As our national debt balloons and our deficits continue to rise at a staggering rate, new details have come to light about President Trump’s request in order to halt the rising debt this country continues to be burdened with.
According to the new Bob Woodward book, “Fear: Trump in the White House,” which officially went on sale today, the President requested that the former director of the White House National Economic Council, Gary Cohn, “just run the presses,” and “print money”.
According to the book, Cohn, who stepped away from the White House this April, responded to Trump’s unbelievable request, telling him that ”You don’t get to do it that way,” and that “We have huge deficits and they matter. The government doesn’t keep a balance sheet like that.”
Cohn was reportedly “astounded at Trump’s lack of basic understanding,” according to Woodward, and suggested that the President perhaps add 50-year and 100-year bonds to the US Treasury’s offerings if he really wanted a solution to our increasing deficits.
Cohn commented on the claims set forth in the book, saying “This book does not accurately portray my experience at the White House. I am proud of my service in the Trump Administration, and I continue to support the President and his economic agenda.”
While the Federal Reserve controls the money supply, U.S. Presidents have traditionally stayed out of the decision making of the Fed.