The debt hawks are to economics as the creationists are to biology. Those, who do not understand Monetary Sovereignty, do not understand economics. If you understand the following, simple statement, you are ahead of most economists, politicians and media writers in America: Our government, being Monetarily Sovereign, has the unlimited ability to create the dollars to pay its bills.
The United States Senate has 100 members. The United States House of Representatives has 435 members plus six non-voting delegates.
In addition, the Committee for a Responsible Federal Budget said, “Today (3/31/11), over 64 prominent budget experts and economists wrote a letter to President Obama and Congressional leadership urging them to take action on our debt and deficits.
Add to that the President of the United States and his cabinet and advisors, and we have at least 500-600 of the most powerful people in America, not one of whom has any understanding of Monetary Sovereignty, but who direct our economy. Does that bother you? No?
Well how about the latest Tea (formerly Republican) Party chant, “Cut it or shut it,” meaning if cutting the federal budget won’t do sufficient damage to our economy , let’s just shut down the government and finish the job.
Does that bother you?
No, how about this story from ABC News:
Tea Party Hypocrisy? Some Lawmakers With Tea Party Ties Are on the Government Dole, by Jonathan Karl and Avery Miller, March 31, 2011
The Tea Party swept into the 112th Congress with promises of cutting government spending. But according to a report out today, at least five lawmakers with Tea Party connections have been longtime recipients of federal agricultural subsidies. “There’s nothing too surprising about hypocrisy in Washington,” Ken Cook, president of Environmental Working Group, told ABC News. “This particular group, you not only have to look at the hypocrisy but you need to watch your wallet.”
While the majority of American farmers receive no government money at all, at least 23 current members of congress or their families have received government money for their farms — combining for more than $12 million since 1995 according to a new report from the Environmental Working Group.
The biggest recipient was Rep. Stephen Fincher, a Republican from Frog Jump, Tenn.
While the self-described Tea Party patriot lists his occupation as “farmer” and “gospel singer” in the Congressional Directory, he doesn’t mention that his family has received more than $3 million in farm subsidies from 1995 to 2009, according to the Environmental Working Group.
When asked whether he would be willing to see all his subsidies go away, Fincher would not directly say he would no longer take any more subsidies.
“We need a good, better, we need a better farm program and we need to streamline it,” he said. “We need to look at many many options. And that’s a long way off.”
Frankly, it doesn’t bother me at all, that the Tea (formerly Republican) Party members are taking government money. It’s hypocritical, but it benefits the economy. What bothers me is the universal ignorance of our nation’s leaders.
I’m waiting for just one person in Congress or in the Executive Branch, to demonstrate even a rudimentary understanding of Monetary Sovereignty. Is that too much to ask?
Rodger Malcolm Mitchell
No nation can tax itself into prosperity, nor grow without money growth.