Mitchell’s laws: Reduced money growth never stimulates economic growth. To survive long term, a monetarily non-sovereign government must have a positive balance of payments. Austerity breeds austerity and leads to civil disorder. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.

Really. According to the Republican House job-counting system, you yourself may have worked more than 50 jobs last year. How?

Read these quotes gleaned from today’s Fact Checker web site and Washington Post.

Approved on a vote of 234 to 193, the Republican tax bill would extend a one-year break in the payroll tax that is due to expire at the end of the month, setting the rate at 4.2 percent for the year instead of allowing it to revert to 6.2 percent. But it also would accelerate the construction of an oil pipeline from Canada to the Gulf Coast that the White House is determined to slow down.

True to the “Stockholm Syndrome” theory of governance, the politicians want you to be grateful to them for not needlessly stealing your money.

To fund the tax cut, the measure would freeze pay for civilian federal workers for another year and reduce the government workforce.

It would extend benefits for the long-term unemployed but reform the unemployment insurance program to reduce the maximum time those out of work can receive benefits, from 99 weeks to 59 weeks. It also would allow states to require drug testing for benefits.

The measure would postpone scheduled cuts in Medicare re-imbursement rates for doctors but pay for the “doc fix” by raising Medicare premiums for upper-income seniors and eliminating some funding for the federal health-care law.

Rather than tax the upper 1%, or more properly, lower taxes for everyone, the Republicans wish to take from the middle and lower classes, then give some back. That is called a “benefit.”

House Speaker John Boehner said the House has acted on the tax issue, and he suggested that it is now up to the Senate to move as well or let the tax cut expire.

Boehner (R-Ohio), Dec. 10, 2011 “The American people are asking, ‘Where are the jobs?’ The House is listening, and we’ve passed a large bill that contains many of the priorities of our caucus and the White House. At a time when many are without work, it is time that we come together in a bipartisan way to pass this legislation which will create tens of thousands of new jobs.”

Rep. Dan Boren (D-Okla.), Dec. 12, 2011 “The privately financed Keystone XL pipeline project is projected to create tens of thousands of U.S. jobs in construction and manufacturing.”

Mark H. Ayers, president of the building and construction trade department, AFL-CIO, Nov. 3, 2011 “My administration will stand behind the Keystone pipeline, creating more than 100,000 American jobs while reducing our dependence on overseas imports.”

Former Utah governor Jon Huntsman (R), Nov. 1, 2011 “There is bipartisan consensus: The Keystone XL pipeline means jobs, jobs, jobs.”

A key question for the administration is how many jobs the Keystone XL project would create. TransCanada’s initial estimate of 20,000 — which it said includes 13,000 direct construction jobs and 7,000 jobs among supply manufacturers — has been widely quoted by lawmakers and presidential candidates.

[TransCanada chief executive Russ] Girling said Friday that the 13,000 figure was “one person, one year,” meaning that if the construction jobs lasted two years, the number of people employed in each of the two years would be 6,500.

Got that? When the Republicans say the Keystone pipeline would create up to 100,000 jobs, they really are talking about a new measure called “job years.” So if, for instance, you have been working 10 years, the Republicans say you have worked ten jobs.

But wait. Why stop at job years? How about job months? If you had a job all of 2011, you actually worked 12 jobs, according to Republican math. But wait, again. Why stop at months? Do you realize the job you’ve held all year counts as 365 jobs (days).

Oh, it goes on and on. Using Republican statistics, we can calculate job hours, job minutes, even job seconds, and compute that the pipeline will create not thousands, not tens of thousands, but billions of jobs. What unemployment problem? America has trillions of jobs.

And voters believe this stuff.

Nobody ever went broke underestimating the intelligence of the American public.” H. L. Mencken

Rodger Malcolm Mitchell

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia. Two key equations in economics:
Federal Deficits – Net Imports = Net Private Savings
b>Gross Domestic Product = Federal Spending + Private Investment + Private Consumption + Net exports