Progressives Believe National Debt Is Good

In advance of President Obama's announcement with Richard Trumkar, (AFL-CIO boss) on Labor Day of his plans for more spending, Mike Norman of John Thomas Financial tries to convince us that our nations deficit and debt is "just meaningless, even virtuous". He says it creates wealth through adding to demand and because people buy Treasuty Notes, we're creating wealth.

This is one of the most lame brain explanations I have ever heard. It is beyond comprehension. Maybe now we have a good idea why the Administration doesn't care about piling on debt.

Category:

News & Politics

Tags:

• national bebt
• deficit
• overwhelming burden
• treasury notes

[bearcat648]

Mike Norman may be the most extreme and insane Keynesian on the planet. Even the clueless Obama administration still wants the Chinese & others to buy treasuries. Mike acts like it is completely irrelevant, and we could just print them and buy them again at will. It's even better if we buy them, as it adds to our wealth!

Honestly, I am almost in awe at how divorced from reality this guy is.

[Cosbibi]

@bearcat648 Everybody in here is saying how crazy Mike Norman is, but no one really challenges what he says. Government deficits equal non-government savings. Government spending adds to demand. Now you can use all kinds of angry rhetoric about the government, but you can't challenge the basic fact that government deficits equal non-government savings. It can't be denied.

[krazygreen]

Blatant propaganda is blatant. 

[WilhelmDrake]

@bearcat648

Mr. Norman isn't a Keynesian, he's a MMTer and happens to be correct regrading the workings of the monetary system.

[hrmIwonder]

Stuart Varney is a know-nothing clown. Such a joke, no wonder he's on Fox News.

[PharmerZack]

Mike Norman: Down is up, black is white, war is peace, debt is wealth.

[marcusbrooks1776]

Dear Mike, ,do you really expect your delusional and incoherent ramblings to be understood? Everyone plonked you long ago. Do you fantasize that your tantrums and conniption fits could possibly be worth the $0.000000001 worth of electricity used to send them?

I don't think that I can summon the strength left to mock your moronic opinions about Peter Schiff

[eddiethomaswyatt]

Far from a 'lame brain explanation', Norman's explanation is based on basic economic concepts and is perfectly correct. The interviewer is a douche and an idiot.

[sdege00]

watch mike norman in the video called "Peter Schiff was right". It's hilarious how wrong he is.

[billsonline]

Can you imagine if you were one of this guy's clients? He's a "financial planner" at John Thomas Financial. I'd be taking my money from him and running for the hills!

[viberon88]

CRAZY!!!