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●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 ultimately 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 motive.
President Obama has made no secret of his being a conservative in liberal’s clothing.
JULY 27, 2011
President Obama and Speaker of the House John Boehner tentatively agreed to gradually raise the Medicare eligibility age as part of a “grand bargain” to increase the nation’s borrowing limit.
Details of the plan were not yet finalized before the Obama-Boehner talks collapsed on Friday. But in general, the agreement called for very gradually increasing the eligibility age from 65 to 67 over about two decades, according to administration and Republican congressional sources.
The “grand bargain” was to make the elderly (with limited finances) pay more, while the government (with unlimited finances) pay less. The purpose: To please the rich by widening the gap between the rich and the rest.
But now, what will this conservative in liberal’s clothing do?
According to a new report from the Congressional Budget Office, one of the most frequently pushed plans to reduce the federal budget deficit would barely yield any actual savings at all.
While the CBO had estimated in 2012 that raising the eligibility age would save the federal government $113 billion over 10 years, it now estimates that the reform would save only $19 billion over the next eight years.
“Oh, woe,” cries the President. “Now how can I brown up to the wealthy? Will I get my huge Presidential Library? Will my wife and I get those lucrative speaking engagements, like Bill Clinton gets? Will my daughters get high-paying jobs they really won’t deserve? Will those rich publishers print flattering books about me?”
Republicans can safely be expected to propose the reform again in the upcoming budget conference; this time, however, liberals have hard, non-partisan evidence with which to push back.
Rodger Malcolm Mitchell
Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually
8. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)
9. Federal ownership of all banks (Click here)
10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt
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:
1. Federal Deficits – Net Imports = Net Private Savings
2. Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports
THE RECESSION CLOCK
As the federal deficit growth lines drop, we approach recession, which will be cured only when the lines rise.