Key sentence in a story that is interesting on many levels.
"But the dollar is a fiat currency, which means that its value does not depend on the backing of any assets the government owns."
Failure to understand this is the foundation of the #DeficitMyth, the convenient excuse for destroying the US government.
What's the deficit myth besides being expedient?
See L. Randall Wray's "Making Money Work for Us" or the very compact "Money for Beginners."
"Le mythe du déficit" de Stéphanie Kelton #deficitmyth
Une autre façon de voir les choses. Même des économistes reconnu.e.s (pas par tous, il est vrai) ne sont plus d'accord de la dictature du "l'État ne doit pas s'endetter"...
https://bcu-lausanne.cantookstation.eu/resources/605aee022357944cb79d75c3
Policy makers still wanting to prioritize the few over the many again and again: “Losing the revenue part of the budget equation and focusing only on spending cuts seems to reflect a society like the one the late-nineteenth-century industrialists embraced, in which a few wealthy leaders get to decide how to direct the nation’s wealth.”
#History #Politics #Taxation #FederalBudget #ProgressiveTaxation #SocialSafetyNet #DeficitMyth #LettersFromAnAmerican
Today, President Joe Biden signed the continuing resolution that will give lawmakers another week to finalize appropriations bills. Lawmakers will continue to hash out the legislation that will fund the government. Republicans have been stalling the appropriations bills for months. In addition to inserting their own extremist cultural demands in the measures, they have demanded budget cuts to address the fact that the government spends far more money than it brings in.
#GOP = Government Of Putin
#Russia #Traitors #Republicans #Ukraine #Funding #Congress #DeficitMyth #MMT #Democracy #Freedom
@rbreich
Highly recommend everyone read a couple of books:
The Deficit Myth by Stephanie Kelton @StephanieKelton
Let There Be Money by Scott Santens @scottsantens
Taxes do not pay for things, they just take the money out of circulation.
Deficit Myth: Social Security needs to be self funded
This is just the way that Congress has set it up currently - that the trust fund must be self sustaining.
Actually, the US as a sovereign currency country can fully fund Social Security without any associated taxes if it wants to.
Federal Taxes are only needed to deal with inflation and inequality.
State Taxes are only needed because states are not funded by the federal government.
Planet Money: When The U.S. Paid Off The Entire National Debt
@BettinaStruff
“The Curious Case of “We Can’t Afford It” “
No massive amount of hand-wringing over these eye-watering sums. No attempt to pretend the transactions had be funded by tax payers, in advance, as is the case with every socially beneficial programme, ever.
The deficit myth is never trotted out when conservatives spot an opportunity to grift.
#LearnMMT #StephanieKelton #DeficitMyth
https://www.bbc.co.uk/reel/video/p08jbbry/why-we-need-to-debunk-the-deficit-myth-
Stephanie Kelton’s lecture on using money for the public good. Never be stymied by. “How do we pay for it?” again!
Doug Bostrom
pmeig
A Guy Named Brian (he/him)
Don Hawkins - W7DAH
cjm
Power_to_the_People (he/him)
Abuela 🪁