Trump just soft-launched higher inflation as the new solution for rebalancing $40 trillion national debt

11 comments

• fruitycoder1

  I mean he's right. Certain levels of inflation as long as it's not out pacing wages or raw inputs or new capital of costs too much (essentially the reasources of a nation) is essentially a tax of existing wealth that cheapens debts.

  He's fucked all of those ifs, but glad to see he's mentioned one economic idea in all of these years. He might be able to hold his own in a highschool debate in a few years at this rate

• BL4CKP1XX134

  No way the guy who's businesses have never made money is bad at making money...

• resipsaloquitur2

  You can solve the national debt by not issuing bonds. They're unnecessary in a fiat currency.

• BillionaireStew9via usa@lemmy.ml

  As a candidate, Donald Trump pledged to balance the federal budget and lower the national debt, promises that are proving difficult to keep.

  Once he won, Trump considered an unusual approach that was quickly slapped down by his chief economic advisor, according to veteran journalist Bob Woodward’s new book, “Fear: Trump in the White House,” which went on sale Tuesday.

  “Just run the presses — print money,” Trump said, according to Woodward, during a discussion on the national debt with Gary Cohn, former director of the White House National Economic Council.

  “You don’t get to do it that way,” Cohn said, according to Woodward. “We have huge deficits and they matter. The government doesn’t keep a balance sheet like that.”

  Cohn was “astounded at Trump’s lack of basic understanding,” Woodward writes.

  https://www.cnbc.com/2018/09/11/trump-once-considered-just-printing-money-to-lower-the-national-debt-woodward-reports.html

  • Carrots5

    And yet he was elected twice. I’d say he’s the average Joe in America

    • BillionaireStew1

      I consider that a stretch given he ran for president four times and won the popular vote at most once.

      • Carrots0

        And yet here we are.

        • BillionaireStew1

          Indeed, and "It is what it is." and "It's one of those things." and "It has come to this." and other such substantive axioms.

          My previous reply was not to deny the fact of his presidency. It was to take exception to the notion that he is "the average joe in America" when he was rejected by America's average joe at least three times as often as not.

          In times past losing a presidential election spelled the end for a candidate's presidential ambitions but for some reason the adjudicated rapist seems heedless of the electorate's "No."

    • eldavi1

      i suspect he's actually smarter than them given that this class and position give him access to knowledge and professionals that the average joe will refuse to accept.

• ☂️-4via usa@lemmy.ml

  good. destroy the empire from within.

  • durably4651

    *keep