'That's Not How Debt Works': OMB Director Young Clashes With Lauren Boebert Over The National Debt

a long time so thank you mister absolutely i now yield five minutes to the gentlewoman from colorado miss bobert thank you mr chairman and director young thank you so much for being here today few quick um um first of all what is the current national debt uh the current debt uh is about 24 trillion i have about 30 trillion dollars how much would each american citizen have to pay to cover that debt that's not how debts work so we have not calculated that um the answer is 91 207 per american citizen how much does each taxpayer thank you how much does each pac taxpayer oh to cover our current 30 trillion dollar debt not 24 trillion and i'm sorry i have 22.3 so i'll correct myself downward since we're using different numbers um again we don't calculate the debt by a person including my recovery excuse me director um the answer is 242 500 per taxpayer in america now you may have been on track with some of these answers if your numbers were correct with the 30 trillion dollar debt that we actually are at right now but i would have hoped that you would have the correct answers in your position to all of these questions as uh the president and this regime really should keep this debt at the forefront of our thinking in uh proposing a uh a budget um but this budget that was created um is proposed to spend another 5.8 trillion dollars this fiscal year and 73 trillion dollars over the next 10 years and sadly it's pretty apparent that you're more concerned with continuing to spend trillions of dollars of taxpayer money on uh liberal wish lists rather than doing anything substantive to rein in wasteful federal government spending now i've said multiple times the federal government does not have a revenue problem it has a spending problem now director young biden likes to say show me your budget and i'll tell your values so let's see what democrats really value the word military appears 26 times in this budget but gender it's used 43 times in your budget uh equity well that's used 75 times and climate is used 187 times in this budget and americans sure do understand what democrat priorities are and their values they know that the real cost of these woke policies and so-called values are impacting them and the and the bill has come due for these bad democrat policies proposing to spend trillions of dollars on more woke wants not needs is absolutely shameful and really you should be embarrassed to be testifying today and trying to defend this 5.8 trillion dollar budget now during the state of the union joe biden said that his plan to fight inflation uh was for businesses to simply lower their costs not their wages director young i'm a small business owner and i can tell you that that's not how it works in the real world i understand that we use washington dc math here but that's not how it works for real small business owners meat is up 13 milk is up 12 almost 12 percent electricity is up 9 now as a restaurant owner how am i supposed to lower my costs if everything that i use is going up and i certainly wouldn't be able to pay employees higher wages so uh with this skyrocketing inflation that's taking place madam director can you please simply describe to me define to me what inflation is sure the cost of goods are more expensive it costs more for the same goods than it did uh last year the president is very aware of that that is why he it called on congress to send him legislation reclaiming my time thank you thank you director um that that's not exactly where i was getting at let me ask let me answer this for you um so milton freeman who won the nobel prize in economics said that inflation comes from too much money being printed in dc specifically and i quote he said inflation is a result of too much money and more rapid increase in the quantity of money than an an output moreover in the modern era era the important next step to recognize that today governments control the quantity of money so that as a result inflation in the united states is made in washington and nowhere else so director young in short inflation comes from washington dc where the products we use aren't created but the products we use are made more expensive uh director young uh shamefully this biden budget proposes the largest tax increase in american history and i really think that that bears repeating it is the largest in american history the biden regime either has no concept of how inflation is impacting americans or simply has no concept for americans who find the cost of gasoline too expensive because after all they can't just go buy a tesla how about that for democrat pilot priorities thank you madam director

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Length: 5min 28sec (328 seconds)

Published: Tue Mar 29 2022