Sunday, September 10, 2017

Need more debt, more QE; the McCain philosophy

President Donald Trump's debt-ceiling deal with Democrats last week was "devastating to national defense" because it raised federal spending for disaster relief but "freezes" last year's military $52 billion funding cut from the Obama administration, Sen. John McCain, R-Ariz, said Sunday."The agreement that they made is basically devastating to national defense," McCain, the Senate armed services committee chairman, toldCNN's "State of the Union." "This agreement basically freezes last year's funding in place, which is a cut of $52 billion.

McCain is ready to add another 100 billion to the millennial debt service.  He will need 50 billion in domestic spending to get his 50 billion in defense spending.  But none, close to zero, of the super wealthy think they can scrap together the money.  Hence is almost assuredly calling for more QE. 

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