Stephanie Kelton has published the article Danger Ahead: Mike Pence Would Pick Up Where Paul Ryan Left Off.
She uses the following video clip of Alan Greenspan tying to explain Social Security to Paul Ryan:
Clearly Paul Ryan did not understand a word that Alan Greenspan said. The problem with Alan Greenspan’s answer is that you have to know the economics behind his answer to fathom what he is talking about. You can see that it went over Paul Ryan’s head completely.
You have to think of the basket of goods and services that the economy must produce (or purchase from foreign sources) that will support the life styles we want to provide for all the people living in the country.
Can our economy produce this in a way that can be paid for with USA money? That is the issue to worry about. The Federal Reserve is capable of creating an infinite supply of USA money. Will that be enough to purchase what will need to be purchased every year into the future?
If there are politicians who are worried that this may not be available in the future, they need to explain what will most likely go wrong, and how they are going to fix it. If the politician cannot even imagine how it will go wrong, how can we expect that politician to figure out ways to prevent the calamity? Why do we need people who can’t figure this out to be running our country?
Have I presented the issue better than Stephanie Kelton has? If neither Stephanie Kelton nor I can get ordinary people to understand this, then ordinary people should be complaining very loudly that they need a better explanation. Any comments? Please speak up.