●The more federal budgets are cut and taxes increased, the weaker an economy becomes.
●Austerity is the government’s method for widening the gap between rich and poor, which leads to civil disorder.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
●To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The penalty for ignorance is slavery.
In case you don’t believe there is a conspiracy to widen the income gap, or you just hate the word “conspiracy,” consider “Fix the Debt.” It is a gang of rich guys, plus bought-and-paid-for, politicians, all dreaming up ways to screw you.
Here is what the notorious Committee for a Responsible Federal Budget says:
Fix the Debt Holds Event on Health Care and Taxes
On Tuesday, the Fix the Debt Campaign held an event on ways to reform the tax code and health spending. The event included speeches from Sen. Rob Portman, NEC director Gene Sperling, and Senate Finance Committee chair Max Baucus, along with many other experts from across the political spectrum. Panelists discussed how health care spending should be reined in and what the best ways to reform the tax code.
Translation: “Across the political spectrum” means the “wealthy and the toadies of the wealthy.”
“Reined in” means cut your health care.
“Reform” means “broaden the tax base” which in turn means “tax the middle and bottom more, and tax the top less.”
Unfortunately, the lower 99% income group has fallen for the Big Lie of the upper 1%, so will continue to pay an ever higher price for their ignorance.
And here comes the President, still pretending to be a friend of the 99%:
By Mark Felsenthal | Reuters
In his weekly radio address, the President renewed his call for Republicans to extend middle-class tax cuts while letting tax rates go up for the wealthy. He also said he would be willing to find ways to bring down healthcare costs and make additional cuts to government social safety-net programs.
Translation: “Bring down healthcare costs” means take money from doctors, hospitals, and the pharmaceutical companies -– i.e from the economy -– and transfer it to the government, which has neither need nor use for it, but merely destroys it upon receipt.
“Additional cuts to government social safety-net programs” means . . . well, you know what that means: Steal dollars from the pockets of the lower income groups.
The President continued:
“We can and should do more than just extend middle-class tax cuts,” he said. “I stand ready to work with Republicans on a plan that spurs economic growth, creates jobs and reduces our deficit – a plan that gives both sides some of what they want.”
Translation: “I stand ready to work with the 1% to remove dollars from the economy, i.e. austerity, which will slow the economy and increase unemployment.
“I know this never has worked in the history of the world, because mathematically reducing the money supply cannot stimulate an economy. But you don’t know that, so you will buy into it and suffer for your ignorance, while the 1% will laugh and laugh, all the way to their (overseas, tax sheltered) banks..
Republicans have balked at tax rate increases, which they say would hurt small businesses and brake economic growth.
Translation: “Actually, the Republicans are right. Any increase in tax collections, by definition, removes money from the economy. So yes, a tax on the rich, or on the poor, hurts small business – also hurts big business and middle-size business. All taxes hurt business.
“However, let’s face it. The 1% seldom pays the top tax rate. They are too smart for that. Ask Warren Buffett, whose top tax rate is lower than his secretary’s (probably lower than yours, too.) But, by insisting on an increase in the top tax rate, I cover my butt with my constituents, who think I am working for them, while the 1% knows this is all a charade.
“Boehner knows the truth, too, but he is dancing with me, so he can cover his butt with his constituents. Eventually there will be a cosmetic increase in the top tax rate and a huge reduction in social spending, creating a big decrease in the federal deficit. Together that will punish everyone except the 1%, who will reward all us politicians for widening the income gap.
“Meanwhile, the public will applaud at how I’ve struggled to save the economy.
“I hope you are enjoying my show.”
Rodger Malcolm Mitchell
Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%
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
Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports
6 thoughts on “–The Obama conspiracy dance continues. Hope you’re enjoying the show.”
“Any increase in tax collections, by definition, removes money from the economy. So yes, a tax on the rich, or on the poor, hurts…”
YES, everyone can believe that and should use it as their guide.
Stop taxation of wealth and you will stop hurting the rich and the poor.
TAX “somewhere else”, something that is equal , something that percentage wise is owned by ALL the people. Taxation on issuance by our government. That this taxation be for the people replacing what is now done by the “private for profit banks” for their own self interest.
Why would you not want the doubling of your own money being used for the bettering of all people instead of just the 1%?
As Obama said,”To lower (income) taxes, you must raise revenue ‘somewhere else’ ”
Tax the issuance of money-not income!
justaluckyfool writes, “ As Obama said, ‘To lower (income) taxes, you must raise revenue ‘somewhere else’.”
Obama is lying, as usual. The federal government has no need or use for tax revenue. If we abolished all federal taxes today, the U.S. government’s ability to spend would not be reduced by a single penny.
MMT people think federal taxes are necessary to control inflation, and to maintain the authority of the fiat dollar.
I disagree. say the same things can be accomplished via interest rates and local taxes.
ABOLISH ALL FEDERAL TAXES! The rich don’t pay taxes anyway. And who wouldn’t like to get rd of the IRS?
Especially odious is the FICA tax. The government steals and destroys 4.2% of every salaried person’s paycheck, and requires employers to match that 4.2%. Thus, if you make the minimum wage of $7.50 per hour, and you work 40 hours per week, the government steals and destroys $12.60 from you each week, plus your employer must also send $12.60 to the government each week. On 1 Jan 2013 the amount will increase to $18.60 stolen from you per week, plus another $18.60 your employer must pay. Per week.
ABOLISH ALL FEDERAL TAXES! The tax revenue is not needed or used.
Beardsley Ruml, Chairman of the Federal Reserve Bank of New York stated, “Taxes for revenue are obsolete.” Here is the thesis of the famous paper he read before the American Bar Association during the last year of World War II, originally printed in American Affairs, January, 1946 issue.
Ruml’s thesis is that given (1) control of a central banking system and (2) an inconvertible currency, a sovereign national government is finally free of money worries and need no longer levy taxes for the purpose of providing itself with revenue. All taxation, therefore, should be regarded from the point of view of social and economic consequences.”
The guy’s name is funny. That’s probably why no one listened, apparently.
@RMM: Can interest rates alone be used to control for inflation and deflation (if there was no federal income tax)?
So far, that has been true. I can imagine a case where federal spending is so massive that even interest rates couldn’t control inflation, but that has not happened.
It would require relatively full employment, I believe, plus extreme shortages of critical commodities, like oil. A large meteor strike might do it.