The president's comments about Treasury notes were, for all intents and purposes, gibberish. But more importantly, they were also potentially dangerous.
https://bsky.app/profile/comprichard.fellas.social/post/3lhttf4rhik2c
https://www.msnbc.com/rachel-maddow-show/maddowblog/white-house-scrambles-walk-back-trumps-bizarre-line-us-treasuries-rcna191481
It was against this backdrop that Trump broke new ground over the weekend, telling reporters that the nation’s $36 trillion debt might actually be inflated by possibly fraudulent debt payments. Reuters reported:
Speaking to reporters aboard Air Force One, Trump said administration officials who have been combing through payment records in an effort to identify wasteful spending have turned their attention to the debt payments that play a central role in the global financial system.
“We’re even looking at Treasuries,” the Republican said. “There could be a problem — you’ve been reading about that, with Treasuries and that could be an interesting problem.”,,,,,
But let’s not brush past the story too quickly. An incident like this one reinforced some key fears about Trump’s understanding of details he really ought to know.
After all, if there’s one thing he should have some basic understanding of, it’s U.S. debt and treasuries — not just because he’s already served a full term as the nation’s chief executive, and not just because he was responsible for adding nearly $8 trillion to the debt (most of it before Covid), but also because Trump, whose businesses have repeatedly filed for bankruptcy, has repeatedly claimed to have some expertise in this area.
The incumbent president is the self-described “King of Debt,” relying on banks and borrowing to finance his business operation for many years.
If Trump thinks he can pretend the nation’s debt load is smaller by pointing to “fraudulent” treasury notes that don’t exist, the political world needs to appreciate the fact that he’s playing with fire that will burn everyone.
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