This financial disaster was due to public health “Experts” who thought they could shut down the world with ineffective NPIs and stop the spread of a highly contagious virus – they failed at that but did destroy the economy, children’s education, closed many businesses and eliminated millions of jobs and blew up the Federal debt:
Coronavirus relief added significantly to the national debt.
Source: Was Nearly 25% of the US National Debt Incurred During Trump Administration? | Snopes.com
The government responded by expanding the money supply – and enlarging the national debt. It was not possible to shut down the economy indefinitely with people out of work and goods no longer produced and services not delivered. Public health “experts” believed in their own fairy tale that we could NPI our way out of a pandemic and paper over the economic destruction left in the wake of their ineffective policies by magic money printing.
Public health has no effective and workable tools to stop the spread of a highly contagious respiratory virus – other than immunity via vaccination and/or natural immunity by having the disease.
Which brings us to this: Opinion: The solution to the U.S. debt disaster is a value-added tax (cnbc.com)
Hmmmm … but “Experts” said we could print any amount of money we needed by creating a perpetual motion machine based on Modern Monetary Theory. The Experts included Walter Mosler and Stephanie Kelton, whose nonsense MMT was promoted by Bernie Sanders and Alexandria Ocasio-Cortez.
That we are now calling for much higher taxes on everyone, together with inflation’s universal wealth tax – to pay off these debts – shows that Mosler and Kelton are charlatans who have caused economic carnage. And so too are their foolish accomplices Sanders and Ocasio Cortez.
