Mo’ Money, No Problems
[Or: “Dullards And Centslessness”}
Found via VodkaPundit – “Stop freaking out about the debt”
Matt Yglesias narrates a short video claiming that the debt is not a problem right now. As VP noted, Yglesias actually states “The US government can never run out of dollars.”
See, the federal government prints dollars, or the Federal Reserve makes them on computers. Why people shouldn’t worry about the feds creating money on computers but are supposed to throw crosses and holy water at Bitcoin is not explained.
The video also states that the debt could be reduced through higher taxes or cutting benefits, but that would be taking money out of people’s pockets. Higher taxes do take money out of people’s pockets, but cutting benefits does not. It’s reducing the amount of money going into people’s pockets. One can argue the ethics or the costs of cutting benefit payouts, but let’s call it what it is.
The video concludes by asking viewers to find something else to worry about, because “debt just isn’t a problem right now.” Why change the oil in your car now when you can let the engine seize up later?