Democracy Matters 
2024 Republicans are coming for your Social Security and Medicare.
Power_to_the_People (he/him)@DemocracyMattersALot So none of these three morons understands how US federal government spending works. (Spoiler: It's all newly-created dollars - NOT recycled taxes. Y'know - fiat currency.)
To repeat, these are all morons. The real problem is how few people reading this here on Mastodon get it.
We need more people who understand the BS.
#fiatcurrency #taxesdontfundspending #IgnoranceIsDangerous "MMT "TheDeficitMyth #NixonDitchedGoldStandardsin1972 #MainstreamMacroeconomicsIsaCon
David Reinertson@PttP @DemocracyMattersALot How, then, do you argue for any taxation at all?
@davidreinertson @DemocracyMattersALot Taxation has several functions. First, and foremost, is that it is what creates the value of a currency. The US govt will only accept payment of the tax liabilities it imposes in US dollars, therefore we need them. (If I were to create my own currency, otoh, no one would have any reason to want it.)
This is all clearly explained in Prof Stephanie Kelton's book "The Deficit Myth," which I highly recommend.
@PttP @DemocracyMattersALot Yes. It does seem like, if California or the US or Walmart didn’t ask for payment, money would be less valuable.
And if there were no currency, California would have to barter or draft teachers.
And if there were no currency, California would have to barter or draft teachers.
@davidreinertson @DemocracyMattersALot Correct. Point being, if California wants to spend, it has to levy taxes to acquire US dollars, the only legal currency in this country. The federal govt, however, is COMPLETELY DIFFERENT (and unique): If it (i.e., Congress) wants to spend, it orders the Treasury to create the quantity of dollars authorized. So calling those new dollars "tax dollars" is pure deception - or ignorance. Tragically, that ignorance is pervasive. But that's another story...