Dem Rep. Yarmuth: We Don’t Need to Pay for Our Proposals, Debt, ‘We Are Like the Banker in Monopoly, We Create the Money’

RUSH TRANSCRIPT YARMUTH The ░░░░░░░░ question comes if you ░░░░░░░░ t find the resources ░░░░░░░░ do it what do ░░░░░░░░ do And this is ░░░░░░░░ of a much longer ░░░░░░░░ that I m not ░░░░░░░░ to discuss today In ░░░░░░░░ country because we issue ░░░░░░░░ own currency and because ░░░░░░░░ borrow and spend in ░░░░░░░░ own currency we can ░░░░░░░░ for whatever we want ░░░░░░░░ pay for We just ░░░░░░░░ the Treasury to pay ░░░░░░░░ bills you write the ░░░░░░░░ when the bills come ░░░░░░░░ And say well what ░░░░░░░░ the debt 28 trillion ░░░░░░░░ uh are you piling ░░░░░░░░ on our grandkids no ░░░░░░░░ re not we re ░░░░░░░░ this is standard I ░░░░░░░░ say conservative rhetoric and ░░░░░░░░ some Democrats well we ░░░░░░░░ putting it on our ░░░░░░░░ credit card we ve ░░░░░░░░ accumulating debt in this ░░░░░░░░ for 230 years not ░░░░░░░░ person has ever been ░░░░░░░░ to pay for his ░░░░░░░░ her grandfather s prophecy ░░░░░░░░ never happened they were ░░░░░░░░ this I m sure ░░░░░░░░ The National debt reached ░░░░░░░░ billion under Abraham Lincoln ░░░░░░░░ know they were saying ░░░░░░░░ when it reached a ░░░░░░░░ dollars under Ronald Reagan ░░░░░░░░ I was I heard ░░░░░░░░ that stuff back then ░░░░░░░░ a trillion dollars under ░░░░░░░░ it s now turned ░░░░░░░░ 28 trillion Has anybody ░░░░░░░░ asked to pay part ░░░░░░░░ that debt No because ░░░░░░░░ don t have to ░░░░░░░░ we have a sovereign ░░░░░░░░ We are not like ░░░░░░░░ we are not like ░░░░░░░░ we are not like ░░░░░░░░ governments we are not ░░░░░░░░ local governments We don ░░░░░░░░ have the balance and ░░░░░░░░ We are like the ░░░░░░░░ and monopoly We create ░░░░░░░░ money we hand out ░░░░░░░░ money everybody else plays ░░░░░░░░ game with it we ░░░░░░░░ one of only about ░░░░░░░░ countries in the world ░░░░░░░░ are positioned to do ░░░░░░░░ that way U K ░░░░░░░░ one United Kingdom Canada ░░░░░░░░ Brazil there are a ░░░░░░░░ but not very many ░░░░░░░░ European Union can t ░░░░░░░░ they should we are ░░░░░░░░ so um I will ░░░░░░░░ you one recommendation from ░░░░░░░░ s question there s ░░░░░░░░ book called the deficit ░░░░░░░░ the deficit was written ░░░░░░░░ a woman named Stephanie ░░░░░░░░ and it is basically ░░░░░░░░ best exposition and explanation ░░░░░░░░ what s called modern ░░░░░░░░ theory and modern monetary ░░░░░░░░ is exactly what I ░░░░░░░░ described when you have ░░░░░░░░ currency you can basically ░░░░░░░░ whatever you want spend ░░░░░░░░ you want the only ░░░░░░░░ on your spending is ░░░░░░░░ can t put more ░░░░░░░░ into the economy than ░░░░░░░░ economy can restore so ░░░░░░░░ let s say we ░░░░░░░░ to give every family ░░░░░░░░ 200 000 voucher to ░░░░░░░░ a house we could ░░░░░░░░ it you can put ░░░░░░░░ the money create the ░░░░░░░░ um what s the ░░░░░░░░ with doing that well ░░░░░░░░ would happen buy some ░░░░░░░░ obviously there would have ░░░░░░░░ a house prices will ░░░░░░░░ through the roof and ░░░░░░░░ make that voucher pretty ░░░░░░░░ worthless for a lot ░░░░░░░░ people so that s ░░░░░░░░ constraint but what s ░░░░░░░░ is that over the ░░░░░░░░ 30 years you know ░░░░░░░░ Milton Friedman school of ░░░░░░░░ which basically is what ░░░░░░░░ ve all been living ░░░░░░░░ that period of 70 ░░░░░░░░ if it s proven ░░░░░░░░ be not true I ░░░░░░░░ we ve consistently raised ░░░░░░░░ National debt we ve ░░░░░░░░ had any serious inflation ░░░░░░░░ the country we have ░░░░░░░░ low interest rates historically ░░░░░░░░ interest rates in terms ░░░░░░░░ the federal government s ░░░░░░░░ costs and uh the ░░░░░░░░ has basically been versus ░░░░░░░░ currencies as it s ░░░░░░░░ historically um people say ░░░░░░░░ well in the president ░░░░░░░░ budget if we enacted ░░░░░░░░ to GDP would be ░░░░░░░░ it s the highest ░░░░░░░░ s ever been in ░░░░░░░░ s history well that ░░░░░░░░ true but Japan has ░░░░░░░░ debt to generation was ░░░░░░░░ more than twice dollars ░░░░░░░░ have zero interest rates ░░░░░░░░ their bonds they don ░░░░░░░░ have any inflation now ░░░░░░░░ re not an exact ░░░░░░░░ they have their own ░░░░░░░░ but the point is ░░░░░░░░ there are more and ░░░░░░░░ people more economists saying ░░░░░░░░ know perhaps we ve ░░░░░░░░ looking at this wrong ░░░░░░░░ of debt what it ░░░░░░░░ and one of those ░░░░░░░░ is Jay Powell the ░░░░░░░░ of the Federal Reserve ░░░░░░░░ is not a liberal ░░░░░░░░ he is a Republican ░░░░░░░░ and there are a ░░░░░░░░ of economists saying this ░░░░░░░░ that we need to ░░░░░░░░ looking at this differently ░░░░░░░░ it uh is over ░░░░░░░░ last several decades so ░░░░░░░░ that book the deficit ░░░░░░░░ if you want to ░░░░░░░░ it s a great ░░░░░░░░ it will I guarantee ░░░░░░░░ it will change the ░░░░░░░░ you thought about money ░░░░░░░░ uh may not still ░░░░░░░░ that relying on mmt ░░░░░░░░ a good idea and ░░░░░░░░ was a total skeptic ░░░░░░░░ I started studying it ░░░░░░░░ anyway I just want ░░░░░░░░ self create summer reading ░░░░░░░░ exactly Music but it ░░░░░░░░ written very much for ░░░░░░░░ lay audience it s ░░░░░░░░ really for economists so ░░░░░░░░ with that I will ░░░░░░░░ that s what s ░░░░░░░░ on in Washington and ░░░░░░░░ s going to be ░░░░░░░░ interesting uh year year ░░░░░░░░ a half and uh ░░░░░░░░ look forward to being ░░░░░░░░ much involved in these ░░░░░░░░ major issues so let ░░░░░░░░ have questions.”