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Dems want to copy Europe and print more money: Varney

Stuart Varney

What do you mean we can't afford Medicare for All or the Green New Deal? Why not just print the trillions of dollars we need? Why not?

Welcome to the progressive, new way of paying for it all. Just fire up the printing presses. It's the new economics. Only the government can create money so just create what we need.

The far-left has a problem: how to come up with the tens of trillions of dollars required for “free this,” “free that” and saving the planet at the same time. They want to do exactly what the Europeans are doing. The European Union can't afford the cradle-to-grave welfare system so they are printing big-time -- about $5.3 trillion dollars so far, with a lot more to come. That's what the progressives are hinting at here.

Senator and Democratic presidential candidate Elizabeth Warren, D-Mass., says we need to rethink our financial accounting in the United States. She is hinting at printing if you can't get enough from taxing the rich and taxing wealth.

Rep. Alexandria Ocasio-Cortez, D-N.Y., earlier this year told Business Insider the government shouldn't worry about balancing its books. After all we've printed trillions to bail out the banks and the financial crisis. This is called Modern Monetary Theory and one of its leading proponents is Professor Stephanie Kelton. She has advised Bernie Sanders’ campaign and she wrote the book, “The Deficit Myth.”

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None of the candidates has spelled out in full the print-and-spend approach. They haven't exactly said it, but next week there will be another Democrat debate.

If the moderators are doing their job, they will ask how are these proposals going to be paid for. And if the response is “Well, we'll just tax the rich and tax Wall Street,” the moderators should press harder because tax hikes will not pay for it all. I'd like to hear the candidates defend this Modern Monetary Theory because if a progressive wins the presidency, we're going to be printing and spending just like Europe.

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