New Economic System - Government Never Has to Pay for What it Buys - Well, that's a relief
Presidential candidate Michelle Bachman (R, Mn) reiterated her position to vote against allowing the U. S. to borrow any more money and said today that
the government would be able to meet its obligations without doing so.
Now the Federal government is spending money at a rate on average of about $133 billion a month more than it takes in, Also, almost all of the Republicans, including Ms. Bachmann voted for a budget that would involves trillions in accumulated deficits over the next decade.
So the fact that the government does not need to ever borrow any more money starting in August must mean, uh, well, uh, well The Dismal Political Economist doesn’t know what Ms. Bachmann means. He really doubts if Ms. Bachmann knows what she means.
And then there is this.
Bachmann was joined by fellow conservative Reps. Steve King (R-Iowa) and Louie Gohmert (R-Tex.). . . . Asked why they thought Republican leaders such as House Speaker John Boehner (
) also feared catastrophe, Gohmert responded that he believed they were being misled. “I would encourage our speaker to quit believing the president when it comes to these scare tactics,” he said. Ohio
He suggested that a more clearheaded president — perhaps Bachmann — would take a more measured approach
which The Dismal Political Economist thinks means is that Ms. Bachmann, Mr. King and Mr. Gohmert think that Speaker John Boehner (R, Oh) is not very smart. Well, there are some not very smart people involved in this discussion, but at least compared to Ms. Bachmann, Mr. King and Mr. Gohmert, Mr. Boehner does not appear to be one of them.