●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.
●Everything in economics devolves to motivation.
Well, we have an new protest organization. It’s called “Flip the Debt.” Unfortunately, like the Occupy” movement, they don’t understand economics. So they think our problem is corporations and rich people not paying enough tax.
Here is their press release:
Flip The Debt and Us Uncut Honeywell Action Press Release
Posted by Emine Dilek on Sunday, February 10, 2013
Honeywell CEO David Cote and ‘Fix the Debt’ will host a public event on Monday.
Unfortunately for them, a coalition of groups including FLIP THE DEBT, the Alliance for Retired Americans, and US Uncut will hijack their party to elevate our message about the hypocrisy of corporate tax dodgers demanding cuts to social programs.
‘Fix the Debt’ claims to seek bi-partisan solutions to reduce the federal debt and deficit, but Fix the Debt is a CEO-led group whose real objective is huge corporate tax breaks and drastic cuts in Social Security, Medicare, and Medicaid.
The hypocrisy is stunning…
David Cote and his CEO friends receive a lot from government:
In 2011, the firm got $725 million in government deals, making it the 35th-largest federal contractor.
However, these companies contribute very little in taxes: Honeywell’s actual tax rate from 2008-2011 was 2 percent. They are not alone. Corporate taxes as a share of GDP are near record lows.
Perhaps even more galling is Cote’s demand for cuts to earned benefit programs. Cote has $78 million in his Honeywell retirement accounts, enough to qualify for monthly retirement checks of $428,000 starting at age 65. In contrast the average retiree receives just $1,237 a month from Social Security.
If you think it’s time we stand up against corporate tax dodgers, RSVP to the page NOW! Please RSVP ‘Going’ regardless of whether you can attend. This will help you stay connected with the action. Also, we encourage people to post news, info, and photos about corporate tax dodgers on this wall.
Flip the Debt made good on its promise of protest:
When Honeywell CEO David Cote arrived at Saint Anselm College, he had expected a warmer reception. As the host of Monday’s “Fix The Debt” campaign event, Cote, whose company has come under heavy scrutiny by corporate watchdogs and tax advocates for its use of offshore tax havens, spoke only for three minutes before activists from the “Flip The Debt” campaign interrupted him with a message of protest, before being escorted out by police.
“Offshore tax havens” are not the problem. Low corporate taxes are not the problem. (In fact, they are beneficial.) The problem is a too-wide income gap and a too-low deficit.
You could do Flip the Gap a favor by going to their site and suggesting they immerse themselves in Monetary Sovereignty and/or Modern Monetary Theory. The basics don’t take long to understand, and this will make their protests productive. (You may have to do it via tweets, as I was unable to find an Email address at their site, http://www.flipthedebt.org/)
Otherwise, they’ll just be another Occupy movement that failed to accomplish much, because it refused to learn the facts.
It will be a shame to see their energy wasted.
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