The most ridiculous article you will read this week. The religion of politics.

Here are excerpts from the most ridiculous article you will read this week, and that is saying a lot these days.

White House asks Congress to pass emergency funding for disaster aid, Afghan resettlement as well as spending bill to avert shutdown
Administration officials also asked Congress to pass a short-term spending bill to avoid a government shutdown in October.
By Jeff Stein

The White House budget office on Tuesday sent Congress an “urgent” spending request asking for tens of billions of dollars in natural disaster relief and Afghanistan resettlement funding as the administration tries to respond to both emergencies.

Magician Archetype - Channeling Power in the Light & Shadow
Believe what I tell you.

The White House is asking for $14 billion in aid to respond to natural disasters that occurred before Hurricane Ida, as well as $6.4 billion to pay for the ongoing relocation of tens of thousands of Afghans who partnered with the U.S. during the war in Afghanistan.

The administration anticipates that another $10 billion will have to be approved in disaster relief for Hurricane Ida as well.

As part of the request, White House Office of Management and Budget Acting Director Shalanda Young called for Congress to approve a short-term extension in government funding so that there isn’t a partial government shutdown on October 1..

OK, I get it. Congress should examine how money is used.

And though I can’t say whether $14 billion is the right amount for previous disasters, or whether $6.4 billion is right for protecting the people who helped and believed us, or whether $10 billion is right for reducing the suffering caused by Hurricane Ida, I can say this:

  1. The initiatives themselves are worthwhile
  2. The government has infinite money
  3. It’s better to err on the side of “too much” rather than too little.

There is no downside to spending “too much,” even if some of it is “wasted,” because government spending, even wasted spending, stimulates (by formula) GDP growth, and costs taxpayers nothing.

{Federal taxpayers don’t fund federal spending. Federal taxpayers don’t fund anything.)

So the same Republicans who voted for Trump’s tax cut for the rich, joined by a couple of self-proclaimed “moderate” Democrats, who “work across the aisle,” will prance and preen and pretend to be so concerned about taxpayers.

They will demand that everything be cut by 30%, and later, will blame Biden for not doing enough. Gotcha!

Breitbart and FOX will wring their hands and cry crocodile tears for the Americans who are suffering and for the Afghans who are suffering, though, in today’s bifurcated world, no one seems really to care about anyone else’s suffering.

It’s all self-serving righteousness performed on the world’s biggest pulpit.

But the most ridiculous part is the phony threat of a government shutdown.

As the upcoming game of “pretend chicken” plays out, the Republicans will huff and puff their fake fiscal integrity; the Treasury and the Federal Reserve will institute fake “extreme efforts” to keep America from falling into bankruptcy; fingers will point in all directions; and the stock market will crash long enough for the smart-money guys to pick some cheap fallen fruit.

Then, miraculously and heroically, accommodation will be reached; the phony debt ceiling once again will be lifted and rescheduled for six months hence; and the stock market dutifully will provide quick profits to those who weren’t fooled by the blather.

All will self-congratulate for saving America from the potential disaster they themselves created, and the economically uneducated voters will go on believing what they always have been told: The Big Lie that federal finances are just like personal finances so the federal debt must be reduced.

It’s like a football game in which the politicians are the players, and the people are the football. Everyone gets their kicks.

The White House’s request for short-term funding needs comes as it works on unrelated legislation for an approximately $3.5 trillion budget deal that Democrats are seeking to shape this month in Congress.

That sweeping package would overhaul the social safety net, authorize new climate change programs, raise taxes on corporations, and achieve a number of other Biden administration priorities.

If overhauling the social safety net included 100% free healthcare for every American, plus Social Security for every American, that would be the greatest use of federal financial power in the past century — perhaps ever.

Sadly, that won’t happen. Not even close. The rich don’t want it because of Gap Psychology, and the public doesn’t know the government can do it all without raising taxes.

Anyway, as everyone knows, the poor are a bunch of lazy takers, who deserve their misfortune, so why help them? Right?

The public also doesn’t understand that climate change is an extinction-level event we are leaving for our children and grandchildren to cope with, so why take any action now to reduce CO2? Let the Chinese do it first.

The Republican’s sole (fake) concern is with unborn children; they have no interest in children already born, and especially no interest in poor children already born. So they march around, displaying huge photos of fetuses, which in reality are the size of your thumb, and worry not about the fate of those unfortunate women and their subsequent babies.

It’s all God’s will.

The Democrats are so busy wallowing in the nobility of their causes, they can’t bring themselves to dare tell the truth about federal finances, or to actually play the politics game.

So they will enjoy continuing to be righteous losers, despite owning a majority of the total voters. After winning the last Presidential election by seven million votes, the Dems brilliantly have managed to position themselves as Congressional underdogs.

Meanwhile, the universally despised Donald Trump, after leading and losing an election, the swing state of Georgia, and a rebellion against American democracy, continues to be a GOP torch-bearer, because really, what else do they have?

The administration’s request for more funding for the Afghanistan relocation and disaster relief programs is likely to provoke substantial (fake) debate in Congress, where Republicans have hammered the White House for its handling of the withdrawal to end the war.

The majority of the $6.4 billion requested by the White House will go principally to fund processing sites for relocating tens of thousands of people in Afghanistan who partnered with the U.S. during the two decades of war there.

Of the $6.4 billion, the biggest chunk is for the State Department and Department of Defense relocation process for allies from Afghanistan and support for them to help them integrate into American life.

Another substantial amount of funding would go to United States Agency for International Development for Afghans at risk in the regions.

Administration officials said Tuesday the request would help plans for resettling as many as 65,000 Afghans who are expected to arrive in the U.S. by the end of September, as well as up to 30,000 Afghans expected to arrive in the U.S. over the next 12 months.

The Republicans, who blasted Biden for not extracting perhaps a hundred Americans and thousands of our Afghan partners to the tender mercies of the Taliban, soon will blast Biden for wanting to resettle the many thousands he was able to extract.

Trump will claim they all are terrorists, criminals, rapists, and unaffordable leaches on the economy, whose children might vote Democrat in future elections. If that sounds familiar, it’s what he said about Mexicans and Muslims. The plot never changes; only the cast of characters changes.

“The operation to move out of danger and to safety tens of thousands of Afghans at risk, including many who helped us during our two decades in Afghanistan, represents an extraordinary military, diplomatic, security, and humanitarian operation by the U.S. government,” Young’s letter said.

“We urge Congress to appropriate $6.4 billion to enable the success of this multifaceted, historic mission,” she wrote.

As soon we will hear that “Biden wants to import terrorists” (those same people the GOP pretended to feel so sorry for), we’ll enjoy the grandstanding about the money needed to conduct the vetting to filter out terrorists.

The disaster aid — likely more than $20 billion when the damages from Hurricane Ida are factored in — would help the administration respond to Hurricane Laura and Hurricane Delta, as well as droughts, wildfires, and flooding in other parts of the country.

Administration officials said on a call with reporters that climate change is creating more severe storms and disasters that are impacting a growing number of Americans.

One innocently might imagine disaster aid would be a no-brainer for Republicans. After all, the most hurricane damage occurred in “red” states.

But, the wildfire damage mostly occurred in blue states, and as Donald Trump has told us, global warming is a Chinese hoax, and wildfires are due to poor forest management, which could be prevented by raking the forests (and perhaps with a dose of hydroxychloroquine?)

So, the politics require that anything — ANYTHING –Biden wants to be opposed by the Trump-subservient GOP, no matter how seemingly beneficial.

In short, the entire article is political theater, It’s religious miracles and magic, performed by political clergy to entertain, the masses. But sadly, instead of being entertained, the masses think the whole thing is real.

The people not only believe, but passionately believe, as there is a direct, but inverse, correlation between intelligence and belief in the supernatural.

As this all plays out, prior to next year’s elections, just sit back and enjoy the show. Remember that none of it is real and no one is saying what they mean.

It’s all a put-on, to keep you contributing to your political religion of choice, and returning to the chapel for the holiday elections.

Rodger Malcolm Mitchell
Monetary Sovereignty
Twitter: @rodgermitchell
Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

……………………………………………………………………..

THE SOLE PURPOSE OF GOVERNMENT IS TO IMPROVE AND PROTECT THE LIVES OF THE PEOPLE.

The most important problems in economics involve:

  1. Monetary Sovereignty describes money creation and destruction.
  2. Gap Psychology describes the common desire to distance oneself from those “below” in any socio-economic ranking, and to come nearer those “above.” The socio-economic distance is referred to as “The Gap.”

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 Monetary Sovereignty and The Ten Steps To Prosperity can grow the economy and narrow the Gaps:

Ten Steps To Prosperity:

  1. Eliminate FICA
  2. Federally funded Medicare — parts A, B & D, plus long-term care — for everyone
  3. Social Security for all
  4. Free education (including post-grad) for everyone
  5. Salary for attending school
  6. Eliminate federal taxes on business
  7. Increase the standard income tax deduction, annually. 
  8. Tax the very rich (the “.1%”) more, with higher progressive tax rates on all forms of income.
  9. Federal ownership of all banks
  10. Increase federal spending on the myriad initiatives that benefit America’s 99.9% 

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

MONETARY SOVEREIGNTY

When the POTUS doesn’t know (or care) what he’s talking about

Sadly, either the President of the United States, who professes to be a friend to working men and women, is clueless about how the U.S. economy works, or is lying for political purposes.
Joe Biden: The President | The White House
Save us from our “friends.”
Let’s be realistic. He’s lying. Given that he is surrounded by experienced economists, he simply must understand at least the basics of economics. So, the only possible conclusion is that he is lying about those basics, among which are:
  1. A Monetarily Sovereign entity has the unlimited ability to create its own sovereign currency. It cannot unintentionally run short, of its money, even if it has zero income.
  2. By contrast, the economy does not have the unlimited ability to create money, and when it runs short of money it has recessions and depressions.
  3. The United States government is Monetarily Sovereign. Therefore it has neither need for, nor use of tax dollars. In fact, the U.S. Treasury destroys all federal tax dollars. Upon receipt, they cease to exist in any money supply measure.
  4. Economic growth requires money growth. Gross Domestic Product, the most common measure of the economy, is based on spending by the public and by the federal government. GDP growth requires federal deficit spending.
Given the above points, it’s instructive analyze President Biden’s recent speech, and show how it makes no economic sense:
President Biden spoke about his plan to close tax loopholes on major corporations and the wealthy during a speech Friday on this month’s job numbers.

“PRESIDENT JOE BIDEN: The fact of the matter is though, that it is about time they begin to pay their fair share.

“Fair share” sounds so . . .  well, fair . . .  but it is utter nonsense, considering that all federal taxes are unnecessary and useless, some more so than others. By “fair,” Biden means that while you are forced to pay useless and economically damaging federal taxes, rich corporations and rich people pay comparitively less useless and economically damaging taxes. So his solution is to continue forcing you to pay those taxes, and to pretend to force rich people and companies to pay more. (I say “pretend,” because raising tax rates, the course charlatan politicians usually take, does nothing if there always are special breaks for the rich.)

Alan Greenspan: “A government cannot become insolvent with respect to obligations in its own currency.”

Ben Bernanke: “The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.”

No, Mr. President, the real unfairness is that the poor and middle-classes are forced to pay any federal taxes at all, thereby starving them and the economy, and benefiting no one.

“For example, you heard me say it before and I will say it again, it’s the best example of what to say to people. 55 of the largest corporations in America last year paid zero, zero, in federal taxes. I don’t care what your position is.

It’s just time to pay their fair share. Just pay a little bit here and it comes out to billions of dollars, if they pay.

No one would be helped by corporations being forced to pay federal taxes. NO ONE, least of all the federal government, which has the unlimited ability to create dollars. Those “billions of dollars” would be deducted from the private sector, i.e. the U.S. economy, and destroyed. They would not help the government pay its bills, which it does by creating new dollars, ad hoc.

It is the height of stupidity to take precious dollars from the the economy and to give them to an entity (aka “the federal government”), that has infinite dollars.

The irony of ironies is during the recession and the pandemic, you heard me say this before, when the vast majority of Americans are struggling to just hang out, the number of billionaires actually grew.

To solve that problem, simply stop taking dollars from the “vast majority of Americans who are struggling.”

Right now, the House and the Senate are working on my plan to generate a fair tax system and close big loopholes big corporations and the superwealthy use to pay less.

Do you want a “fair tax system”? Then immediately stop collecting FICA (one of the most regressive taxes in America), and provide Medicare for All and Social Security for all. Those would be three good steps toward fairness.

There is a group of experts left, right, and center who estimate that we lose more than $100 billion a year in tax revenue owed from the top 1% of taxpayers alone. Not because of low tax rates, but because the wealthy people are not paying the taxes they owe.

We’re going to change that, so they pay taxes just like typical hard-working Americans right now.

“We” is who? The federal government that already has infinite money? So, stop taking tax dollars from those “typical, hard working Americans.” Problem solved.

We will use the money we collect to give tax cuts for to give tax cuts to middle-class families. To make it easier to raise kids and take care of your aging parents. And so much more.

No, you will not use the money you collect, for anything. Nor do you need to. The federal government already has infinite money. And don’t just give tax “cuts” to the middle-class families. Collect zero federal taxes from them.

What is going on in Congress? Not a single Republican supports this plan. They support the bipartisan plan, but not this plan. Not one.

And some big corporations are spending billions, legitimately, they’re lobbying, to try to escape their obligation to pay the taxes they owe, leading working families to pay a larger share of the burden.

Somebody has to pay. And when those who can afford to pay aren’t paying near their fair share, it means you all pay more.

“Somebody has to pay,”  and that “somebody” is the federal government, which pays all its bills by tapping a few computer keys and thus, creating dollars, ad hoc. Republicans won’t support the plan, for two reasons:
  1. The GOP is the party of the rich, and only supports tax cuts and benefits for the rich. They despise the poor, and want to cut the minimal benefits the poor already receive.
  2. The GOP will not support Democrat’s plans, simply because Donald Trump is terrified of anything that makes Democrats “look good.” Today’s GOP is more loyal to Trump than to America.
Remember: Both political parties are bribed by the rich to feign ignorance of a fundamental economic truth: The U.S. federal government is Monetarily Sovereign. It has the unlimited ability to create dollars at the touch of a computer key, and has neither need for, nor use of, tax dollars. Federal deficit spending is necessary to grow the economy, and federal “debt” neither is debt nor is a burden on future taxpayers or on the federal government. Claiming to want federal tax “fairness” is an exercise in deception, the purpose of which is to widen the income/wealth/power Gap between the rich and the rest. The only true step toward federal tax fairness would be to stop claiming falsely that federal taxes fund federal spending, and to eliminate federal taxes on the “not-rich.” Begin by eliminating the most regressive federal tax: FICA This deception (aka the “Big Lie”) is funded by bribes to politicians, the media, and the university economists. The only way President Biden can be considered a “friend” to working men and women is by comparison with avowed enemies, Donald Trump and his GOP sycophants. Rodger Malcolm Mitchell Monetary Sovereignty Twitter: @rodgermitchell Search #monetarysovereignty Facebook: Rodger Malcolm Mitchell

……………………………………………………………………..

THE SOLE PURPOSE OF GOVERNMENT IS TO IMPROVE AND PROTECT THE LIVES OF THE PEOPLE.

The most important problems in economics involve:
  1. Monetary Sovereignty describes money creation and destruction.
  2. Gap Psychology describes the common desire to distance oneself from those “below” in any socio-economic ranking, and to come nearer those “above.” The socio-economic distance is referred to as “The Gap.”
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 Monetary Sovereignty and The Ten Steps To Prosperity can grow the economy and narrow the Gaps: Ten Steps To Prosperity:
  1. Eliminate FICA
  2. Federally funded Medicare — parts A, B & D, plus long-term care — for everyone
  3. Social Security for all
  4. Free education (including post-grad) for everyone
  5. Salary for attending school
  6. Eliminate federal taxes on business
  7. Increase the standard income tax deduction, annually. 
  8. Tax the very rich (the “.1%”) more, with higher progressive tax rates on all forms of income.
  9. Federal ownership of all banks
  10. Increase federal spending on the myriad initiatives that benefit America’s 99.9% 
The Ten Steps will grow the economy and narrow the income/wealth/power Gap between the rich and the rest.

MONETARY SOVEREIGNTY

Here’s to the dirty, rotten, stinking liars who are trying to steal your money.

Was that headline too subtle? Was I able to conceal my true feelings?

Let’s be clear: The people who claim that the federal government is running short of dollars fall into just two categories:

Charlie Brown Bullshit GIF - Charlie Brown Bullshit Peanuts - Discover &  Share GIFs

  1. Those who are ignorant about federal finances, or
  2. The abovementioned dirty, rotten, stinking liars, who are trying to steal your money.

For instance, take my favorite nomination for the title, “dirty rotten, stinking liars,” whom I simply cannot believe are ignorant about federal finances, so it must be deliberate, the Committee for a Responsible Federal Budget (CRFB):

Trustees Show Limited Time to Save Social Security and Medicare
Aug 31, 2021

Today, the Social Security and Medicare Trustees released their annual reports on the state of the trust funds.

The Trustees find that Medicare’s Hospital Insurance trust fund will be insolvent by 2026, Social Security’s Old-Age and Survivors Insurance trust fund will run out of reserves by 2033, Social Security’s Disability Insurance trust fund will be depleted by 2057, and the theoretically combined Social Security trust funds will be insolvent by 2034.

Upon insolvency, Social Security will be reduced across-the-board by 22 percent under current law.

There, you just have read the Big Lie, that dirty, rotten, stinking Big Lie. If you remember just one thing from this post, or indeed, from this entire blog, remember this:

It is impossible for the Monetarily Sovereign U.S. government unintentionally to run short of its own sovereign currency, the U.S. dollar.

It’s not just difficult, or rare, or unusual, or doubtful. We’re talking about 100%, absolutely impossible.

Why? Because the federal government has the infinite ability to create its own sovereign currency, at will. No limits.

What if the federal government stopped collecting taxes? It still would be impossible for the government unintentionally to run short of dollars.

What if China cashed in all its T-bills, T-bonds, and T-notes? Still impossible.

What if no one on earth wanted to buy T-securities? Still impossible.

What if the federal deficit increased 500% in one month? Still impossible.

What if the cost of Social Security payments tripled next year? Still impossible.

What if the cost of Medicare quintupled next year? Still impossible.

Get it? There is no possible scenario by which the U.S. government unintentionally can run short of dollars or become insolvent. None. Zip. Zilch. Period.

The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:

13 years – that’s how long seniors have before Social Security and Medicare run out of reserves. We can’t promise full benefits to today’s retirees, let alone our kids and grandkids.

Not only is this year’s outlook than in last year’s report, but we’ve lost yet another year from inaction. As the Trustees explain, we should act sooner rather than later to restore solvency to these vital programs.

Acting today, we could fix Social Security with a 27 percent tax increase or 21 percent benefit reduction. If we wait until 2034, those adjustments will have to be about a quarter larger.

And there would be little opportunity to phase in changes or give workers the warning they deserve.

Either Maya is ignorant about federal financing or she is lying, and by now, I suspect it is the latter. I suspect that she is one of the many dirty, rotten, stinking liars promulgating the Big Lie.

Maya, plus the so-called “trustees” of the non-existent, phony “trust funds,” are ignorant or lying through their teeth. 

Because the U.S. federal government cannot run short of dollars and become insolvent, it is 100% impossible for any agency of the federal government to run short of dollars unless that is what Congress and the President intend.

That’s right folks. No matter what the dirty, rotten, stinking liars may tell you, Social Security and Medicare, being agencies of the federal government, cannot run short of dollars unless that is what Congress and the President want. 

Even if the FICA, which counter to common belief, does not fund Social Security or Medicare — even if the FICA tax were completely eliminated (which it should be), Social Security and Medicare could continue paying benefits — even double or triple benefits — forever.

And, that blanket truth includes not only Social Security and Medicare. We’re talking about every federal agency, from the (alphabetically) AbilityOne Commission to the Woodrow Wilson International Center for Scholars. Not one of them can run short of dollars unless that becomes the intent of Congress and the President.

I cannot believe that after all these years, the CRFB and the “trustees” of the non-existent “trust funds” aren’t aware of this. So, they all must be dirty, rotten, stinking liars. I can’t think of any, other alternatives. Can you?

Why would they lie? Because the very rich, who run America, bribe the information sources to lie. They bribe the media via ownership and advertising dollars. They bribe the university economists via contributions to universities and promises of lucrative “think tank” employment. And they bribe the politicians via political contributions and promises of “no-work” but lucrative lobbying employment.Here's Your Big Pile Of Shit. Now who's going to clean that up? | by Nicole  Chardenet | Interfaith Now | Medium

Why do the rich-who-run-America want to promulgate the Big Lie and federal agencies can become insolvent? Because they want to widen the Gap between the rich and the rest, and the agencies the rich talk about are the very ones that most help us non-rich folks.

It is the Gap that makes the rich rich. Without the Gap, no one would be rich; we all would be the same. And the wider the Gap, the richer are the rich.

It’s not just the CRFB and the “trustees” of the non-existent “trusts” that promulgate the “Big Lie.”

From Axios  Debates over tax increases, which lurked behind the scenes for most of the year, will burst into public this fall as President Biden’s $3.5 trillion infrastructure plan moves toward final passage.

Why it matters: Biden promised new revenue to pay for historic spending increases in his second, “soft” infrastructure package. He needs tax increases to pick up votes from Joe Manchin (D-W.Va.) in the Senate and a handful of House centrists, who are concerned about adding even more to the national debt.

One solution currently under discussion would be to raise the capital gains rate from 20% to 28% for high-income earners. A 3.8% Medicare surtax applies to both figures, raising the effective tax rate from 23.8% to 31.8%.

But wait. Clearly, if the federal government can create dollars at will, then federal taxes don’t “pay for” federal spending. The federal government creates dollars to pay for spending.

Thus, the so-called (misnamed) federal “debt” is meaningless, is the debt/GDP (Gross Domestic Product), that mathematically meaningless, but oft-mentioned fraction. It measures nothing, predicts nothing, and provides zero economic guidance.

Evidence that the so-called “debt” is meaningless is provided by the fact, that the federal government destroys all your tax dollars, the instant they are received by the Treasury. It creates brand new dollars, at will, to pay for spending.

Your dollars start out in your checking account as part of the M1 money measure and end up as part of no money measure. They simply disappear.

Why? Because there is no way to measure the amount of money the federal government has, when it has the infinite ability to create money at the touch of a computer key.

The purpose of all those professed concerns about federal “debt” is just to fool the voting rubes. Neither you, nor your grandchildren, ever will pay for the federal debt, partly because it isn’t federal “debt” and partly because your taxes don’t fund federal government spending.

The “debt” is just the total of deposits into T-security accounts, which are paid off, upon maturity, simply by returning the dollars already deposited into those accounts. The whole process is nothing like would you probably think of when you think of debt. It is more like a bank returning the dollars that are stashed in a safe deposit box.

But wait, again. Biden is talking about raising tax rates on the rich. How does that fit with the idea that the rich pay bribes to promulgate the Big Lie.?

Answer: It’s all fake. It’s political theater. The government can raise all the rates it wants, but rates are not dollars. The rich pay politicians to insert key loopholes into the law — loopholes that allow the rich to pay minimal or zero taxes, no matter what the rates are.

And then there is this dirty, rotten, stinking lie from the Chicago Tribune:

9/1/21 Chicago Tribune
Virus adds to Social Security, Medicare woes
The financial impact of the pandemic is straining Social Security and Medicare.
By Ricardo Alonso-Zaldivar and Martin Crutsinger Associated Press

WASHINGTON — Social Security and Medicare, the government’s two biggest benefit programs, remain under intense financial pressure with the retirement of millions of baby boomers and a devastating pandemic putting increased pressures on the two programs’ finances.

A report from the programs’ trustees released Tuesday moved up by one year the date for the depletion of Social Security’s reserves, now projecting that Social Security will be unable to pay full benefits starting in 2034 instead of 2035.

Total BS. Being federal agencies, Social Security and Medicare have as much in “reserve” as Congress and the President want them to have. There is no financial “pressure,” simply because the federal government has infinite ability to create dollars.

Similarly, they have the infinite ability to pay full benefits, if that is what Congress and the President want.

This is just a ploy to squeeze the not-rich and to widen the Gap between the rich and the rest.

Medicare is expected to exhaust its reserves in 2026, the same date as estimated last year.
The report noted that employment, earnings, interest rates and economic growth plummeted in the second quarter of 2020 after the pandemic hit the country.

Ah, the cruelty of the rich. At the very time when the common people are losing their income (and the rich are making fortunes in the rising stock market), the rich are trying to cut the safety nets of Social Security and Medicare. Does it get any more disgusting than that?

When the Social Security trust fund is depleted the government will be able to pay 78% of scheduled benefits, the report said.

Because a reduction in benefits of that magnitude would cause a political uproar, it is likely that Congress would find ways to recover the lost benefits, either by hiking the payroll taxes paid by current workers or by increasing government borrowing to cover the shortfall.

More dirty, rotten, stinking lies. The non-existent “trust fund” cannot be depleted. But Congress’s solution to the non-problem is to raise taxes on the people who least can afford it.

The government simply can create more dollars and misleadingly call it “borrowing” though the issuance of T-securities is nothing at all like borrowing.

T-security accounts merely provide safe depositories for unused dollars,  the sole purposes of which are to stabilize the dollar and to control interest rates, not to provide spending dollars for the federal government.

Bottom Line You have been fed a continual stream of dirty rotten, stinking lies, all at the behest of the very rich.

The truth is: The U.S. federal government, being Monetarily Sovereign, has the infinite ability to create its own sovereign currency, the U.S. dollar. The government never, unintentionally, can run short of dollars.

And no, this does not cause inflation, which never is caused by federal deficit spending. All inflations and hyperinflations are caused by the scarcity of one or more key products, most often food and energy. Today’s inflation is caused by a scarcity of oil, computer chips, food, and labor.

Inflation can be cured by additional federal spending to obtain and distribute the scarce items.

No agency of the federal government can run short of dollars, unless that is what Congress and the President want.

The rich, bribe all your sources of information to promulgate the Big Lie, so that federal agencies can tax you more and pay you less, while the politicians wring their hands in fake concern, and pretend they are helpless to prevent it.

They all are a bunch of dirty, rotten, stinking liars, who are conning you out of your money, to benefit the very rich.

If that doesn’t get you angry enough to contact your federal Senators and Representative, nothing will.

Rodger Malcolm Mitchell Monetary Sovereignty Twitter: @rodgermitchell Search #monetarysovereignty Facebook: Rodger Malcolm Mitchell

……………………………………………………………………..

THE SOLE PURPOSE OF GOVERNMENT IS TO IMPROVE AND PROTECT THE LIVES OF THE PEOPLE.

The most important problems in economics involve:

  1. Monetary Sovereignty describes money creation and destruction.
  2. Gap Psychology describes the common desire to distance oneself from those “below” in any socio-economic ranking, and to come nearer those “above.” The socio-economic distance is referred to as “The Gap.”

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 Monetary Sovereignty and The Ten Steps To Prosperity can grow the economy and narrow the Gaps: Ten Steps To Prosperity:

  1. Eliminate FICA
  2. Federally funded Medicare — parts A, B & D, plus long-term care — for everyone
  3. Social Security for all
  4. Free education (including post-grad) for everyone
  5. Salary for attending school
  6. Eliminate federal taxes on business
  7. Increase the standard income tax deduction, annually. 
  8. Tax the very rich (the “.1%”) more, with higher progressive tax rates on all forms of income.
  9. Federal ownership of all banks
  10. Increase federal spending on the myriad initiatives that benefit America’s 99.9% 

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

MONETARY SOVEREIGNTY