An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Monday, September 10, 2018
Bob Bryan — Bob Woodward book: Gary Cohn was 'astounded at Trump's lack of basic understanding' about the federal debt
Funny. Trump gets some of the basics of MMT, which the article mentions. Gary Cohn, not so much.
The narrative is supposed to be that Trump is just acting chaotic and won't listen his highly knowledgeable staff.
If he just understood all that orthodox academic thinking about solving problems then he'd know how to be Obama and do dumb things the right way to get the exact wrong results!
On 09 May 2016 this same neoliberal rag (Business Insider ) ridiculed Trump for correctly saying that the USA never needs to default, since the federal government can always create more money.
Then as now, Business Insider falsely claimed that the U.S. government borrows its spending money, and that the so-called “national debt” needs to be “paid off.”
Business Insider is also staunchly pro-war, pro-Israel, and pro-neoliberal-Democrat.
As for Gary Cohn, he is as much a liar as is Business Insider. Trump was right to fire him. (Cohn claims that he “resigned” as Economic Advisor).
Lying can be lucrative. Cohn's salary at Goldman Sachs was US $22 million in 2014 and was $21 million in 2015. He received a $285 million severance package from Goldman Sachs upon leaving to join the Trump administration.
Cohn’s replacement, Larry Kudlow, is also a liar. Kudlow falsely claims that Social Security and Medicare are “unsustainable,” and must be privatized. He has tried for years (decades?) to program young people to attack their parents and grandparents for having “bankrupted Social Security.”
"If you don't demand privatization, there will be nothing left for you!"
“Trump's view on the debt is perhaps best espoused by Modern Monetary Theory, a burgeoning theory among some economists positing that the federal debt is not an economic restraint for the US. But MMT is not generally accepted by lawmakers of either party...”
..Because of Tariffs we will be able to start paying down large amounts of the $21 Trillion in debt that has been accumulated, much by the Obama Administration, while at the same time reducing taxes for our people. At minimum, we will make much better Trade Deals for our country! 8:06 AM - Aug 5, 2018
The narrative is supposed to be that Trump is just acting chaotic and won't listen his highly knowledgeable staff.
ReplyDeleteIf he just understood all that orthodox academic thinking about solving problems then he'd know how to be Obama and do dumb things the right way to get the exact wrong results!
The article above is garbage.
ReplyDeleteOn 09 May 2016 this same neoliberal rag (Business Insider ) ridiculed Trump for correctly saying that the USA never needs to default, since the federal government can always create more money.
https://www.businessinsider.com/donald-trump-default-print-money-2016-5
Then as now, Business Insider falsely claimed that the U.S. government borrows its spending money, and that the so-called “national debt” needs to be “paid off.”
Business Insider is also staunchly pro-war, pro-Israel, and pro-neoliberal-Democrat.
As for Gary Cohn, he is as much a liar as is Business Insider. Trump was right to fire him. (Cohn claims that he “resigned” as Economic Advisor).
Lying can be lucrative. Cohn's salary at Goldman Sachs was US $22 million in 2014 and was $21 million in 2015. He received a $285 million severance package from Goldman Sachs upon leaving to join the Trump administration.
Cohn’s replacement, Larry Kudlow, is also a liar. Kudlow falsely claims that Social Security and Medicare are “unsustainable,” and must be privatized. He has tried for years (decades?) to program young people to attack their parents and grandparents for having “bankrupted Social Security.”
"If you don't demand privatization, there will be nothing left for you!"
“He received a $285 million severance package from Goldman Sachs upon leaving to join the Trump administration.”
ReplyDeleteThat’s tax free if he takes a one time tax exemption for taking a political appointment...
Oh this is prime:
ReplyDelete“Trump's view on the debt is perhaps best espoused by Modern Monetary Theory, a burgeoning theory among some economists positing that the federal debt is not an economic restraint for the US. But MMT is not generally accepted by lawmakers of either party...”
hahahahahahaha!!!!!!! ROTFLMAO!!!!!!!
Donald J. Trump @realDonaldTrump
ReplyDelete..Because of Tariffs we will be able to start paying down large amounts of the $21 Trillion in debt that has been accumulated, much by the Obama Administration, while at the same time reducing taxes for our people. At minimum, we will make much better Trade Deals for our country!
8:06 AM - Aug 5, 2018
Trump is all over the place, Tom.
Greek he can think the USD savings is largely foreign and still be correct...
ReplyDeleteI said Trump gets some of the basics of MMT but not that he gets MMT. He doesn't appear to.
ReplyDeleteYes but the BI statement is still hilarious....
ReplyDeleteYeah, that's why I called attention to it. I got a good laugh out of it.
ReplyDelete