When the House of Representatives voted to increase the $600 “stimulus” checks to $2,000, the following was (my opponent in 2022) Rep. Chris Stewart’s response.
Unfortunately, Chris Stewart doesn’t seem to understand how federal finance works. The US government is the sole issuer of the USD, and is monetarily sovereign over it. When congress authorizes spending with the constitutional power of the purse, the Federal Reserve prints the required currency into existence. This method of economics is referred to as “Modern Monetary Theory”, but “Theory” doesn’t mean unproven. A scientific theory is more of a collection of evidences and reasoning, unlike the colloquial use of “theory” which is generally a guess or hypothesis.
Federal spending is limited by real resources and economic absorption. As long as there’s material resources and/or unemployment, the federal government can continue to keystroke dollars into existence.
By fearmongering about the deficit, Rep. Chris Stewart proves he’s either uninformed or deliberately obtuse. The deficit, by definition, is the amount of money that remains in private hands. Federal taxation is currency deletion to maintain inflation.
He’s mis-using common and noble family values for his own craven ends. If I were your congressman, I would, in the face of the pandemic, have started a bidding war to increase the direct payments so families and small businesses could stay afloat in the wake of public health restrictions and shutdowns.
Here’s a clapback I find notable to Rep. Stewart’s fearmongering.