"Senator Ron Johnson's concerns hint at potential cuts to US spending, potentially plunging low-income Americans into poverty, as he highlights the ongoing 'Gravy Train.'"
Brewing Trouble: Senator Warns America's Spending Habits Could Cause Financial Meltdown
In a candid interview with Tucker Carlson, Senator Ron Johnson sounded the alarm on America's spending habits, suggesting a potential collapse of the social system if the government cannot sustain its excessive welfare state and mounting deficits.
Johnson expressed worry that as the government struggles to finance its extensive welfare programs, those living off transfer payments and other forms of welfare could find themselves left high and dry. He explained that, "You can't borrow more money, so you're going to have to take what money we spend on other government programs, and we'll have to service our debt. You have to pay it off, unless we want to go into full default... Which means you'll never float more debt, so other than print more money, which creates even more hyperinflation..."
He went on to elaborate that the decline of the dollar as the world's reserve currency and a loss of its ability to print money freely would be detrimental. "We'll lose our position as the world's reserve currency, and we'll lose our ability to print dollars. It's a marvelous thing that we just print dollars, we can send them overseas, people will produce products and ship them over here, high-quality products at a pretty low cost. That's one of the reasons we've been able to keep inflation in check, producing all these massive deficits over the last couple of decades, because we do import a lot of products."
Johnson concedes that there's an ongoing gravy train, importing products in exchange for paper currency, but fears that the good times may eventually come to an end. "We may have been able to pull this off, but at some point in time, that gravy train might stop."
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References:
[1]: New York Magazine - The Many Sunsets of the Bitcoin Bull Market[2]: The Hill - Johnson blasts COVID-19 stimulus spending bill[3]: CNBC - Ron Johnson slams Biden's proposed budget bill as 'cooked'[4]: Forbes - America's $6 Trillion Problem: Ron Johnson's Plan To Balance The Budget[5]: The Daily Hodl - U.S. Dollar'sStatus as Reserve Currency At Risk Due to Mounting Debt, says Senator Johnson
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