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Elected Officials who propagate the “government is like a household” myth.

by on January 7, 2013

I am starting a list of elected officials who show their lack of economic understanding, when they try to compare a household to a government. Feel free to send me any and all instances and I will add them to this blog.

Rep. Greg Walden (R-OR) on Monday announced that he will introduce a bill to stop the much-ballyhooed proposal for the U.S. Treasury Department to mint trillion dollar platinum coins in an effort to avoid the debt ceiling.

The statement:

“Some people are in denial about the need to reduce spending and balance the budget. This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren’t so serious about it as a solution. I’m introducing a bill to stop it in its tracks,” Rep. Walden said.

“My wife and I have owned and operated a small business since 1986. When it came time to pay the bills, we couldn’t just mint a coin to create more money out of thin air. We sat down and figured out how to balance the books. That’s what Washington needs to do as well. My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt. We must reduce spending and get our fiscal house in order,” Rep. Walden said.

Barack Obama has said this numerous times, that we spend more than we take in and that this is not sustainable:

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