How is that absolutely false?
Again you already said congress dictates the the budget. The president can sign off on it or not,, if not that goes back for a vote.
You make it seem like the president and the treasury is all power with your 100% it is his fault.
In the same regard then we can say it is Trump's fault for tax and job act, causing inflation.
The difference between you and me is you are polarized with the political system. I don't care if it is a Dem or Rep sitting there and can see shit objectively.
Seriously try harder, in connecting Biden as a sole root of inflation.
Congress passes (or doesn't) the Presidential budget.
Who has run the Senate (Schumer), the House (Pelosi) since 2020 elections, and the President (Biden)since Jan 2020 elections.
This isn't rocket science. Remember that big issue in the 2020 election about Trump & Biden promising $2k to each person? Trump COULD NOT get the then Senate majority leader McConnell to pass that because the US simply didn't have the fiscal wherewithal to do it responsibly. He allowed up to $600 I believe, and that literally too the US to 100% debt capacity as a measurement against GDP and/ or annual inflation versus debt costs.
Biden & the Democrats JUMPED on that and made giving away $2000 to everyone a POLICY if elected, and they won, and they followed thru with it with legislative action, signed by Biden per his campaign promise, ordering Treasury to issue checks to every American for $1400 or so (I can't recall the exact figure), and that wholly irresponsible act, which the previous Congress WOULD NOT DO, is why we have our current situation.
Now- back to your theory on the Fed having the 'right to refuse' to purchase treasuries not acquired in the OMC auction....although 1- being inconsistent & in violation w its charter, it would 2- lead to a US default, which would crash the entire world economy within hours.
Every time the debt ceiling issue comes up, and it will quite often going forward because the Fed must pay interest (higher interest now), it requires Congress & the President to sign off on printing more money. Because of Biden & the Dems in Congress the Federal Reserve is now actually LOSING MONEY....believe it or not that's how fukking stupid liberal economics are.
I've also attached 3 minutes of Milton Friedman for you, you'll learn just how simple this is via the greatest economic mind the world has ever known.
It is 100% Biden's fault....Trump WOULD HAVE done it too, but the Condervative Senate we had thru the 2020 election would not destroy the Country. Democrats however, they don't give a shit about the Country- modern Democrats are Authoritarian in nature and will do anything for power...as evidenced by our current situation & their continued lies regarding it AS WELL AS strangling the US economy via failed Authoritarian energy policy too.
billofrightsinstitute.org
