Biden's economic advisor: 'I don't get it'

 May 6, 2024

President Joe Biden's chief economic adviser just confessed that he really does not understand some modern monetary theory. 

The glaring problem with this, as the Daily Caller points out, is that modern monetary theory is the theory that underpins Biden's economic policies, which have come to be known as "Bidenomics."

So, how is it that Biden's top economic advisor has no idea how the theories work that support Biden's economic policies?

It's a good question.

Bernstein gets baffled

Biden's top economic adviser is Jared Bernstein. He participated in a recently released documentary, called, Finding the Money. 

A clip of Bernstein from the documentary has been circulating the internet because of the way that Bernstein gets baffled by what ought to be an easy question for an economic expert like himself to answer.

The question is this, "Like you said, they print the dollars. So why, why does the government even borrow?"

Take a look at Bernstein's response:

"Well, um, the uh . . . so the . . . I mean . . ."

This, believe it or not, was Berstein's initial response to the question.

"Well, um, the uh … so the … I mean, again, some of this stuff gets — some of the … language that — some of the language and concepts are just confusing," he began.

Bernstein continued:

I mean, the government definitely prints money and it definitely lends that money, which is why … um … the government definitely prints money and then it lends that money by, uh, by selling bonds. Is that what they do? … They, they uh … they, yeah, they um … they sell bonds … yeah, they sell bonds. Right? Since they sell bonds and then people buy the bonds and lend them the money.

It didn't get much better from here. In fact, Bernstein went on to say that he does not understand what some individuals mean when they say that the U.S. could just print more money rather than borrowing it, a refrain that commonly comes from the left.

"Yeah, I mean I can’t really talk about it. I don’t get it. I don’t know what they’re talking about because it’s like, the government clearly prints money. It does it all the time, and it clearly borrows. Otherwise, we wouldn’t be having this debt and deficit conversation. So, I don’t think there’s anything confusing there," he said.

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