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Government debt, abused by both the left and the right, is about to come home to roost. How can we finance a debt that is at 97% of GDP? We’re in for a market shock, according to the head of the Congressional Budget Office.
I understand it, a little bit. The large generations (Boomers, GenXers) have gone through their high-consumption days, and the Millenials are smaller and GenZ smaller still. The number of workers who can pay for people on Social Security — people who are living longer lives — continues to shrink on a worker:retiree ratio basis, and the SS trust fund will be depleted in a few short years. We aren’t the world’s chief exporter, and haven’t been for a long time. So government has to spend to fill in the gap. The bills are coming due, my friends…
Bloomberg Economics concurs. They’ve run 1 million simulations, and the U. S. economy craters in 88% of them.
https://finance.yahoo.com/news/million-simulations-one-verdict-us-210022706.html
Audaces fortuna iuvat
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Oh just wait. At some point we will realize these interest rates were low.
The long bond in particular is being kept artificially low via supply. The treasury is issuing tons of short term debt and limited long term debt. They will be proven to be the most short sighted treasury leaders in history.
If I had more money I’d be short long duration treasuries from here to 2027. Rates have to go up. Once they go up, they will stay up because of the volume of treasury issues required to simply fund the debt.
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Sic transit gloria mundi (so shut up and get back to work) -
https://en.m.wikipedia.org/wiki/Jared_Bernstein
Why is this important? Because it explains the administration’s approach to debt and deficit spending. This man, with no formal economics training, is the chair of the Council of Economic Advisors.
This idiot, Jared Bernstein, is Biden's Chairman of the Council of Economic Advisors. He spews BS about our horrific Biden economy. He graduated with a degree in music, with a doctorate in Social Services. He's clueless like the rest of the Biden Administration, about anything… pic.twitter.com/2xScU7KvMg
— Jon C Whiteman CPA (@GMastersonCPA) April 29, 2024
He can’t address the dumb MMT talking point of why do we borrow money instead of simply spending printed money. We’re all screwed.
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Well this is unusual.
This is Jared Bernstein, the Chair of the Council of Economic Advisers, the main agency advising Biden on economic policy, from the documentary: Finding the Money.
He seems unable to communicate how the US monetary system works, despite being an advisor on… pic.twitter.com/gRI3y3hfDx
— unusual_whales (@unusual_whales) May 3, 2024
This interview. From the upcoming “documentary” on money… from he Modern Monetary Theory side of things.
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