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•Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
•Any monetarily NON-sovereign government — be it city, county, state or nation — that runs an ongoing trade deficit, eventually will run out of money.
•The more federal budgets are cut and taxes increased, the weaker an economy becomes. .
•Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
•The single most important problem in economics is the Gap between rich and poor.
•Austerity is the government’s method for widening the Gap between rich and poor.
•Until the 99% understand the need for federal deficits, the upper 1% will rule.
•Everything in economics devolves to motive, and the motive is the Gap between the rich and the rest..
Our 7/18/15 post said, “With each passing day, Trump will be shown to be a lying bigot, whose appeal will shrink as thinking Americans begin thinking, and the bigots slink back into the shadows.”
[Organizers of a Republican event withdrew frontrunner Donald Trump’s invitation after he suggested that a presidential debate moderator was tough on him because she was menstruating.]
[Trump’s top political advisor Roger Stone left the campaign on Saturday]
Well, that didn’t take long, did it?
As soon as Trump was asked a couple of questions, he showed himself to be a misogynist boor, who when confronted with facts, will ramble, dart, duck, weave and then hurl stupid insults — in short, the schoolyard bully whose wealth has bought him a few sycophants and fellow bigots, but no intelligent believers.
And now the next fool emerges:
Rand Paul: Income Inequality Comes From ‘Some People Working Harder’ Than Others
Asked if his flat tax plan would further separate the haves from the have-nots, GOP presidential hopeful Sen. Rand Paul (Ky.) said Sunday that income inequality is the result of some Americans working harder than others, rather than economic policies.
“The thing is, income inequality is due to some people working harder and selling more things,” Paul told host Chris Wallace on “Fox News Sunday.” “If people voluntarily buy more of your stuff, you’ll have more money.”
Where does one begin to describe the idiocy of that remark? First, consider the source:
Dr. Randal “Rand” Paul is the Kentucky ophthalmologist who was elected to the United States Senate from that state in 2010.
He was born in Pennsylvania and grew up in Texas, where his father, Dr. Ron Paul, was a politically active physician who served in the United States Congress and ran for the presidency three times.
Rand Paul earned his undergraduate degree from Baylor University in 1984, and his medical degree from the Duke University School of Medicine in 1988. He practiced ophthalmology in Bowling Green, Kentucky from 1993 until his election to the Senate.
Here is a guy who never sold an ounce of “stuff” in his life. The spoiled, privileged son of a doctor and Congressman, Rand was sent to the best schools, and earned his living, first as an ophthalmologist, then as a Senator.
And this kid, who was born with a silver spoon in his mouth, says that income inequality is due to some people working harder than others??
A coal miner works harder than Rand ever did in his life. A policeman, a fireman, a landscaper, a plumber, a carpenter, a factory worker — they all work harder and earn less than this son of a politician.
What gall he has.
But, of course, he just is repeating the mantra of the Party of the Rich, who describe their wealthy benefactors as “makers,” and poor people as “takers.”
And it gets even more stupid:
Paul has proposed what he calls a “flat and fair tax,” which would put a flat 14.5 percent tax on all types of income.
An analysis by the Tax Foundation found that under the plan, households earning more than $1 million per year would see their incomes rise by 13 percent. Households earning between $50,000 and $75,000 per year, meanwhile, would see their income rise only by 3 percent.
“Doesn’t your plan massively increase income inequality?” Wallace asked.
“It’s a fallacious notion to say, ‘Oh, rich people get more money back in a tax cut,'” Paul responded. “If you cut taxes 10 percent, 10 percent of a million is more than 10 percent of a thousand dollars. So, obviously, people who pay more in taxes will get more back.”
Er, uh . . . Rand, your plan doesn’t cut all taxes 10 percent. It raises taxes on the very poor, and cuts taxes for the rich massively.
You know that, don’t you? Sure, you do.
And since you’re so eager to cut taxes, and also are eager to run a balanced federal budget, you’ll have to cut federal spending. And where will those cuts be?
Not the military, since the military is sacred to the right wing.
So that leaves cuts to Social Security, Medicare, Medicaid, food and housing for the poor (you know, those people who don’t work as hard as you do, Rand).
Flat tax proposals, which are popular with the tea party crowd, have a way of popping up during Republican presidential primary seasons.
In addition to Paul, Sen. Ted Cruz (Tex.) has proposed moving to a flat tax rate and abolishing the IRS.
Back in 2012, the flat tax banner was carried by former Texas Gov. Rick Perry and Herman Cain, who drew national attention with his “9-9-9” flat tax plan.
You’re in good company, Rand. Ted Cruz, Rick Perry, Herman Cain and Rand Paul. What a group.
Gotta love Republican Whac-A-Fool. Will we have to wait for the next Republican debate for a new, right-wing fool to stand up?
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. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)
10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)
The Ten Steps will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
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.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.
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 growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.
6 thoughts on “–One fool down; another stands up. It’s another game of Republican Whac-A-Fool”
I would go in the opposite direction. Instead of a flat tax plan which would be easier to understand BUT benefit the rich much more, how about a steady flat tax reduction plan of x% per year (in line with Rodgers’ 10 steps) so that everyone has more income by x% per year. That’s easy to understand too; and people would welcome that reward and hope for their future.
Of course you have the retort of “where’s the money going to come from, how do you pay for hope and reward?” MY answer is– from where does your heart’s working income originate to keep you alive, that you have practically nothing to do with? It originates from the utter miracle of Your brain — a very regular and regulating current(cy) issuer. We don’t question, let alone are aware of, the daily miracle of our existence. But WE WOULD if our brains began telling us “uh oh, I’m running short of current(cy) and I’m cutting back on all your millions of biological functions. Sorry, but you’ll have to eat less, sleep a lot and ultimately die.
Obviously we won’t run short of bioelectricity, just as Ben Bernanke stated to Scott Pelley in an interview on CBS (Google Pelley Bernanke), “as long as we can find enough electrons we can find enough money.” It’s not lack of credit that’s killing us; it’s a lack of faith in or understanding of human nature. The 1% can’t stand the thought of everyone’s breakout to success and subsequently the 1%’s loss of feeling of power, control and importance which feeds their sick egos, even though everyone’s success would by definition include the 1%!
These people are really sick. The magnitude of the Gap problem is big, but only as big as we are willing to go along with it.
We’ve made economics terribly complicated and confusing. We have met our enemy. He is US. The flagellation will stop when the pain is returned to the flagellator– when it’s his ox that’s getting gored.
One more point: All the bad news and intractable problems we’re experiencing these days aren’t separate and isolated events. It’s all cracks in the foundation of a poorly designed and selfishly constructed system.
“The Chinese central bank said that it had changed the way it calculated the currency’s daily midpoint against the greenback, now taking the midpoint from market-makers quotes and the previous day’s closing price. ”
While we can debate the value of pegging the yuan to the dollar, it is clear that China recognizes it has Monetary Sovereignty and chooses to do what it wants. Not so in the US, where the country pretends it does not have Monetary Sovereignty.
Rodger, you’ve dissected the Repubs. so how about an equally insightful biopsy of the Dem. candidates! Only fair, yah know!
Best health wise man!
I don’t yet know enough about the Democrats. The Republican candidates have opened their mouths, and therefore demonstrated they are one or more of the following:
2. Pro-rich and anti-poor
As for the only two Democrates I know:
The Republican faux-outrage about Clinton:
1. Benghazi is silly, meaningless and misdirected.
2. Emails demonstrated she tried to hide things — in short, she is a politician.
Both are non-issues regarding a potential President, and in pounding on those non-issues, the Republicans demonstrate they have no real issues.
Real issues are: The Gap, treatment of minorities, treatment of the rich vs. the poor, international relationships, economic growth, choice of Supreme Court justices, Social Security, Medicare & Medicaid, gun control, education.
In all cases, the Republicans are deficient. They went from Sarah Palin to Michele Bachmann to Donald Trump. It’s a feast of fools, haters and mean-spirited bastards.
I tend to like Bernie Sanders, because he’s less a “rich-man’s-guy” and more a “poor-man’s-guy” than anyone else. He’s closer to Elizabeth Warren, whom I like the best of all — if only she were running.
If you still have any questions about Republicans, read this article, and especially the comments that follow the article. They tell you everything you need to know about the Republican Party.
Possibly small 25-cent deals can accumulate over-time, and you’ll wind up preserving far more funds
on a yearly schedule.