Staff Reports
President Joe Biden’s top economic adviser, Jared Bernstein, has recently admitted his lack of understanding regarding modern monetary theory, the foundation of Biden’s economic policies. This revelation has raised concerns, given that Bidenomics hinges on this theory.
The confusion arose during Bernstein’s appearance in a documentary called Finding the Money, where he stumbled over a basic question about why the government borrows money when it can print currency. Bernstein struggled to provide a coherent response, highlighting his lack of comprehension.
CLIP: We hear a lot about the national debt.
But do currency-issuing governments really ‘borrow' their own currencies?
The answer might surprise you.Watch FINDING THE MONEY documentary, In Theaters and On Demand TOMORROW May 3: https://t.co/H1e5fEuV7t pic.twitter.com/MA3AGIcCXi
— FINDING THE MONEY Film (@FindingMoneyDoc) May 2, 2024
It is troubling to see a key figure in shaping economic policies struggle to grasp fundamental economic concepts. This lack of understanding could potentially lead to flawed decision-making in crucial financial matters.
The importance of having competent individuals who fully comprehend economic principles cannot be overstated, especially when guiding the nation’s economic policies. It is crucial for advisors like Bernstein to have a firm grasp on modern monetary theory to effectively steer the country’s financial course.
This incident underscores the significance of appointing knowledgeable experts in key positions within the government. Clarity and proficiency in economic matters are vital to ensure the success and stability of economic policies.
