Dem Rep. Yarmuth in June: ‘We Can Pay Off Our National Debt Tomorrow with the Key Stroke’

Back to your comments ░░░░░░░░ about sort of spending ░░░░░░░░ kind of really doesn ░░░░░░░░ matter and you mentioned ░░░░░░░░ the United States is ░░░░░░░░ of 10 sovereign countries ░░░░░░░░ get away with this ░░░░░░░░ did we achieve that ░░░░░░░░ like I m assuming ░░░░░░░░ s not way back ░░░░░░░░ did we achieve that ░░░░░░░░ and it s still ░░░░░░░░ of hard to believe ░░░░░░░░ such a thing exists ░░░░░░░░ I would ask the ░░░░░░░░ part of the question ░░░░░░░░ if what if the ░░░░░░░░ is wrong okay like ░░░░░░░░ consequence of that That ░░░░░░░░ the first question that ░░░░░░░░ the first and thank ░░░░░░░░ for that well first ░░░░░░░░ all it happened when ░░░░░░░░ went on so when ░░░░░░░░ currency was no longer ░░░░░░░░ to the uh price ░░░░░░░░ gold then we it ░░░░░░░░ any became time so ░░░░░░░░ s the first question ░░░░░░░░ asked for the first ░░░░░░░░ I heard about mnt ░░░░░░░░ said MMT sounds like ░░░░░░░░ great theory that is ░░░░░░░░ appealing until it doesn ░░░░░░░░ work and so the ░░░░░░░░ of until it doesn ░░░░░░░░ work I have exhaustively ░░░░░░░░ with Stephanie Kelton and ░░░░░░░░ and at that point ░░░░░░░░ two things have to ░░░░░░░░ either essentially you would ░░░░░░░░ to have a forced ░░░░░░░░ so either the Fed ░░░░░░░░ raise interest rates to ░░░░░░░░ an economic and borrowing ░░░░░░░░ economic activity or Congress ░░░░░░░░ raise taxes to a ░░░░░░░░ high level pull money ░░░░░░░░ of the car that ░░░░░░░░ what you would do ░░░░░░░░ it got to the ░░░░░░░░ where you had uh ░░░░░░░░ inflection those are the ░░░░░░░░ exercises that s the ░░░░░░░░ outside and I d ░░░░░░░░ this question so does ░░░░░░░░ does the accumulated debt ░░░░░░░░ anything to do with ░░░░░░░░ propensity of a new ░░░░░░░░ being spent to cause ░░░░░░░░ in other words if ░░░░░░░░ debt is 10 trillion ░░░░░░░░ or 20 trillion dollars ░░░░░░░░ fifty trillion dollars does ░░░░░░░░ make any difference in ░░░░░░░░ likely the next dollar ░░░░░░░░ is to cause inflation ░░░░░░░░ the answer is no ░░░░░░░░ spent interestingly enough uh ░░░░░░░░ the conventional budget office ░░░░░░░░ makes those all these ░░░░░░░░ year forecasts so basically ░░░░░░░░ the carrying uh carrying ░░░░░░░░ of The National debt ░░░░░░░░ not going to increase ░░░░░░░░ over the next 10 ░░░░░░░░ because the interest rates ░░░░░░░░ set up secondly we ░░░░░░░░ to pay interest on ░░░░░░░░ money that we borrow ░░░░░░░░ don t have to ░░░░░░░░ that in other words ░░░░░░░░ owns a trillion dollars ░░░░░░░░ of our debt we ░░░░░░░░ say to China tomorrow ░░░░░░░░ okay China you have ░░░░░░░░ trillion dollars here in ░░░░░░░░ account for you do ░░░░░░░░ it what you want ░░░░░░░░ you re no longer ░░░░░░░░ to get one percent ░░░░░░░░ whatever on those treasures ░░░░░░░░ we have the ability ░░░░░░░░ do that at any ░░░░░░░░ so we can pay ░░░░░░░░ our national debt tomorrow ░░░░░░░░ the stroke stroke and ░░░░░░░░ people would still choose ░░░░░░░░ trust the United States ░░░░░░░░ with their money for ░░░░░░░░ reasons and that s ░░░░░░░░ you had negative interest ░░░░░░░░ in the EU at ░░░░░░░░ point um last for ░░░░░░░░ people didn t have ░░░░░░░░ risk for the money ░░░░░░░░ was enough so they ░░░░░░░░ in Europe they paid ░░░░░░░░ European center right to ░░░░░░░░ their money so we ░░░░░░░░ to do that for ░░░░░░░░ variety of reasons which ░░░░░░░░ won t go into ░░░░░░░░ the book explain it ░░░░░░░░ don t think of ░░░░░░░░ trillion dollars as debt ░░░░░░░░ of 28 trillion dollars ░░░░░░░░ the total amount that ░░░░░░░░ United States government has ░░░░░░░░ in its people over ░░░░░░░░ minus taxes because 28 ░░░░░░░░ dollars that debt we ░░░░░░░░ that money right when ░░░░░░░░ sell treasuries at the ░░░░░░░░ auction the treasury didn ░░░░░░░░ exist yesterday that treasury ░░░░░░░░ that billion dollars in ░░░░░░░░ didn t exist the ░░░░░░░░ just says here who ░░░░░░░░ to give us money ░░░░░░░░ here s the treasury ░░░░░░░░ just created yesterday and ░░░░░░░░ we haven t really ░░░░░░░░ so again I learned ░░░░░░░░ much from reading about ░░░░░░░░ stuff and stuff that ░░░░░░░░ don t think about ░░░░░░░░ relying on ole miss ░░░░░░░░ I need for you ░░░░░░░░ my loan officer as ░░░░░░░░ said before as I ░░░░░░░░ before this dynamic does ░░░░░░░░ exist for anybody else ░░░░░░░░ it exists for individuals ░░░░░░░░ businesses banks um state ░░░░░░░░ local governments it doesn ░░░░░░░░ exist for anybody else ░░░░░░░░ uses dollars I understand ░░░░░░░░ I appreciate that you ░░░░░░░░ stay away from them ░░░░░░░░ have a more serious ░░░░░░░░ actually something that doesn ░░░░░░░░ make you lose much ░░░░░░░░ is what s going ░░░░░░░░ in Iraq and um ░░░░░░░░ pay attention to it ░░░░░░░░ I just signed slavery ░░░░░░░░ there it s a ░░░░░░░░ and so my question ░░░░░░░░ you is when and ░░░░░░░░ to get back out ░░░░░░░░ there it s a ░░░░░░░░ s a great question ░░░░░░░░ I wish I had ░░░░░░░░ answer for you I ░░░░░░░░ not been briefed classified ░░░░░░░░ or in any other ░░░░░░░░ as to what the ░░░░░░░░ s strategy is with ░░░░░░░░ and we we ve ░░░░░░░░ a phenomenal I think ░░░░░░░░ national foreign affairs team ░░░░░░░░ in place people who ░░░░░░░░ all very experienced know ░░░░░░░░ they re doing and ░░░░░░░░ know that there is ░░░░░░░░ had to guess I ░░░░░░░░ guess is if we ░░░░░░░░ get back to the ░░░░░░░░ video and stabilize that ░░░░░░░░ then they will see ░░░░░░░░ as a as a ░░░░░░░░ to our getting out ░░░░░░░░ the market I m ░░░░░░░░ that god wants to ░░░░░░░░ um I almost blurted ░░░░░░░░ out earlier you got ░░░░░░░░ question about white supremacy ░░░░░░░░ racism earlier and I ░░░░░░░░ wanted to say thank ░░░░░░░░ for taking the time ░░░░░░░░ expand on that and ░░░░░░░░ that for this group ░░░░░░░░ you congressman thank you ░░░░░░░░ much for being here ░░░░░░░░ I have a question ░░░░░░░░ your view of the ░░░░░░░░ anon folks and I ░░░░░░░░ that broadly to include ░░░░░░░░ just them but the ░░░░░░░░ kind of alt right ░░░░░░░░ you will in the ░░░░░░░░ further belief among a ░░░░░░░░ of people according to ░░░░░░░░ in which you see ░░░░░░░░ the election was stolen ░░░░░░░░ November and my question ░░░░░░░░ you is what is ░░░░░░░░ take on what motivates ░░░░░░░░ folks what exactly as ░░░░░░░░ nation should we be ░░░░░░░░ about that because in ░░░░░░░░ view people are living ░░░░░░░░ a fantasy land now ░░░░░░░░ may be people here ░░░░░░░░ the disagree with that ░░░░░░░░ they re living in ░░░░░░░░ fantasy land they re ░░░░░░░░ attached to reality and ░░░░░░░░ s what s really ░░░░░░░░ yeah thanks for bringing ░░░░░░░░ up um you want ░░░░░░░░ be here till 1 ░░░░░░░░ Um just this week ░░░░░░░░ 70 percent of Republicans ░░░░░░░░ believe the election was ░░░░░░░░ um more alarming is ░░░░░░░░ 45 of a Republican ░░░░░░░░ voters said that it ░░░░░░░░ be necessary to use ░░░░░░░░ to save our country ░░░░░░░░ and then you have ░░░░░░░░ Flynn former national security ░░░░░░░░ basically saying that we ░░░░░░░░ have a military crew ░░░░░░░░ me at home um ░░░░░░░░ you had to ask ░░░░░░░░ if I had to ░░░░░░░░ I believe man I ░░░░░░░░ got to deal with ░░░░░░░░ few of these people ░░░░░░░░ are in the Congress ░░░░░░░░ s not easy but ░░░░░░░░ think that there s ░░░░░░░░ certain segment of the ░░░░░░░░ that has decided that ░░░░░░░░ political prospects are better ░░░░░░░░ the country s divided ░░░░░░░░ the original and their ░░░░░░░░ is to keep the ░░░░░░░░ divided and some are ░░░░░░░░ it I think somewhere ░░░░░░░░ it for kicks and ░░░░░░░░ money but it s ░░░░░░░░ very very cynical approach ░░░░░░░░ being a citizen and ░░░░░░░░ I think you have ░░░░░░░░ many different people just ░░░░░░░░ Matt gates I know ░░░░░░░░ I ve had lunch ░░░░░░░░ mandates man gates is ░░░░░░░░ thing that s mostly ░░░░░░░░ of that about Matt ░░░░░░░░ is he s a ░░░░░░░░ he doesn t believe ░░░░░░░░ of the things he ░░░░░░░░ he s actually a ░░░░░░░░ nice humble guy if ░░░░░░░░ can believe that I ░░░░░░░░ not talking about when ░░░░░░░░ was 17 year olds ░░░░░░░░ in terms of the ░░░░░░░░ that he and Margaret ░░░░░░░░ are saying that go ░░░░░░░░ and call Democrats uh ░░░░░░░░ and so forth um ░░░░░░░░ know this is this ░░░░░░░░ marker Taylor green raised ░░░░░░░░ million dollars in the ░░░░░░░░ floor for fundraising more ░░░░░░░░ most every other member ░░░░░░░░ Congress so there s ░░░░░░░░ in it there s ░░░░░░░░ again there s there ░░░░░░░░ a political calculation there ░░░░░░░░ well and on the ░░░░░░░░ side there s attention ░░░░░░░░ all that stuff um ░░░░░░░░ Carlson is a nightmare ░░░░░░░░ the country but all ░░░░░░░░ those things feed upon ░░░░░░░░ other and bolster each ░░░░░░░░ and that to me ░░░░░░░░ the biggest tragedy of ░░░░░░░░ Trump years is that ░░░░░░░░ basically gave people license ░░░░░░░░ be very very public ░░░░░░░░ their prejudices and with ░░░░░░░░ insanity well thank you ░░░░░░░░ glad that we could ░░░░░░░░ together in person with ░░░░░░░░ so thanks for kicking ░░░░░░░░ off and in closing ░░░░░░░░ want to say happy ░░░░░░░░ to the rotarians who ░░░░░░░░ birthdays this week the ░░░░░░░░ are all in sparks ░░░░░░░░ the district conference is ░░░░░░░░ this Saturday it s ░░░░░░░░ too late to register ░░░░░░░░ you re interested there ░░░░░░░░ a link in sparks ░░░░░░░░ you can register or ░░░░░░░░ a list of notes ░░░░░░░░ can help you with ░░░░░░░░ and it s a ░░░░░░░░ next week will be ░░░░░░░░ zoom only meeting and ░░░░░░░░ unfortunately churchill down CEO ░░░░░░░░ carnegie is not able ░░░░░░░░ be with us in ░░░░░░░░ we ve got a ░░░░░░░░ member joining us tanya ░░░░░░░░ who s the vice ░░░░░░░░ of communications for churchill ░░░░░░░░ inc will be with ░░░░░░░░ so um we hope ░░░░░░░░ can join us for ░░░░░░░░ zoom and I also ░░░░░░░░ to give a big ░░░░░░░░ out to all the ░░░░░░░░ that are with us ░░░░░░░░ rotarians that are resuming ░░░░░░░░ have 30 people in ░░░░░░░░ meeting with us today ░░░░░░░░ well so I just ░░░░░░░░ to say again how ░░░░░░░░ it is to see ░░░░░░░░ in person I appreciate ░░░░░░░░ your wonderful support and ░░░░░░░░ you do in the ░░░░░░░░ of rotary we are adjourned