Rep. Jamaal Bowman (D- NY) not only has a knack for ignoring emergency alarm exit signs but also ignores the signs of high inflation put up by the Biden administration as he once again argues for government to “spend money into existence.”
RELATED: Media Struggle To Spin Rep Bowman's Fire Alarm Stunt
Rather than endorsing a more direct taxation and redistribution of wealth, Bowman seems to think that he can take money from those that never owned slaves and give it to those that never were slaves by "spending the cash into existence.” Which actually would take from all of us, including future generations.
The “squad” member wants a $14 trillion reparations measure.
In a recent interview with the Journal News, Bowman cited the federal government’s response to COVID-19 as his rationale. “When COVID was destroying us, we invested in the American people in a way that kept the economy afloat,” said Bowman. “The government can invest the same way in reparations without raising taxes on anyone,” Bowman said ignoring the high prices consumers face driven by inflation because of the government's COVID spending.
“Where did the money come from?” Bowman said, “We spent it into existence.”
Bowman has argued for his alarming idea before. Roughly six months ago in a video discussion.
“We are a sovereign nation, we have a fiat currency that’s not tied to any natural resource – we can spend money into existence,” Bowman claims.
Essentially, Mr. Bowman wants the federal government to engage in "Modern Monetary Theory" or "MMT," an idea adored by Congresswoman Alexandria Ocasio-Cortez (D-NY) that's just a rehash of the Keynesian economic poison from decades ago.
And, regardless of the name, poison always is the same.
The central government or its central bank will create a new mountain of dollars – in this case, for Bowman's payoffs of "reparations" – and the inflation of the money supply will bring nothing but trouble, inspiring moral hazards and reckless investments by people who think the economy is easy and loans are a cinch, inspiring improper resource allocation (including new hires that aren't warranted by any real, higher, productivity) and, eventually, seeing the inflation of the money supply drive up prices, consumers to pull back spending, and the inevitable collapse, revealing all the waste caused by Bowman's "reparations-through-money-printing" idiocy.
Frankly, his incorrect thoughts should set of more alarms in Congress than his alarming actions.
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PBS fails to consider the possibility that Biden caused some of the international instability occurring and instead entertains the narrative of "decades of experience."https://t.co/minDH9ICrS
— MRCTV (@mrctv) January 22, 2024