That's why a Rep from Virginia thinks the federal deficit has to be reduced and the people who have earned their retirement nest egg and health care have to foot the bill.

The MMT (Modern Monetary Theory) people have put together a new video to explain why the whole deficit kerfuffle is bunk. (They call it a myth, but that has a certain religious connotation and I'm more inclined to ascribe the lying as being an integral component of a con job).

Note the number of Democrats spouting the ballanced budget line. As President, Barack Obama actually has a valid reason to go along with the Congressional lie, because Congress controls the number of dollars the Administration gets to spend and there's not much to be gained from antagonizing the holders of the purse strings.

Then too, the supposed short-falls provide an excuse for the executive NOT to spend dollars on frivolous projects which Congress routinely inserts to reward some constituents and threaten the more reluctant supporters. However, the role of mom at the candy counter is really demeaning and the U.S. should expect better from its Commander in Chief.

From where I sit, if there is a problem with the deficit, it's because foreigners buying U.S. bonds has helped depress the rate of the interest the Treasury has to pay and, as a result, our friends in the unearned income crowd are unhappy that they're not getting more -- nothing near the 8.1% the Treasury used to pay back when Papa Bush was in the White House. When greedy people don't get what they expect, they feel like they've been deprived and have a sad.

And that's why the federal budget has to be balanced.

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