WOODWARD: Trump plan to eliminate federal debt, "print money"! COHN was stunned

[Centerleftfl]

where are you now teabagger as Trump runs $1T deficits?

fuck you

Undoubtedly that was LOW. The war itself was well over a trillion--we'll never know those #'s. The FIRST BAILOUT by Bush at $800,000,000,000 and since it was done in OCTOBER 2007. Did it go on that years books or OBAMA's in 2008?

(Yeah, I've always wondered about which year for that little 'line item').

 

[Centerleftfl]

America isn't being pushed into insolvency you ignoramus. We stopped that when Trump won an election. Cry harder.....

And make no mistake, that’s an optimistic view. Other budget experts predict much larger shortfalls. The bipartisan Committee for a Responsible Federal Budget estimated Feb. 9 that the deficit for fiscal year 2019 would hit nearly $1.2 trillion as a result of the Trump tax cut and the Bipartisan Budget Act that Trump signed that day, ending a brief government shutdown.

https://www.factcheck.org/2018/02/trumps-deficit-reduction/

NOTE: The shortfall hit $1.2 trillion in AUG 2018. Trump 'beat' projections. You really need to quit typing.

 

[Micawber]

[COR]Committee for a Responsible Federal Budget estimated Feb. 9 that the deficit for fiscal year 2019 would hit nearly $1.2 trillion as a result of the Trump tax cut and the Bipartisan Budget Act that Trump signed that day, ending a brief government shutdown.

https://www.factcheck.org/2018/02/trumps-deficit-reduction/

That was embarrassingly dumb.

 

[hvilleherb]

America isn't being pushed into insolvency you ignoramus. We stopped that when Trump won an election. Cry harder.....

What the Hell is wrong with Democrats? Trump is working on a solution to the debt problem and Dems play the obstructionist role as usual.

 

[Leonthecat]

You mean the GOP run Congress is running that deficit. I'm rooting for Trump to put an end to it.

His proposals are the cause of it.
They now are planning more wealthy tax cuts that are expected to raise the deficit to Bush, end of term, levels of 1.4 trillion.
So much for fiscal responsibility, eh Dark Stool.

 

[Micawber]

Again, whatta I know? Sure doesn't sound like a sound tactic to me!

PS And what happens when CHINA, a frenemy, is holding 20% (ish) of our debt? Doesn't that make our T bills, LESS valuable (or value-less)? Won't that piss of the borrrower? Can they call the debt?

I guess the theory is to make the US appear to be such a poor credit risk that our currency is valueless and he can renegotiate the debt
on better terms as he did in his own personal situation of failure and renegotiation with his many secured creditors with UCC 1 all over every asset he pretended he owns.

 

[Centerleftfl]

Why did Dumpy the orange toad think that if he borrowed money, held it, then sold it, he could automatically sell at a profit?

Let's assume he borrows 14 trillion, that is an account debit of 14 trillion on top of the 14 trillion already owed.
So now day two, the US owes 28 trillion and has 14 trillion on hand as a cash credit. So while 28 trillion dollars in debt,
he "holds it" meanwhile racking up interest on 28 trillion. So whenever he "sells" his 14 in cash, it better be worth
about 32 trillion to settle the debt.

He is a FUCKING RETARD!

Think about it. He ran his businesses into the ground what the late 80's and some banks were so leveraged they did low interest or no intetest loans and forgave MILLIONS. Wasn't that part of HIS bailout deal? Maybe he thinks the US govt. can go bankrupt too.

 

[Centerleftfl]

Picture of a guy going out for a loaf of bread in the Weimar Republic...and some kids playing with stacks of billions of marks.

Donald Trump is an idiot.

His supporters are not even that smart!

Understatement.

 

[Centerleftfl]

The Obama has already, in effect, printed not one but two trillion dollar coins. Where were you liberals on this in 2013?



The Treasury Has Already Minted Two Trillion Dollar Coins

The effect of this:

Now, what makes this all so extra delicious:

The "tax" only applies to cash or savings. It doesn't negatively affect real estate, stocks, gold, or any non-paper assets- in fact it makes their market value increase, because the real value of the dollar decreases. These are all investment vehicles of the wealthy, so they all get richer. The "tax" applies mostly to the poor, who don't own homes, don't have any stock portfolios, and may have a few dollars stuck into a savings account for a rainy day.

The rich get richer, and the poor get poorer. All because of The Obama's fiscal policies. Want more evidence? Look at how much the wealth gap has increased over the Obama years.

The poor are too stupid to understand this. They vote Democrat because the DNC says that it cares about them. Yet this fully explains why uber rich like Buffet, Soros, and Silicon Valley execs ALL support the DNC.

What???

https://amp-businessinsider-com.cdn...errer=https://www.google.com&amp_tf=From %1$s

 

[cancel2 2022]

“Just run the presses — print money.”

I bet he heard that's how they did it in Weimar Germany.

Obama presided over three rounds of quantitative easing aka printing money.

 

[MAGA MAN]

What???

https://amp-businessinsider-com.cdn...referrer=https://www.google.com&_tf=From %1$s

"The poor are too stupid to understand this."

 

[sear]

If this point has not already been made:

Printing an extra $20 $Trillion in $M1 might not pay off the $astronomical U.S. federal debt.

$BUT !!

I gather it could boost $inflation by quite a bit.

And while that's bad for many, one of the things that doesn't get $COLA is the U.S. federal $debt.

So while run-away $inflation may not pay off the U.S. federal $debt, it may trim it back substantially, in inflation-adjusted $dollars.

I wouldn't recommend it. But I can't deny it.

 

[Ross Dolan]

What the Hell is wrong with Democrats? Trump is working on a solution to the debt problem and Dems play the obstructionist role as usual.

Trump "working on a solution to the debt" is like a five year old working on dismantling a bomb.

He is a fucking moron...and anyone still supporting him is also.

 

[cancel2 2022]

If this point has not already been made:

Printing an extra $20 $Trillion in $M1 might not pay off the $astronomical U.S. federal debt.

$BUT !!

I gather it could boost $inflation by quite a bit.

And while that's bad for many, one of the things that doesn't get $COLA is the U.S. federal $debt.

So while run-away $inflation may not pay off the U.S. federal $debt, it may trim it back substantially, in inflation-adjusted $dollars.

I wouldn't recommend it. But I can't deny it.

I have read several articles by economists saying that controlled inflation could erode the national debt. However it is the controlling part that's not so easy to achieve.

https://www.enotes.com/homework-help/how-does-inflation-reduce-burden-national-debt-514850

 

[sear]

So I'm guessing Trump's merely flaunting more nit wittery. I doubt Trump, Paul Krugman, and Steven Levett all sat down and hashed it all out, sharp pencils in hand.

It is flattery to call President Trump a loose canon.

 

[MAGA MAN]

If this point has not already been made:

Printing an extra $20 $Trillion in $M1 might not pay off the $astronomical U.S. federal debt.

$BUT !!

I gather it could boost $inflation by quite a bit.

And while that's bad for many, one of the things that doesn't get $COLA is the U.S. federal $debt.

So while run-away $inflation may not pay off the U.S. federal $debt, it may trim it back substantially, in inflation-adjusted $dollars.

I wouldn't recommend it. But I can't deny it.

Since you are a liberal, you're allowed to say that without retribution from your fellow libs here at JPP.

No so much for the POTUS.

 

[Darth Omar]

This is it.

It’s now official: Woodward has jumped the shark.

 

[Tranquillus in Exile]

I have read several articles by economists saying that controlled inflation could erode the national debt. However it is the controlling part that's not so easy to achieve.

That's true. Controlled inflation was what the Weimar Republic tried in order to "erode" reparations payments. What they got was the most spectacular hyperinflation ever recorded, and a few years later, Hitler.

Now here's a conundrum: Abysmal ignorance + stratospheric cocksureness = ? [hint: starts with a BIG T]

 

[MAGA MAN]

That's true. Controlled inflation was what the Weimar Republic tried in order to "erode" reparations payments. What they got was the most spectacular hyperinflation ever recorded, and a few years later, Hitler.

Now here's a conundrum: Abysmal ignorance + stratospheric cocksureness = ? [hint: starts with a BIG T]

Goodwin's law yet again! It used to take at least a dozen pages.

 

[evince]

I was a fucking PSYCH major even I KNOW this leads to INFLATION! Did I think TRUMP was full of shit when he made the claim about how well and cleverly he used DEBT? Oh hell yes. I LAUGHED. Unless, of course, going bankrupt x 3 or 4 is 'managing debt' well. (Call me crazy, but when I think about managing debt it includes PAYING IT OFF too).

Imagine Cohn's surprise when TRUMP said this.


[FONT=&]Trump's plan to help eliminate the federal debt was to print money: Woodward book[/FONT]

BY ARIS FOLLEY - 09/11/18 01:56 PM EDT 139

Trump's plan to help eliminate the federal debt was to print money: Woodward book

President Trump allegedly suggested to his chief economic adviser last year that the government should print more money to help eliminate federal debt, according to an excerpt from Bob Woodward’s new book.

The veteran Watergate journalist wrote in his new book — “Fear: Trump in the White House” — that Gary Cohn, the now-former top economic adviser, told Trump that the Federal Reserve was likely to increase rates during his first term in office, in an excerpt first reported by Business Insider.

“We should just go borrow a lot of money, hold it, and then sell it to make money,” Trump reportedly said in response.

Cohn was “astounded” by the president’s response, which he reportedly said illustrated a “lack of basic understanding” about how federal debt works.

Trump, who was the president-elect at the time and had promised to wipe out U.S. debt in eight years, reportedly offered a solution: “Just run the presses — print money.”

Woodward wrote that Cohn then went on to explain how printing more money is thought to lead to inflation and could be catastrophic for the fiscal health of the U.S....


Trump's plan to help eliminate the federal debt was to print money: Woodward book

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