living without debt or with controllable debt.
8 people like this.
Reply 12 - Posted by:
mifla 1/15/2023 5:55:03 AM (No. 1378912)
OK, then tell your boss to cancel the student loan forgiveness program.
1 person likes this.
Reply 13 - Posted by:
petrichor 1/15/2023 6:27:42 AM (No. 1378928)
The government can handle debt better than the population can. If the government needs more income because of the debt they can just raise taxes. Same goes for the people. If you're in debt just raise your wages. Tell your employer they need to pay you more. It's actually done fairly often. I mean, the "asking" part, not the "pay" part.
1 person likes this.
Reply 14 - Posted by:
Strike3 1/15/2023 6:41:28 AM (No. 1378937)
Debt always hurts, especially when somebody else's money is being spent against their will on frivolous and wasteful purposes. Joe has been spending like every day in the White House is Christmas and the point of no return is not that far away.
1 person likes this.
Reply 15 - Posted by:
ARKfamily 1/15/2023 7:14:28 AM (No. 1378955)
I really don't know what to make of #13's response. Just wondering if it is sarcasm. The comment "The government can handle debt better than the population can" is eyebrow raising. The number that comes to mind is the 31 trillion dollar figure. Surely, you are joking?
0 people like this.
Reply 16 - Posted by:
chance_232 1/15/2023 8:01:41 AM (No. 1379000)
Once I paid off my mortgage, I was able to double up payments and pay off my truck loan. That freed up cash to pay off my credit cards every month. I can pretty much purchase anything that I need without batting an eye.
Think of the votes Democrats could buy if a third of the budget wasn't paying interest only.
2 people like this.
Reply 17 - Posted by:
smokincol 1/15/2023 8:18:06 AM (No. 1379022)
what would they ( the demcommie squatters in DC) do if every citizen just happened to stop paying taxes, essentially cutting off the money flow to this gang of thieves?
0 people like this.
Doesn't weaken at all, huh? This is gravity-defying economics.
0 people like this.
Reply 19 - Posted by:
paral04 1/15/2023 1:16:04 PM (No. 1379236)
The fact that we are 30 Trillion Dollars in debt is not a problem if you live in Switzerland but it is a problem for us and the generations to come. That guy is criminally insane.
0 people like this.
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