Why I agree (gasp!) with Trump and the GOP — almost. Sunday, Nov 12 2017 


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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Here is why I agree with Trump and the GOP — almost — even though he and they don’t understand exactly what they are lying about:

Deficit worries complicate path for Republican tax cuts
Reuters, By David Morgan

WASHINGTON (Reuters) – Unease among Republicans about a massive increase in the federal deficit could complicate passage of two tax-cut bills working their way through the U.S. Congress, endangering President Donald Trump’s top legislative priority.

The Committee for a Responsible Federal Budget (CRFB), a nonpartisan budget watchdog in Washington, on Friday called a Senate Republican tax plan a “fatally flawed budget buster,” likening it to Republican legislation in the House of Representatives that the House tax committee has approved.

Both measures would add $1.5 trillion over 10 years to the annual budget deficit and the $20 trillion national debt, according to congressional tax analysts.

O.K., immediately you know Trump and the GOP are wrong — for two reasons:

  1. They are worried about the increase in the economy’s money supply (aka the misnamed “deficit”), the increase that stimulates economic growth
  2. They are taking advice from the notorious “debt Henny Pennys, the CRFB, who have issued the same old warning about the debt “ticking time bomb,” year after year, for more than 35 years. During that period, the federal “debt” has risen an astounding $13 Trillion, from under $1 Trillion to $14 Trillion — and still, we wait for that “time bomb” to explode.

The so-called federal “debt” is the total of deposits in T-security accounts, which are similar to interest-paying savings accounts. 

Image result for savings account passbook

A T-security account is like a bank savings account.

When you deposit your dollars in your bank savings account, they become a debt of your bank.

Your bank owes you the dollars, but does not spend or lend your dollars.

To lend, your bank creates brand new dollars.

Your dollars stay in your account, accumulating interest until you withdraw them. Their only function is to provide legal reserves.

Similarly, when you “lend” to the federal government, you actually make a deposit in your T-security account. The government does not spend or lend your dollars. Your dollars remain in your T-security account, accumulating interest until the government pays it back.

As with a bank savings account, the government does not spend your T-security account dollars.  To pay off the “debt,” the government does not use tax dollars. It merely gives you back the dollars that currently exist in your T-security account.

The primary difference between a T-security account and a bank savings account is semantic. We call the former, “debt,” and the latter, “deposits.”

Ironically, we worry about the size of federal “debt” but not the size of bank “deposits,” though the federal government cannot go bankrupt, and banks can.

I know. I know. It makes no sense.

Nearly 10 months into his presidency, with his party in control of the House and the Senate, Trump is still without a major legislative victory.

There are two reasons Trump hasn’t had a victory:

  1. He can’t comprehend anything much longer than a paragraph. He had no idea what was in the multitude of awful “repeal & replace” Obamacare plans, so he couldn’t give Congress any guidance. Similarly, he has no idea what is in the various tax plans. He only wants to sign something, anything, no matter how terrible, so he can say he did something.
  2. The voters may be ignorant of the facts, but they are not stupid, and they can see that everything the GOP puts in front of them will take from the 99% and reward the richest 1%.

The Tax Foundation, another nonpartisan group, said the Senate plan would add $1.78 trillion to the deficit over a decade.

Translation: It would add $1.78 million more to the economy over a decade.

It estimated that over the same time frame lower taxes would expand the U.S. economy by 3.7 percent, add 925,000 full-time jobs, raise wages by 2.9 percent and generate enough new tax revenue to erase all but $516 billion of the deficit effect.

Now think very closely about the above two paragraphs. Together they tell you (rightly) that because tax cuts (i.e. deficit increases) will add dollars to the economy, they will grow the economy, add jobs and raise wages.

Those are good things, right? So if deficit spending will accomplish those good things, why is anyone opposed to deficit spending?

Here’s why:

For decades, Republicans positioned themselves as deficit hawks, refusing to raise the debt limit, opposing Democratic spending programs and warning of crushing federal debts being passed on to future generations of Americans.

The deficit Henny Pennys are afraid to admit they have been lying to you and the rest of the voters about the “dangers” of what really benefits you: Federal deficit spending.

Today, they are hung on their own lies, and will try to double-talk you into believing “federal deficits aren’t so bad after all, but anyway, there won’t be deficits” — or something.

In short, they think you’re stupid.

The tax plans now being debated represent a stark reversal, with congressional Republican leadership and tax law writers urging passage of deficit-expanding tax changes. Only a handful of Republican senators already have publicly voiced misgivings.

This is one more demonstration of the Republican Party’s utter bankruptcy. Most of them hate Trump, but are frightened to say it. And most of them know that deficits grow the economy, but are afraid to tell you the truth.

This is disgusting, even for politicians, because their lies directly harm you and the economy.

After the Senate plan was released on Thursday, Republican Senator Jeff Flake said in a statement, “I remain concerned over how the current tax reform proposals will grow the already staggering national debt by opting for short-term fixes, while ignoring long-term problems for taxpayers and the economy.”

Flake repeats the Big Lie that taxpayers will have to pay off the federal “debt” (deposits). They won’t.

Questions:

  1. Do you consider your bank’s savings account deposits to be “staggering.”
  2. Do you even know or care what those deposits are?
  3. Do you think you and your children will have to pay off those deposits?

If your answers rightfully are “No,” “No, and “No,” you similarly should not care about the federal government’s so-called “debt.”

Senator James Lankford said in a statement, “As we work on tax relief, we must also not lose sight of our responsibilities to protect the nation, provide basic government services and confront our federal debt.”

Senator Bob Corker, another Republican and a critic of Trump, did not comment after the Senate bill’s release but signaled fiscal concerns after the House issued its plan, saying he did not want tax cut legislation that added to the deficit.

And then there’s the CRFB, with its usual misstatement:

“The current tax reform debate shows Congress just can’t seem to shake its addiction to debt,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

“If tax cuts paid for by debt are signed into law, Congress will have sent a massive, budget-busting tax bill to our children to pay, and it will result only in a short-term sugar high with little to no economic improvement over the long term,” she said.

May MacGuineas, would you please shut up.  Just shut up.

You should be ashamed of yourself. Either you don’t know what you are talking about or, more likely, you have been paid to spread the Big Lie for all these years.

Either way, you will do America a great service if you simply shut up.

I agree with Trump’s and the GOP’s desire to cut taxes, and I agree with the resultant, increased deficit, simply because that would do exactly what The Tax Foundation predicted: Grow the economy, add jobs and raise wages.

What I don’t agree with is the nature of the GOP’s deficits, because as always, they favor the rich, and widen the Gap between the rich and the rest.

Instead, we should increase deficits by instituting The 10 Steps to Prosperity (below).

If Congress and the President merely took Step #1 — eliminate the FICA tax — that alone would go a long way toward growing the economy, adding jobs and raising wages, while narrowing the Gap.

So, enough! Enough with calling deposits in T-security accounts “debt.” Enough with plans that favor the rich and punish the 99%. Enough with widening the Gap between the rich and the rest.

Enough with the Big Lie.

At long last, Congress and the President, forget the political BS and do what you’re paid to do. Do what’s right for the people.

Is that too much to ask?

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

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The 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

Democrat Sen. Durbin courageously addresses the bankster issue Thursday, Jun 25 2015 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●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.
To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Everything in economics devolves to motive, and the motive is the Gap between the rich and the rest..

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Recently, I wrote to my Illinois Senator, Democrat Dick Durbin, asking why not a single big-bank, bankster has been prosecuted, much less convicted.

Here is the full text of his courageous response, along with my comments:

June 25, 2015
Dear Mr. Mitchell:

Thank you for contacting me about the decision not to prosecute many executives involved in the 2008 financial crisis. I appreciate hearing from you.

“Many” executives? How about “any” executives?

In January of 2013, Senators Sherrod Brown of Ohio and Chuck Grassley of Iowa sent a letter to then-Attorney General Eric Holder. This letter questioned the scope and type of charges the Department of Justice had brought against those involved in the financial crisis. The DOJ said it would charge people it believed had broken the law. By the end of 2014, the DOJ had secured over $36 billion dollars in civil penalties related to the crisis.

Somewhat of a shift. The DOJ was supposed to charge people. The billions in civil penalties came from the banks. The people could not care less.

In the wake of the 2008 downturn, we worked in a bipartisan way to rebuild the country and enact common sense reform of the financial system. These reforms addressed many of the practices that led to the crisis.

It was not a “downturn,” Senator. It was a full fledged recession, bordering on a depression. Millions of people were thrown into financial devastation. Sadly, too few were politicians.

The “reforms” did not address the fundamental problem: Banks trading for their own accounts, rather than acting as banks.

Firms cannot think they are too big to fail, and executives must not be allowed to make decisions and not feel the consequences. These notions can lead to excessive risk-taking, and the expectation that the government will save a troubled company.

Except, the government rewarded the “too big to fail” banks by lending them money to keep them from failing. And the executives were rewarded with gigantic salaries and bonuses. Why? I guess we all know the answer to that.

I will keep your concerns in mind as we work to strengthen the American middle-class and protect the financial system from reckless behavior.

Thank you again for contacting me. Please feel free to keep in touch.
Sincerely,
Richard J. Durbin
United States Senator

I feel good, don’t you. He will strengthen the American middle-class and protect the financial system. How? I don’t know.

Anyway, you might think the headline of this post was sarcastic, when it spoke of his courage, but it takes a lot of guts to send a constituent a letter so filled with meaningless generalities and outright falsehoods. So kudos to Senator Durbin for his courage.

Now if only he would sponsor a term limits bill. His letter is a perfect example for why term limits are needed.

By the way, the solution to the bankster problem is in #9 of the Ten Steps to Prosperity: Federal ownership of all banks (Click here and here)

Eliminate the profit motive and you eliminate the banksters.

Rodger Malcolm Mitchell
Monetary Sovereignty

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The Ten Steps to Prosperity:

1. Eliminate FICA (Click here)
2. Federally funded free 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. Federally funded, 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. (Refer to this.)
8. Tax the very rich (the “.1%”) more, with higher, progressive tax rates on all their 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)

Initiating The Ten Steps sequentially 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

Long term view:
Monetary Sovereignty

Recent view:
Monetary Sovereignty

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.

#MONETARYSOVEREIGNTY

–The single reason for the repeated U.S. financial crises Wednesday, Oct 16 2013 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●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.

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There is one reason for our repeated financial crises. No, it is not the real estate bubble burst, though that contributed, once.

No, it is not our disfunctional Congress. In fact, Congress is functioning exactly as demanded and paid for.

No, it is not the debt limit law, which is a symptom, not a cause.

The single, underlying reason for the debt crisis is summarized in the following article:

The Financial Crisis That Could Bankrupt America & the Millennial Generation
By The Daily Ticker

In the year 2050, experts predict more than 80 million Americans will be over the age of 65, or double current levels. In the same timeframe, the number of “working age” Americans – those between 18 and 64 – will rise just 17%.

In other words, the problem we have today of too few workers trying to support too many retirees is going to get much worse.

The demographic realities of America’s aging population threatens to bankrupt the nation, which is already spending 22% of the federal budget on Social Security.

It’s downright calamitous for the youth of America, which is facing the prospect of sharply higher taxes to pay for entitlement programs.

Stan Druckenmiller, a legendary investor and founder of Duquesne Capital Management, (said): “I am not against seniors. What I am against is current seniors stealing from future seniors.”

And there you have it, all the falsities, misunderstandings, lies and myths, with which the populace has been brainwashed, compressed into in one concise article.

The truth is, federal finances are not like your personal finances:

1. The United States, being Monetarily Sovereign, cannot be forced into bankruptcy.

Our government, having created the laws that created the dollar, has the unlimited ability to create more dollars. The only way the U.S. could go bankrupt is for a corrupt Congress and President to pass laws restricting this money creation.

2. Given the government’s unlimited ability to create dollars, federal taxes do not pay for federal spending. Workers do not support retirees. If there was but one worker in all of America (or even zero workers), the federal government could continue to create the dollars to pay every bill, not only for retirees, but for everything the government wishes to support.

3. Spending 22% of the federal budget (or any other percentage) neither is bad nor good. With unlimited spending ability, there should be no concern about the size of any one budget item.

4. There is no need for the youth of America to pay higher taxes. Literally, there is no need for the youth of America to pay any federal taxes at all (though local taxes remain necessary). Federal taxes do not support federal spending.

In fact, federal tax payments are destroyed upon receipt. As soon as your tax dollars are removed from your checking account, they no longer are part of the U.S. money supply. They have disappeared. Government spending created dollars ad hoc.

5. Druckenmiller is clueless about Monetary Sovereignty. When today’s seniors receive Social Security, they do not steal from future seniors. If if FICA were eliminated (as it should be), this would not affect the government’s ability to pay for Social Security, Medicare or anything else.

In short, the very premise of today’s financial crises — the notion that federal finances are like personal finances — is dead wrong, clearly wrong, diametrically wrong.

Austerity, aka deficit reduction, aka “balanced budget,” impacts the middle and the poor far more than it impacts the rich. Austerity widens the gap between the rich and the rest.

So why do the politicians, the media and even the mainstream economists subscribe to such a damaging idea. Why do they insist on crippling America, especially the middle- and lower-income groups, for no good reason?

They have a “good” reason: They have been bribed by the rich, to widen the gap between the rich and the rest.

Being rich requires that there be a gap. If there were no gap, and everyone had the same amount of money as everyone else, no one would be “rich.” The wider the gap, the richer are the rich.

So the rich pay to have the gap widened:

They bribe the President and Congress via campaign contributions and promises of lucrative employment later.

They bribe the media via their ownership of the largest media outlets. Media writers do not bite the hand that feeds them.

They bribe the mainstream economists via contributions to major universities. Gaining and maintaining tenure requires going along with the university leaders, and with being printed in the media that — you guessed it — are owned by the rich.

So with lies being blared in a continuing fire hose of misinformation, the public has been brainwashed into believing the federal deficit should be cut — brainwashed into believing that what hurts them is a good thing.

Visualize this: When the federal government creates and spends money, where does that money go? Into the economy. Federal deficits are surpluses for the economy.

The federal government is Monetarily Sovereign, and has the unlimited ability to create dollars. But, the economy is monetarily non-sovereign, and can run short of dollars.

Why then, do media writers fret about federal deficits, when they really should worry about the economy’s deficits?

Their readers have been brainwashed, and the richest .1% have paid for the soap. Americans believe federal finances are like personal finances, so they wrongly fear the federal deficit and federal debt.

And that is why the U.S. repeatedly has financial crises.

Rodger Malcolm Mitchell
Monetary Sovereignty

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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
Monetary Sovereignty Monetary Sovereignty

As the federal deficit growth lines drop, we approach recession, which will be cured only when the lines rise.

#MONETARY SOVEREIGNTY

–The new image of the Republican party Sunday, Oct 13 2013 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●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.

======================================================================================================================================================================================

Wise heads in the Republican Party can count. They see the results of the last Presidential election. They realize they have alienated large segments of the voting population — blacks, browns, gays, women, non-Christians, immigrants, young people — just about everyone except older, white males.

Further, under the heading “You’re known by your friends,” having such friends as Glenn Beck, Ben Shapiro, (Editor-at-Large of Breitbart News), Judson Phillips (Tea Party Nation founder) and Rush Limbaugh, is not likely to give the Republicans a new, sane and compassionate image.

Even further, wise Republican heads have come to understand that their selection of crazies and incompetents to be Presidential candidates, made the Party itself look crazy and incompetent. After all, Herman Cain, Michele Bachmann, Rick Santorum, Newt Gingrich, Rick Perry et al, each of whom actually led the right wing polls, are not about to inspire enthusiasm among thoughtful voters.

But, at long last, the Republicans are attempting to shed their mean-spirited, extremist image:

Cruz crushes field in presidential straw poll at Values Voters Summit
By Seth McLaughlin-The Washington Times Saturday, October 12, 2013

Sen. Ted Cruz trounced the competition in the presidential straw poll at the 2013 Values Voters Summit, with Dr. Ben Carson and former Pennsylvania Sen. Rick Santorum

Ted Cruz? Ben Carson? Rick Santorum? These are the candidates who will soften the right wing, extremist image of the Republican Party?

Oops.

Mr. Cruz was one of a handful of conference speakers — including Sens. Rand Paul of Kentucky and Marco Rubio of Florida

Rand Paul? Marco Rubio?

Oops. Oops.

Rep. Michele Bachmann also addressed the summit and has not ruled out another presidential campaign.

Michele Bachmann?

OOPS!

Dr. Carson, Mr. Cruz and Mrs. Bachmann were the top choices for vice president.

Well that nails it. Clearly, lesson learned.

South Carolina House passes bill making ‘Obamacare’ implementation a crime
By Jessica Chasmar-The Washington Times Thursday, May 2, 2013

The South Carolina state House passed a bill Wednesday that declares President Obama’s Patient Protection and Affordable Care Act to be “null and void,” and criminalizes its implementation.

The state’s Freedom of Health Care Protection Act intends to “prohibit certain individuals from enforcing or attempting to enforce such unconstitutional laws; and to establish criminal penalties and civil liability for violating this article.”

Sigh.

Rodger Malcolm Mitchell
Monetary Sovereignty

====================================================================================================================================================
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)

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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
Monetary Sovereignty Monetary Sovereignty

As the federal deficit growth lines drop, we approach recession, which will be cured only when the lines rise.

#MONETARY SOVEREIGNTY

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