By: Ted Dabrowski
If all the trillions of dollars flowing out of Washington, DC worry you, then meet Congressman John Yarmuth, a Democrat from Kentucky. He’s the Chairman of the House Budget Committee responsible for helping put together the next $3.5 trillion politicians want to spend, and he’s got you covered.
I didn’t know Yarmuth’s views until now, but if I had, all my concerns about the crazy spending and bailouts would have been assuaged long ago. He has a simple explanation for how this country can afford all that borrowing, printing and spending.
You see, we’re all playing a giant game of monopoly – and he’s the banker.
Here’s how he recently explained it to the Louisville, KY Rotary Club:
“This country, because we issue our own currency, and because we borrow and spend in our own currency, we can pay for whatever we want to pay for. We just tell the treasury to pay the bills, to write the checks when the bills come in…”
“We are not like businesses, we are not like families, we are not like state governments, we are not like local governments. We don’t have to balance our checkbook. We are like the banker in Monopoly. We create the money, we hand out the money…everybody else plays the game with it.”
With the lawmakers in charge of the budget spouting nonsense like that, it’s no wonder President Biden can claim the $3.5 trillion will cost Americans “nothing.”
And it’s also no wonder, then, that Gov. Pritzker was so happy to help stump for the federal spending spree. After all, Illinois is famous for passing two decades worth of “balanced budgets” that were anything but – a performance that brought Illinois to the brink of a junk rating less than a year ago.
Now $175 billion in “free” federal money later, Illinois is the model to beat says Pritzker’s chief of staff Anne Caprara:
“I think there is a certain part of the Biden administration that looks at Illinois and says ‘Here are a lot of things we’d like to accomplish that are getting done at the state level and they’re popular and successful.’ So it’s a good place to go and point out that the pieces of our agenda that the White House is trying to get passed actually work.”
A recent Politico piece remarked on the turnaround for Illinois : “Funny to think it wasn’t so long ago that Illinois was the punching bag for Donald Trump’s White House. Now, Illinois is being set up as a model for how Democratic government can run.”
That, too, should scare everyone.
- Pritzker Goes To Bat For What The Wall Street Journal Calls ‘One Of The Greatest Fiscal Cons In History’
- When federal money runs dry, Lightfoot’s record budget will leave Chicago with bigger fiscal cliff
- Illinois gets its first credit upgrade in 20 years. It took $138 billion in federal relief for it to happen.
Audio and summary 
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
What a moron.
Bernie Sanders is chair of the Senate budget committee and he too can’t spend enough. That makes it a set.
That’s the insane, completely crazy times we live in. Sort of the like in the waning days of the Roman Republic, the Emperor Valens was in his court surrounded by feckless losers advising him to let in the barbarian Goths cross the Danube by the hundreds of thousands and not one of them thought it was a bad idea; today we let hundreds of thousands cross the Rio Grande and the avvowed communist, Bernie Sanders, is in charge of the Senate Budget committee. No sane country would do this to themselves, and yet, all of us are powerless to stop… Read more »
What comes after trillion?
Googleplex will be our property taxes in a few years the way things are going.
https://blog.prepscholar.com/what-comes-after-trillion
Maybe we could print up dollars like they’re doing down in Venezuela!! NBC News: Venezuela unveils new currency with 6 fewer zeros.
https://www.nbcnews.com/news/latino/venezuela-unveils-new-currency-6-fewer-zeros-rcna2515
You can print all the money you want, but you can’t give it value idiot.
We need the Ron Popeil pocket money maker. You can make a $100 on one side and a $50 on the other depending on your spending habits. Why work when you have the Ron Popeil money maker? If you call in the next 30 minutes we will send you a second machine. Just pay shipping and handling which you can pay for with the money making machine. Hurry! Operators standing by. This is what a trillion dollars looks like in $100 bills. Each pallet is $100M. Scroll down to U.S. National Debt. This is 2009 ($11B) and now the debt… Read more »
This is a great time to be in debt.
You pay the debt back with worthless money.
You must be in government.
No, I am not.
That is just the way economics works.
It is called marginal utility. Each additional unit of anything has less value than he previous unit.
It is just a fact of life.
I should have put a smiley face after the last sentence.
So what happens when you do not get your increase in devalued dollars?
No, you think printing money is for all and not just the Government,
To answer your question…SOL. That is why we had a gold standard at one time. At one time dollars were redeemable for a fixed price of gold. That limited the amount of dollars in circulation. And there was virtually no inflation. But politicians couldn’t buy votes if money couldn’t be printed to the goberment’s delight. There are $20 gold pieces you can buy, for a lot more than $20. Until 1965 the goberment printed coins (dollar, half, quarter and dimes) that were 90% silver. That stopped in 1965 because inflation had pushed the price of silver in the coins to… Read more »
You’re quite right about marginal utility, Richard, but let’s not imagine that the system will just let the banks take the hit. They’ll pass new laws to “fix the necessary infrastructure,” and their friends in TV and social media will run a fear storm to back it. And just like that your loans will be indexed to the consumer price index (or whatever works best for them).
Mr. Smith Goes To Washington is dead. The sooner we recognize it the better.
Yes, you are 100% correct. The Feds will do ANYTHING to keep the system afloat.
No matter who in the private sector gets hurt.
There is not unlimited money in the Monopoly game.
There is if you keep copying it on your color printer…
Now, you just landed on my property *Park Place*,which I improved with hotels…
So you owe me 12 bazillion dollars please…
Deficits are nothing more than the govt spending more than they collect in taxes. If deficits do not matter, and the Feds can spend regardless of how much they collect in taxes, then why collect taxes at all?
These people aren’t economic illiterates. They know exactly what they are doing. They are thieves and they are looting the treasury. And most of their voting constituency doesn’t care either. They want free child care, free health care, free community college, student loan forgiveness, huge pensions for cronies, government guaranteed jobs, favoritism for minorities and women. They cynically want to ramake our entire social, cultural and economic system for their own benefit. I completely understand that the current economic system isn’t working for everyone. There is a wide gap between the rich and the poor, and the pandemic has only… Read more »
He forgot to mention that our money will eventually have the same value as monopoly money.
If these economic-illiterates knew how to think, AND they know they can print money, then WHY don’t they give us a year-long tax holiday, NO TAXES, and just print the money? Actually I’m serious but exaggerating. Why don’t they reduce the usual $1.5T/year federal income tax, cut it 50% for everyone and borrow & print that deficit ? Try it for a year. What they’d see is our hard-working citizens getting to keep more of their paychecks, the economy and personal prosperity would improve, and the myth that high taxes aren’t damaging would be shattered. I truly hate Democrat legislators;… Read more »
The textbook tyranny of fiat money – just print more, and more, and more. Inflation? Who cares, print more! ‘Little People’ getting hurt? Who cares, let them eat cake! ‘Crack-up Boom’ around the corner with Democrats.
Hmmmm….Now I understand!. Need money? Just print up some more! The Democratic mind at work. Inflation is not the backyard kiddie pool.
How long can the country last with idiots like this pulling the strings? The last 25 years have really accelerated the decline of this once great country. We had a good run.
What Cong. Yarmuth (D-KY), paid about 200K/year and Gov. Pritzker’s COS Caprara, paid about 300K/year, have in common, is that neither has any understanding of basic economics. For them, ignorance is bliss. It’s also convenient. Being ignorant of the relevant science, economics, they don’t have to lie. They can say dumb things they truly believe in, not realizing how contrary their primitive thinking is to the science. But, how they can square their actions and thoughts with their professed belief in using science, data and empirical evidence to formulate policy- I don’t know. It’s like a Governor or President relying… Read more »
I would love to see the look on a Democrat’s face when one explains the phrase “crowding out” to them. It’s always been a favorite of mine.
They don’t understand that economics is the study of finite resource allocation not infinite resource allocation.
Lying and thieving grifters!!! D’s and R’s. Lol. Monopoly banker!!! Hahaha. Hey, Yarmuth I just passed go.
It has been remarkable that over the past year or so, Democrats have latched onto the word “science” as if it is this magical cloak that gives credibility to anything they might decree in the name of it. Of course, we know that they don’t even follow the actual “science” when it comes to COVID data and mitigation realities. I’m always curious, though, why they never shout “economics!” when proposing one of their latest completely crackpot, imaginary theories? Well, economics is actually harder than most think. The intricacies of wealth creation, money supply, fiat money, monetary policy all can be… Read more »
Well said, and right on target.
How many of our politicians or bureaucrats have taken even a single course in a hard science, math, or economics? And yet they have all the answers for everything. Next up – climate policy dictated by a 16 year old. And they all applaud her genius.
I imagine many of them have taken those courses, but how many have understood the concepts?
They don’t care about the concept. “Keep the suckers scared and confused” works, and that’s enough for them.