In the past, I’ve given reasons to social conservatives to explain why no social conservative could vote for Donald Trump, even to stop Hillary. Trump is “very pro-choice”, favors partial birth abortion, is liberal on gay rights, is an unrepentant adulterer and a serial divorcer.
But, fiscal conservatives can’t vote for Trump either, and that’s because Trump knows less about basic economics than what you flush down the toilet. This is because inheriting wealth from Daddy does not give you an understanding of basic economics.
The radically leftist New York Times reports: (H/T ALL MY DEMOCRAT CO-WORKERS)
After assuring Americans he is not running for president “to make things unstable for the country,” the presumptive Republican nominee, Donald J. Trump, suggested that he might reduce the national debt by persuading creditors to accept something less than full payment.
Asked on Thursday whether the United States needed to pay its debts in full, or whether he could negotiate a partial repayment, Mr. Trump told the cable network CNBC, “I would borrow, knowing that if the economy crashed, you could make a deal.”
You could make a deal with creditors – you could offer them less than what they borrowed – declare bankruptcy, in effect. That’s just what he did as a businessman – over and over and over.
Such remarks by a major presidential candidate have no modern precedent. The United States government is able to borrow money at very low interest rates because Treasury securities are regarded as a safe investment, and any cracks in investor confidence have a long history of costing American taxpayers a lot of money.
Experts also described Mr. Trump’s proposal as fanciful, saying there was no reason to think America’s creditors would accept anything less than 100 cents on the dollar, regardless of Mr. Trump’s deal-making prowess.
The Weekly Standard notes who will bear the brunt of the damage:
It’s odd for the candidate who promises, seriously, to eliminate the $19 trillion national debt in eight years—without reforming entitlements—to tell America’s creditors (read: mostly Americans) to accept less than they were promised.
If it weren’t a sad-but-true situation, that could be a more honest Trump campaign slogan: Accept Less Than Promised.
Seniors, of course, being savers, would bear the brunt of a Trump debt writedown—if such a thing could happen. But the real losers would be, well, everyone. Were Trump elected, ignoring the market shocks that the likelihood of that would bring, signalling that the U.S. might hedge on repaying its sovereign debt in full would be, effectively, a default on our debt.
He’s a lunatic. Defaulting on our debt would not just destroy the wealth of Americans, it would disrupt the world economy. But since he was on “The Apprentice”, I guess Trump supporters think we can let it slide.
Oh, but his ignorance of basic economics is much worse than that.
Here is the latest Trumpfoolery reported by CNN:
Donald Trump declared Monday the U.S. never has to default on debt “because you print the money,” while trying to clarify his strategy for managing the national debt.
Got that? He’s decided now that he’s not going to default on our debt, he’s going to print more money so he can buy back all our debt with printed money.
So, now, we’re going to inflate our way out of a $20 trillion debt. Why not? It worked in Germany with the Weimar Republic. It worked more recently in Venezuela, Argentina and Zimbabwe. Why not elect a cretin to the highest office in the land? He’s confident, and he has orange skin and hot supermodel wife.
We can blame the low-achieving college drop-outs who voted for Trump for this. They own it. Their stupidity caused this.