Sen. Ron Johnson

Depends whether it's a chronic or acute crisis. I'd say we're already in a chronic debt crisis. That is what I would consider the devaluation of the dollar. I laid out, and we talked about this, my pre-pandemic options, going back to 98, 2014, 2019. So a dollar you held in 1998 is only worth 51 cents today. Ouch. A dollar you held when I- It's devalued that much just since 98?

Depends whether it's a chronic or acute crisis. I'd say we're already in a chronic debt crisis. That is what I would consider the devaluation of the dollar. I laid out, and we talked about this, my pre-pandemic options, going back to 98, 2014, 2019. So a dollar you held in 1998 is only worth 51 cents today. Ouch. A dollar you held when I- It's devalued that much just since 98?

Depends whether it's a chronic or acute crisis. I'd say we're already in a chronic debt crisis. That is what I would consider the devaluation of the dollar. I laid out, and we talked about this, my pre-pandemic options, going back to 98, 2014, 2019. So a dollar you held in 1998 is only worth 51 cents today. Ouch. A dollar you held when I- It's devalued that much just since 98?

It's been cut in half. When I ran in 2010, that dollar is worth about 68 cents today. A dollar you held during Obama in 2014 is worth 74 cents. A dollar you held just in 2019 is only worth 80 cents. So again, that is the devaluation of the dollar. That's inflation. This is why everything is so expensive. Yeah, that's a silent tax.

It's been cut in half. When I ran in 2010, that dollar is worth about 68 cents today. A dollar you held during Obama in 2014 is worth 74 cents. A dollar you held just in 2019 is only worth 80 cents. So again, that is the devaluation of the dollar. That's inflation. This is why everything is so expensive. Yeah, that's a silent tax.

It's been cut in half. When I ran in 2010, that dollar is worth about 68 cents today. A dollar you held during Obama in 2014 is worth 74 cents. A dollar you held just in 2019 is only worth 80 cents. So again, that is the devaluation of the dollar. That's inflation. This is why everything is so expensive. Yeah, that's a silent tax.

Yeah, and that's why you had four-year high inflation. So that way I would consider the chronic debt crisis. It just continues. And it's the danger. We have not... tamed inflation yet. We've tamed it, but we haven't conquered it.

Yeah, and that's why you had four-year high inflation. So that way I would consider the chronic debt crisis. It just continues. And it's the danger. We have not... tamed inflation yet. We've tamed it, but we haven't conquered it.

Yeah, and that's why you had four-year high inflation. So that way I would consider the chronic debt crisis. It just continues. And it's the danger. We have not... tamed inflation yet. We've tamed it, but we haven't conquered it.

So I think that's always on the horizon, particularly if we continue deficit spend, particularly if the bond markets continue to react as they are, keep driving interest rates up higher, and you start increasing the amount of interest expense, crowding out other spending. So an acute debt crisis would be where you have a bond market failure, like what happened to Greece.

So I think that's always on the horizon, particularly if we continue deficit spend, particularly if the bond markets continue to react as they are, keep driving interest rates up higher, and you start increasing the amount of interest expense, crowding out other spending. So an acute debt crisis would be where you have a bond market failure, like what happened to Greece.

So I think that's always on the horizon, particularly if we continue deficit spend, particularly if the bond markets continue to react as they are, keep driving interest rates up higher, and you start increasing the amount of interest expense, crowding out other spending. So an acute debt crisis would be where you have a bond market failure, like what happened to Greece.

All of a sudden, you can't sell your debt. So you either print the money, which sparks another round of 40, 50-year high inflation, devaluing the currency rapidly. We're not necessarily immune to hyperinflation. Other countries have experienced it.

All of a sudden, you can't sell your debt. So you either print the money, which sparks another round of 40, 50-year high inflation, devaluing the currency rapidly. We're not necessarily immune to hyperinflation. Other countries have experienced it.

All of a sudden, you can't sell your debt. So you either print the money, which sparks another round of 40, 50-year high inflation, devaluing the currency rapidly. We're not necessarily immune to hyperinflation. Other countries have experienced it.

Nobody buys them. And so, again, the advantage the U.S. has over any other country is we are the world's reserve currency. Right. So we can print dollars. So we can get by that moment except for you're printing dollars. And inflation is pretty easy to define. It's too many dollars chasing too few goods. Right. So you just print all those dollars, and again, the dollar devalues.

Nobody buys them. And so, again, the advantage the U.S. has over any other country is we are the world's reserve currency. Right. So we can print dollars. So we can get by that moment except for you're printing dollars. And inflation is pretty easy to define. It's too many dollars chasing too few goods. Right. So you just print all those dollars, and again, the dollar devalues.

Nobody buys them. And so, again, the advantage the U.S. has over any other country is we are the world's reserve currency. Right. So we can print dollars. So we can get by that moment except for you're printing dollars. And inflation is pretty easy to define. It's too many dollars chasing too few goods. Right. So you just print all those dollars, and again, the dollar devalues.

The cost of your debt is lowered. Again, it's a silent way of addressing these massive deficits. How far away from a moment like that are we? I don't know. I would have thought we would have experienced it by now, but we've experienced it instead as, again, 40-year high inflation. The devaluation of the currency. I mean, I think that's pretty shocking when you take a look at that.

The cost of your debt is lowered. Again, it's a silent way of addressing these massive deficits. How far away from a moment like that are we? I don't know. I would have thought we would have experienced it by now, but we've experienced it instead as, again, 40-year high inflation. The devaluation of the currency. I mean, I think that's pretty shocking when you take a look at that.