Red Meat Blog: It's All Money From Taxpayers

It's All Money From Taxpayers

Today President Biden said of the takeover of two banks by his administration: "No losses will be borne by the taxpayers."

Where is he going to get the money, if not from the taxpayer?

President Joey Biden missed Econ 101 in college because he obviously missed the day that they taught us that the government doesn't have any money of it's own but gets all it's money through taxation or by borrowing it through the sale of bonds with the promise that the taxpayers will pay it back with interest.

All that money that he is going to throw at these two banks to guarantee all deposits, not just those deposits insured up to $250,000 by the FDIC, is not his money. Banks pay a fee to the FDIC to insure the deposits up to $250,000, but there is no fund that I know of that Biden has access to where he can insure hundreds of millions of dollars over $250,000. This is similar to his unconstitutional desire to forgive student debt.

Posted by Rick | March 13, 2023 11:03 PM