"Pressed for cash, the government will take the easy way out: It will crank up the printing presses. The final stage of this intergenerational theft will be the debasement of our currency."I count three whoppers.
- There is no intergenerational theft; the next generation simply carries over its borrowing to the next generation, as we've been doing for a very long time. So long as debt/GDP remains stable or returns to historical norms, there is no less or greater theft from one generation to the next.
- By "debasement of our currency", to be honest, I'm not sure what he means by this. It could mean that the actual value of the dollar against other currencies has dropped, in which case we would have booming exports and faster domestic growth of jobs, income and tax revenue. Or it could mean that inflation has devalued the nominal value of the dollar, in which case it means that our existing debt could never transform into an intergenerational theft, as it would be devalued.
- Cranking up the printing press is something that the Treasury does, as a basic function: It prints money. But even under Paul Ryan's budget and false theory of the Treasury (where they only print money when debt is increased) the Treasury would still have to "crank up the printing press", because Paul Ryan's budget includes increasing the debt -- isn't that hypocritical?
Three big whoppers, and just two sentences from Paul Ryan. Sad, yes? Imagine if he spoke in a confrontational exchange with someone who could hold their own...oh wait, he did -- the VP debate -- and he lost!
I guess I should add that, if you look at the broad proposals, Paul Ryan is still insisting that fairy dust (tax cuts for the rich) works miracles to replace those revenues with increased employment. In other words, he's trying to roll back the fiscal cliff deal.
Apparently he thinks Democrats are his bitch.
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