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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, and the motive is the gap.
Right-wingers, the world over, have convinced the populace that austerity is necessary and prudent. Meanwhile, austerity causes economic misery everywhere it is tried.
The right-wing motive: To widen the income/wealth/power GAP between the upper .1% and the rest of us.
Elizabeth Warren is one of the very few American politicians who seem devoted to narrowing the GAP.
She continually battles the Republicans, and even members of her own party, regarding the need for federal spending. She repeatedly faces the question, “Who will pay for it”? It’s a question easily answered by anyone who understands Monetary Sovereignty.
I’m not sure, however, that she understands Monetary Sovereignty, so I urge all readers of this blog to go to: Email Elizabeth Warren, and send her an Email containing a message like this:
Dear Senator Warren;
You can accomplish exactly what you want to accomplish, but first you must get past the question, “Who will pay for it.”
The answer, very simply, is this: The U.S. federal government, being Monetarily Sovereign, has the unlimited ability to pay for anything.
If all federal taxes fell to $0 or rose to $999 billion, neither event would affect the federal government’s ability to pay any bills of any size — without borrowing.
If you’re going to fight the fight, don’t go in with one hand tied behind your back. Understand Monetary Sovereignty.
Here are two, short, clear explanations:
Monetary Sovereignty, the key to understanding economics (https://mythfighter.com/2010/08/13/monetarily-sovereign-the-key-to-understanding-economics/)
Lunch really can be free (https://mythfighter.com/2013/07/27/i-just-thought-you-should-know-lunch-really-can-be-free/)
Send it more than once — perhaps once a week — just to make sure the message is delivered.
All we need is one loud voice to tell America and the world that the BIG LIE is exactly that, a big lie, and that there is no good reason why benefits to the 99.9% are being cut.
Try it. It’s easy. It might help you, your children and your children’s children.
Rodger Malcolm Mitchell
Ten Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
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. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (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
Vertical gray bars mark recessions.
As the federal deficit growth lines drop, we approach recession, which will be cured only when the lines rise. Federal deficit growth is absolutely, positively necessary for economic growth. Period.