Varney slams progressives' plans to 'print money' to pay for government programs
{{#rendered}} {{/rendered}}Fox Business host Stuart Varney called out many in the Democratic party on Tuesday, attacking the idea of "printing more money" in order to fund their proposed programs -- many of which carry a heavy price tag.
"What do you mean we can't afford Medicare for all or the Green New Deal? Why don't we just print the trillion dollars we need? Welcome to the progressives new way of paying for everything," said Varney on Fox Nation's "My Take."
"Just fire up the printing press, it's the new economics. After all, only the government can create money, so just create what you need....why not," he said.
{{#rendered}} {{/rendered}}VARNEY: TRUMP DOMINATED G-7 SUMMIT LIKE NO OTHER
Democratic presidential frontrunner Elizabeth Warren has long supported the idea of "rethinking financial accounting" in the United States, and Varney believes this would mean printing new money to support her proposed programs. Congresswoman Alexandria Ocasio-Cortez echoed a similar sentiment, saying earlier this year that the government need not worry about how to pay for her Green New Deal because the United States "printed billions to bail out the banks in the financial crisis," and could do it again.
Varney explained that while none of the candidates explicitly stated their support for the controversial financial approach, he believes they are headed in that direction -- and he is relying on the moderators in next week's Democratic debate to confront them with the question.
{{#rendered}} {{/rendered}}"If the moderators are doing their job, they will ask how these grand proposals will 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, I repeat -- not, pay for it all," he said.
Europe has taken a similar approach in recent years, printing nearly $5.3 trillion to address problems in their welfare system, Varney explained.
"I'd like to hear the candidates defend this modern monetary theory," Varney continued, "because if a progressive wins the presidency, we will be printing and spending just like Europe."
{{#rendered}} {{/rendered}}The third Democratic primary debate will take place on September 12th in Houston, TX. George Stephanopoulos, David Muir, Linsey Davis and Jorge Ramos of ABC News will moderate the event.
To see Stuart Varney's full commentary on "My Take", and for more episodes of his daily commentary, visit Fox Nation and join today.
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