Twitter: @rodgermitchell; Search #monetarysovereignty
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It takes only two things to keep people in chains: The ignorance of the oppressed and the treachery of their leaders..
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“Peter Suderman is features editor at Reason. He writes regularly on health care, the federal budget, tech policy, and pop culture. He is also a pop culture columnist for Vox and a 2010 Robert Novak Journalism Fellow.”

How do I know? The Reason.com website says so.

We discussed Suderman’s comments in the previous post, “Peter Suderman’s twisted logic reveals the real motives of the right-wing”

Now, we hear from Suderman’s boss. Another quote from their site:

Nick Gillespie is editor in chief of Reason.com and Reason TV, the online platforms of Reason, the libertarian magazine of “Free Minds and Free Markets.”

The two sites draw over 4 million visits per month and have been named among the nation’s best political sites by Playboy, Washingtonian, National Journal, and others.

Nick Gillespie by Gage Skidmore.jpg

Gillespie

 

Gillespie wrote an article in response to yesterday’s news about the GOP health care (“no health care”) plan, as described in the Chicago Tribune:

23 million more uninsured by 2026 under GOP health care bill, new CBO analysis finds

The Congressional Budget Office says the health care bill Republicans pushed through the House this month would leave 23 million additional people uninsured in 2026, compared with former President Barack Obama’s health care law.

Compared with Obama’s 2010 overhaul, average premiums for people buying individual policies would be lower. That is partly because insurance on average would cover less of people’s health care costs.

The Republican legislation would reduce the federal deficit by $119 billion over the next 10 years, according to the CBO analysis.

The analysis undermines claims by House Republicans that their health legislation protects people with pre-existing conditions.

In some cases, people with pre-existing conditions would not be able to purchasecomprehensive health insurance at premiums comparable to those under current law, “if they could purchase it at all.”

House GOP leaders (had) managed to get their bill over the finish line by arguing that a last-minute addition of $8 billion would bolster protections for those with pre-existing conditions.

The CBO specifies that these people would have difficulty getting affordable coverage “despite the additional funding that would be available.”

In summary, the GOP plan would:

  1. Force 24 million additional people to be uninsured
  2. Cover fewer health care costs
  3. Not cover as many people with pre-existing conditions
  4. But it would cut the deficit

And that item #4 is what cheers Gillespie.  Although he admits that “less healthy people would face extremely high premiums,” and many would not be able to afford good health care at all, this seems not to be a key issue for Gillespie’s Libertarian bent.

No, he is more worried about “big government” than America’s health, for he says:

The United States is running out of other people’s money and we need to start the hard work of figuring out a sustainable level of government that we can both pay for and thrive under.

In some of his deregulatory gestures, Trump points in that direction, and he has clearly shown himself willing and able to push hard against the status quo.

You just have read a perfect expression of the Big Lie.

The United States is not “running out of other people’s money” simply because, being Monetarily Sovereign, it does not use “other people’s money.” 

Unlike state and local governments, which do use “other people’s money” (i.e. taxes), the federal government creates dollars, ad hoc, every time it pays a bill.  It does not use tax dollars and cannot run short of dollars. Period.

Gillespie never tells us what he means by “a sustainable level of government.” and that is why I believe that any size government is too big for him.  Though he claims to be a “Libertarian” (an anti-government belief with an infinite number of definitions), he is, I suspect, an anarchist.

(He is welcome to prove me wrong by explaining what size government he feels is “sustainable, “and why.)

Here is a guy, Gillespie, who writes about economics and who claims his sites “draw over 4 million visits per month and have been named among the nation’s best political sites, and yet he is completely ignorant about the fundamentals of federal finance. Yikes!

But, as wrongheaded as they are, the Nick Gillespies of the world do not make me angry. They are tools for the rich, and I understand their motives.

What makes me angry, and what I don’t understand, is the people who would be hurt most by Gillespie’s and the GOP’s policies, continuing to vote against their own best interests.

And not just voting against their own best interests, but angrily and insultingly arguing against a program like Federally funded Medicare for all (Step 2 of the Ten Steps to Prosperitythat would solve so many of their problems.

If you go to any right-wing site, you will see nothing but name calling and other insults for anyone tries to help them.

Frustrating to be sure.

Rodger Malcolm Mitchell
Monetary Sovereignty

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The single most important problems in economics involve the excessive income/wealth/power Gaps between the have-mores and the have-less.

Wide Gaps negatively affect poverty, health and longevity, education, housing, law and crime, war, leadership, ownership, bigotry, supply and demand, taxation, GDP, international relations, scientific advancement, the environment, human motivation and well-being, and virtually every other issue in economics.

Implementation of The Ten Steps To Prosperity can narrow the Gaps:

Ten Steps To Prosperity:
1. ELIMINATE FICA (Ten Reasons to Eliminate FICA )
Although the article lists 10 reasons to eliminate FICA, there are two fundamental reasons:
*FICA is the most regressive tax in American history, widening the Gap by punishing the low and middle-income groups, while leaving the rich untouched, and
*The federal government, being Monetarily Sovereign, neither needs nor uses FICA to support Social Security and Medicare.
2. FEDERALLY FUNDED MEDICARE — PARTS A, B & D, PLUS LONG TERM CARE — FOR EVERYONE (H.R. 676, Medicare for All )
This article addresses the questions:
*Does the economy benefit when the rich can afford better health care than can the rest of Americans?
*Aside from improved health care, what are the other economic effects of “Medicare for everyone?”
*How much would it cost taxpayers?
*Who opposes it?”
3. PROVIDE A MONTHLY ECONOMIC BONUS TO EVERY MAN, WOMAN AND CHILD IN AMERICA (similar to Social Security for All) (The JG (Jobs Guarantee) vs the GI (Guaranteed Income) vs the EB (Economic Bonus)) Or institute a reverse income tax.
This article is the fifth in a series about direct financial assistance to Americans:

Why Modern Monetary Theory’s Employer of Last Resort is a bad idea. Sunday, Jan 1 2012
MMT’s Job Guarantee (JG) — “Another crazy, rightwing, Austrian nutjob?” Thursday, Jan 12 2012
Why Modern Monetary Theory’s Jobs Guarantee is like the EU’s euro: A beloved solution to the wrong problem. Tuesday, May 29 2012
“You can’t fire me. I’m on JG” Saturday, Jun 2 2012

Economic growth should include the “bottom” 99.9%, not just the .1%, the only question being, how best to accomplish that. Modern Monetary Theory (MMT) favors giving everyone a job. Monetary Sovereignty (MS) favors giving everyone money. The five articles describe the pros and cons of each approach.
4. FREE EDUCATION (INCLUDING POST-GRAD) FOR EVERYONE Five reasons why we should eliminate school loans
Monetarily non-sovereign State and local governments, despite their limited finances, support grades K-12. That level of education may have been sufficient for a largely agrarian economy, but not for our currently more technical economy that demands greater numbers of highly educated workers.
Because state and local funding is so limited, grades K-12 receive short shrift, especially those schools whose populations come from the lowest economic groups. And college is too costly for most families.
An educated populace benefits a nation, and benefitting the nation is the purpose of the federal government, which has the unlimited ability to pay for K-16 and beyond.
5. SALARY FOR ATTENDING SCHOOL
Even were schooling to be completely free, many young people cannot attend, because they and their families cannot afford to support non-workers. In a foundering boat, everyone needs to bail, and no one can take time off for study.
If a young person’s “job” is to learn and be productive, he/she should be paid to do that job, especially since that job is one of America’s most important.
6. ELIMINATE FEDERAL TAXES ON BUSINESS
Businesses are dollar-transferring machines. They transfer dollars from customers to employees, suppliers, shareholders and the federal government (the later having no use for those dollars). Any tax on businesses reduces the amount going to employees, suppliers and shareholders, which diminishes the economy. Ultimately, all business taxes reduce your personal income.
7. INCREASE THE STANDARD INCOME TAX DEDUCTION, ANNUALLY. (Refer to this.) Federal taxes punish taxpayers and harm the economy. The federal government has no need for those punishing and harmful tax dollars. There are several ways to reduce taxes, and we should evaluate and choose the most progressive approaches.
Cutting FICA and business taxes would be a good early step, as both dramatically affect the 99%. Annual increases in the standard income tax deduction, and a reverse income tax also would provide benefits from the bottom up. Both would narrow the Gap.
8. TAX THE VERY RICH (THE “.1%) MORE, WITH HIGHER PROGRESSIVE TAX RATES ON ALL FORMS OF INCOME. (TROPHIC CASCADE)
There was a time when I argued against increasing anyone’s federal taxes. After all, the federal government has no need for tax dollars, and all taxes reduce Gross Domestic Product, thereby negatively affecting the entire economy, including the 99.9%.
But I have come to realize that narrowing the Gap requires trimming the top. It simply would not be possible to provide the 99.9% with enough benefits to narrow the Gap in any meaningful way. Bill Gates reportedly owns $70 billion. To get to that level, he must have been earning $10 billion a year. Pick any acceptable Gap (1000 to 1?), and the lowest paid American would have to receive $10 million a year. Unreasonable.
9. FEDERAL OWNERSHIP OF ALL BANKS (Click The end of private banking and How should America decide “who-gets-money”?)
Banks have created all the dollars that exist. Even dollars created at the direction of the federal government, actually come into being when banks increase the numbers in checking accounts. This gives the banks enormous financial power, and as we all know, power corrupts — especially when multiplied by a profit motive.
Although the federal government also is powerful and corrupted, it does not suffer from a profit motive, the world’s most corrupting influence.
10. INCREASE FEDERAL SPENDING ON THE MYRIAD INITIATIVES THAT BENEFIT AMERICA’S 99.9% (Federal agencies)Browse the agencies. See how many agencies benefit the lower- and middle-income/wealth/ power groups, by adding dollars to the economy and/or by actions more beneficial to the 99.9% than to the .1%.
Save this reference as your primer to current economics. Sadly, much of the material is not being taught in American schools, which is all the more reason for you to use it.

The Ten Steps will grow the economy, and narrow the income/wealth/power Gap between the rich and you.

MONETARY SOVEREIGNTY