Democratic Senator: Debt Is Going To Make U.S. “Not A First-Tier Nation Anymore”
Missouri Democratic Sen. Claire McCaskill railed against the national debt, speaking in Kansas City as part of her “McCaskill on Main Street” tour on Wednesday. McCaskill said the debt would “put us in a position where we’re not a first-tier nation anymore,” calling it “irresponsible.”
“I do believe a $17 trillion debt is irresponsible. I do believe that,” McCaskill said, while adding that she supported raising the minimum wage and extending unemployment insurance.
In July of 2010 Warren Mosler offered a one million dollar challenge to anyone who could prove that it was possible for the United States to go broke:
Middletown, Conn. (June 2, 2010) – Warren Mosler, Independent candidate for US Senate, knows for a fact that, operationally, there is no such thing as the US government running out of dollars, being dependent on foreign borrowing, or potentially facing a solvency crisis like Greece, and he has pledged $1 million of his own money to any of his Senate opponents on the ballot who can prove him wrong.
“Those concerns are due to pure fear mongering from supposed experts. They have no factual basis, and they have become the true obstacles to the return of full employment and prosperity” said Mosler, who added “and there is absolutely no financial reason to cut Social Security or Medicare benefits.”
No one has ever come forward to collect the million dollars for the simple reason that it is impossible for the United States, or any other nation with a sovereign currency, to go broke.
We are losing our place in the world not because of federal debt; but because of the collapse of the American middle class. Efforts to cut the deficit are just making matters worse. Everyone should read Joe Firestone‘s book, Fixing the Debt without Breaking America: Austerity, the Trillion Dollar Coin, and Ending Debt Ceiling, Sequester, and Budgetary Crises. It explains how our fiat currency system works, how austerity is killing our economy, and how the $60 trillion dollar coin can end debt theatrics once and for all.