Wisconsin Senator Ron Johnson says that America’s aggressive spending could result in a total collapse of the social system.
In a new interview with Tucker Carlson, Johnson says that there may be a time when those living on social benefits will be left out to dry if the government can no longer afford to fund its extensive welfare state while also running massive deficits.
Says Johnson,
“If you’re living on different transfer payments or different types of welfare benefits, you may not get those. You can’t borrow more money, so you’re going to have to take what money we spend on other government programs, and we’ll have to service our debt. You have to pay it off, unless we want to go into full default… Which means you’ll never float more debt, so other than print more money, which creates even more hyperinflation…
We will lose our position as the world’s reserve currency, and we’ll lose our ability to print dollars that people accept. It’s a marvelous thing that we just print dollars, we can send them overseas, people will produce products and ship them over here, high-quality products at a pretty low cost. That’s one of the reasons we’ve been able to keep inflation in check, producing all these massive deficits over the last couple of decades, because we do import a lot of products.
We’ve got billions of people that are either un or under-employed around the world, we provide the capital, they produce the factories, they produce the goods, we just give them paper. It’s fiat currency, we print it, we keep printing it, and it’s been working out pretty well. At some point in time, that gravy train might stop.”
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