Robert ReichOct 6, 2023
Bailouts for banks? Fine! Tax cuts for the rich? Sure thing! $800B for the military? No problem! Student debt relief for middle-class and working Americans? But... but... how will we ever pay for it?
Show threadSashinOct 6, 2023

@rbreich The question "how will we pay for it" always has been a bad one. The government creates its own money. It was never operationally constrained by finances, only by the actual physical resources in the economy. The "national debt" or "deficit" is propaganda that is only used to counter social spending, not things like the military and bailing out the banks.

https://www.youtube.com/watch?v=75udjh6hkOs

We should tax the rich, but our ability to fund social spending does not depend on it.

The Deficit Myth: The Biggest Lie In Politics

YouTube
Show threadOGJester has moved

@sashin @rbreich this can’t be spread enough. When Congress passes a spending bill, they don’t go to the treasury and ask how much taxes were collected; they go to the federal reserve and say, “We need x amount of money printed to cover this bill.” Then they print it. Done.

The other side of it - taxes - is just a way to control inflation. Money taken as taxes is essentially deleted; it’s taken off the books to prevent the dilution of the dollar’s value.

Oct 6, 2023 at 7:19pmWeb
Show threadSashinOct 6, 2023
@OGjester @rbreich We need to make this common knowledge!!! We need to immunize everyone from this propaganda.