Influential economist Justin Wolfers recently expressed skepticism about the understanding of debt, cryptocurrency, and economics by former U.S. President Donald Trump.
What Happened: Wolfers, who is a professor at the Ford School of Public Policy at the University of Michigan, was responding to a post by another renowned economist Scott Linsiome highlighting Trump’s plan to pay off U.S.’s $35 trillion debt load using Bitcoin (CRYPTO: BTC).
“Maybe we’ll pay off our $35 trillion dollars, hand them a little crypto check, right? We’ll hand them a little bitcoin and wipe out our $35 trillion,” Trump said in an interview with Fox Business.
In response, Wolfers wrote, “That’s not how debt works; it’s not how crypto works; and it’s not how economics works,” in what was an outright disapproval of the Republican presidential nominee’s radical plan.
Why It Matters: Wolfers’ criticism comes in the wake of Trump’s proposal to establish a national Bitcoin stockpile, a move that has baffled other financial and economic experts as well.
Nobel laureate Paul Krugman labeled Trump’s push a “government bailout” of a scandal-ridden, value and environment-destroying industry last week. James Angel from Georgetown University called it an electoral gimmick to secure support from Bitcoin enthusiasts.
Wolfers also tore into Senator Cynthia Lummis’ (R-Wyo.) push for a Bitcoin Strategic Reserve to solve U.S. debt, calling her description “one of the most amazing word salads” he had ever read.
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