Why do they want to make you angry at the wrong thing? Tuesday, Apr 16 2019 

I’ll tell you who “they” are and what the “wrong thing” is. But allow me to lead off with some excerpts from the anti-government site, Reason.com.

Fundamentally, Reason.com believes all governments are too large, no matter how large or small they may be.

Of course, making a government smaller does not make it more efficient, more benevolent, or wiser. 

Government is an easy target, because as you repeatedly have been told, government is terrible, except for one little thing: In a world without government, we would be starving, non-human, savage, undisciplined animals. 

Recently, Reason.com published an article titled, GOVERNMENT WASTE, Happy Tax Day! Here Are 6 Infuriating Ways the Government Spends Your Money
Surprised? Yeah, neither are we. By, JOE SETYON | 4.15.2019

The article refers to the federal government (important point). Excerpts:

Happy April 15, everyone! The federal government collects about $3.5 trillion in tax revenue each year, according to the White House Office of Budget and Management. Here, in no particular order, are six of the more infuriating ways that money has gone to waste.

1. $300,000 on 391 coffee mugs
2. $400,000 to promote asset forfeiture…in Paraguay.
3. $13.6 million to hire two border agents
4. More than $325,000 for Mike Pence’s national anthem stunt
5. $333,000 to study bars on the U.S.-Mexico border
6. Nearly $3 million to study dance clubs

If you’re curious, you can click the above link to read the details about each expenditure, but the point is that the federal government spent millions, billions and even trillions on lots of stuff that seems really dumb, and the writer wants you to be angry that these “useless” expenditures are taking dollars from your taxpayer pockets.

And it’s all a lie.

Those payments for coffee mugs, Paraguay, border agents, Pence, bars, and dance clubs didn’t cost you one cent. In fact, those payments put dollars into your pockets.

All federal “wasted” spending puts dollars into your pockets.

Now, if the article had been talking about state government or local government waste, it would have been correct. State and local taxpayers do pay for state and local government spending.

That is because state and local governments are monetarily non-sovereign. (So are you and I).Image result for government money

Those state/local governments do not have the unlimited ability to create their own sovereign currency; they have no sovereign currency; they use the U.S. dollar.

They can, and often do, run short of dollars, and they need tax dollars in order to survive.

By contrast, the federal government is Monetarily Sovereign. It has the unlimited ability to create its own sovereign currency, the U.S. dollar.

The federal government never unintentionally can run short of dollars. Even if all tax collections — income taxes, FICA taxes, luxury taxes, etc. — totaled $0, the federal government could continue spending, forever.

Every time the federal government pays a creditor, it creates new dollars, ad hoc.,

So what about all that “wasted” federal spending? Those are dollars that the federal government created from thin air, and added to the economy.

The “dance club” millions, the coffee mug thousand, the millions for two border agents — all those dollars were created from thin air and were added to the U.S. economy (except for a few that may have gone to overseas suppliers).

The vast majority of those dollars went to U.S. businesses, who used those dollars to pay for employees, who in turn used the dollars to purchase things like food, housing, clothing, cars, education, etc.

In short, the federal government’s “wasted” dollars actually are stimulus dollars, that grow the economy, and eventually wind up in your pockets, my pockets, your kids’ pockets, and even Donald Trump’s pockets.

Again, this is not true of state and local government waste. They do not create dollars from thin air. They use existing tax dollars for their spending. So when they waste money, the dollars come from their taxpayers’ pockets.

Image result for bernanke and greenspan

It’s our little secret. Don’t tell the people we don’t use their tax dollars.

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.”

Alan Greenspan: “Central banks can issue currency, a non-interest-bearing claim on the government, effectively without limit. A government cannot become insolvent with respect to obligations in its own currency.”

St. Louis Federal Reserve: “As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e.,unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.

So, if the government neither needs nor uses tax dollars, why does it collect taxes? I’m glad you asked. There are three reasons: One mostly good, one bad, and one horrible.

The mostly good reason is: To control the economy by levying taxes on things they wish to reduce, and by giving tax breaks to things they wish to encourage. So-called “sin” taxes are examples of the former, and home real estate tax deductions are examples of the latter.

The bad reason is to reward rich political donors by giving them special tax breaks not available to the middle and lower classes.

The horrible reason is to groom you, the public, to believe that federal spending for social benefits (Social Security, Medicare, Medicaid, food stamps, other poverty aids, college tuition aids, etc.) must be limited or taxes must be increased.

Since the people do not want increased taxes, they easily are convinced that social benefits must be reduced. 

Thus, we have the fake claim that the Social Security Trust Fund is running short of dollars. (Like the federal government itself, no federal agency can run short of U.S. dollars, unless Congress and the President want it to run short). The “Trust Fund” is an accounting fiction, designed to give an imprimatur to a false assertion.

And we have the fake claim that “Medicare for All is unaffordable. And we have all the other fake claims about federal spending being unaffordable, and federal deficits costing taxpayers money. All untrue.

The bottom line is, the rich are rich because they have more money and property than you do. The key word is, “more” because “rich” is a comparative word.

That is, if you have a million dollars, and everyone else has a million dollars, you are not rich. You are just the same as everyone else. But, if you have one hundred dollars and everyone else has just one dollar, you are very rich, indeed.

In short, to be richer, you either must obtain more money for yourself, or you must arrange for the other people to have less money.

Either way widens the Gap between you and those below you, and it is the Gap that makes you rich.

That is why the rich bribe:

  • The politicians via campaign contributions and promises of lucrative employment later
  • The media via advertising dollars and ownership
  • The economics professors via university contributions and jobs with think tanks

The primary purpose of these bribes is to induce legislation to widen the Gap and to make you accept the necessity of widening.

In Summary:

The rich control American politics. Their fundamental goal in life is personal enrichment, which requires widening the Gap between the rich and the rest.

This involves not only bribing the politicians to make Gap-widening legal changes, but also bribing the media and economists to convince you, the public, that Gap-widening is necessary and beneficial.

These information sources promulgate the “Big Lie” that federal finances are similar to your finances, and federal taxes are necessary to fund federal spending.

The rich fear that if you knew federal taxes are not necessary to fund spending, you would demand more benefits, thereby narrowing the Gap, and effectively making the rich less rich.

The rich want you to be angry at “unnecessary” federal spending, so you readily will agree to cut your social benefits.

Finally, the rich want you to believe that federal deficit and debt lead to hyperinflations, similar to those in Zimbabwe and Weimar Germany, though inflations actually are caused by shortages, usually shortages of food and/or energy, not by money creation.

(Despite a 50,000% increase in federal money creation over the past 80 years, average inflation has been moderate, within the Fed’s target range.

While federal debt (blue line) has risen dramatically, inflation (red line) has risen moderately and within the Fed’s target rate

Unfortunately, the constant drip, drip, drip of anti-deficit, anti-debt propaganda continues to brainwash the public, and the Gap widens.

Rodger Malcolm Mitchell
Monetary Sovereignty
Twitter: @rodgermitchell
Search #monetarysovereigntyFacebook: Rodger Malcolm Mitchell

…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..

The most important problems in economics involve the excessive income/wealth/power Gaps between the richer and the poorer.

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

2. Federally funded medicare — parts a, b & d, plus long-term care — for everyone

3. Provide a monthly economic bonus to every man, woman and child in America (similar to 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 you.

MONETARY SOVEREIGNTY

Translating a letter from a debt nut Monday, Mar 11 2019 

Herewith, for your education and amusement, we translate into correct economics,  the opinions of a certifiable, wrong-headed debt nut:
The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:

President Trump’s budget aims to reverse an unsustainable fiscal situation and put debt on a downward path relative to the economy.
Unfortunately, as in previous years, he relies on far too many accounting gimmicks and fantasy assumptions and puts forward far too few actual solutions.
Translation: The Republican budget that President Trump has not, and cannot, read aims to continue a sustainable (since 1940) fiscal situation and put deposits into T-security accounts on an upward path.
Unfortunately, as in previous years, he relies on far too many accounting gimmicks and fantasy assumptions and puts forward far too few actual solutions.
Even full of accounting gimmicks meant to paper over deficits, the President’s Budget would still borrow $7.8 trillion over the next decade.
Under reasonable economic assumptions, however, we find it would be closer to $10.5 trillion.
Translation: Even full of accounting gimmicks meant to paper over stimulative additions to the economy, the Republican Budget that Trump hasn’t read, would still accept $7.8 trillion in T-security account deposits over the next decade.
Under reasonable economic assumptions, however, we find it would be closer to a $10.5 trillion addition to the economy.
Image result for signing blind

How Trump signs GOP bills.

President Trump has already signed into law debt-financed tax cuts and spending increases that will add $2.3 trillion to the debt over the next decade, despite budgets that proposed revenue-neutral tax reform and spending reductions.
This budget does nothing to address or pay for these expanded deficits – in fact, it assumes the tax cuts are extended without even recognizing the cost.

Translation: President Trump has blindly signed into law tax cuts and spending increases that will add $2.3 trillion to the economy over the next decade, despite recessionary budgets that proposed disastrous tax increases and spending reductions.

This budget does nothing to take advantage of the government’s unlimited ability to pay for these expanded additions to the economy – in fact, it assumes the tax cuts are extended without even recognizing the benefits.
Perhaps most disappointing is the decision to continue
Image result for money pouring into a hand

Deficits –federal tax cuts and spending — add growth dollars to the economy.

And expand recent defense increases by funding almost $100 billion in new spending through an off-book emergency war account.

This Overseas Contingency Operations (OCO) gimmick is not new, but the proposed abuse of this account rises to a new level never before seen and sets a dangerous precedent.
Translation: Perhaps most encouraging is the decision to continue and expand recent defense increases by funding almost $100 billion in new spending.
This Overseas Contingency Operations (OCO) program is not new, but the proposed use of this account rises to a new level never before seen and sets a favorable precedent for stimulating the economy.
Meanwhile, a fantasy assumption of sustained 3 percent economic growth makes a return appearance in the budget.
Every independent forecaster foresees growth to average closer to 2 percent over the next decade.
Assuming an extra point of growth serves no purpose but to mask the high deficits and debt likely to materialize under the President’s budget.
Meanwhile, a typically Trumpist fantasy assumption of sustained 3 percent economic growth makes a return appearance in the budget.
Every independent forecaster foresees growth to average closer to 2 percent over the next decade.
Assuming an extra point of growth serves no purpose but to mask the economy’s surpluses and the deposits into T-security accounts likely to materialize under the Republican’s budget.
Thoughtful Medicare, disability, and other proposals in the budget deserve serious debate, but these policies are overshadowed by inflated economic growth, unrealistic policy assumptions, and a failure to recognize the deep hole that policymakers have dug in recent years.
Translation: Thoughtful Medicare, disability, and other proposals in the budget deserve serious debate, but these policies are overshadowed by inflated economic growth, unrealistic policy assumptions, and a failure to recognize the economic stimuli that policymakers have invested in recent years.
If the past two years are any indication, this budget will be followed by more debt, not debt reduction.
On our current course, Americans will soon face record levels of debt, leading to slower income growth, increased interest payments, and less opportunity.
If the past two years are any indication, this budget will be followed by more economic growth, not growth reduction.
On our current course, Americans will soon face record levels of economic growth, leading to higher income growth, increased interest payments into the private sector, and more opportunity that results from increases in the money supply. 
In Summary:
If you merely substitute:
  • “deposits into T-security accounts”  for “debt,”
  • “investments in the private sector” for “deficits,”
  • “sustainable since 1940” for “unsustainable,”
  • “favorable precedent” for “unfavorable precedent,” and
  • “Republican” for “Trump” (who never reads anything and will sign anything anti-Obama),
you will be able to glean the truths from the lies of Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

Rodger Malcolm Mitchell
Monetary Sovereignty
Twitter: @rodgermitchell
Search #monetarysovereigntyFacebook: Rodger Malcolm Mitchell

…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..

The most important problems in economics involve the excessive income/wealth/power Gaps between the richer and the poorer.

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

2. Federally funded medicare — parts a, b & d, plus long-term care — for everyone

3. Provide a monthly economic bonus to every man, woman and child in America (similar to 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 you.

MONETARY SOVEREIGNTY

Does the CRFB believe if you tell a lie often enough, it becomes the truth? Monday, Jan 28 2019 

Those of you who read, “It is 2019, and the phony federal debt “time bomb” still is ticking“, are aware that at least since 1940, and surely before, scaremongers have been calling the federal debt a “ticking time bomb.” Eighty years of being wrong. Still no explosion.

Those of you who read, “More scare nonsense from the CRFB,” know that this organization, funded by rich folks, wants you to believe what simply is not true: That the federal government can run short of its own sovereign currency, the U.S. dollar.

It can’t. It created the very first dollar, and continues to create dollars, ad hoc, every time it pays a creditor.

Even if all tax collections totaled $0, the federal government could continue paying its bills, forever.

Now that the latest CRFB (Committee for a Responsible Federal Budget) nonsense has been published, I feel obligated to demonstrate that it is . . . well, nonsense. If they keep publishing the lies I’ll keep publishing the truth.

Committee for a Responsible Federal Budget
CBO: Debt Still on Unsustainable Path, January 28, 2019

The Congressional Budget Office (CBO) released its Budget and Economic Outlook for the next decade this morning, which warned that our debt is headed to uncharted waters (1).

Under current law, CBO projects debt will rise from 78 percent of the economy today to almost 93 percent by 2029 and over 152 percent within 30 years.

Under CBO’s Alternative Fiscal Scenario, which assumes the continuation of current policies, debt would reach 105 percent of the economy by 2029 and exceed record levels set after World War II by 2030 (2).

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

“You need to go no further than this report to see the real state of the union – our national debt is rising rapidly, and trillion-dollar deficits are just on the horizon.

Numbers don’t lie, and anyone with a calculator on their phone can see that debt is a problem that can’t be ignored. (3)

“The debt doesn’t just burden future generations, (4) it also stands in the way of economic and political progress today. (5)

With the government now reopened, it is time for the new Congress and the President to work to put the country on more solid fiscal ground. (6)

“CBO’s annual report is a reminder that the situation is getting worse, not better. (7)

Lawmakers should come up with a plan now while the economy is strong to put our debt on a downward path and phase it in to avoid the much more disruptive choices that procrastination will bring. (8)

Look at the CRFB’s comments, point by point.

(1) Actually, these waters have been “charted” — by Japan, whose Debt to Gross Domestic Product ratio is above 250% — and there’s no sign it is “a problem that can’t be ignored.”

The waters also have been “charted” by the U.S. after WWII, and the chart shows the U.S. economy has grown quite well since WWII:

Federal debt has been “sustainable” since WWII, and has not been a “problem” (3), has not burdened any generations (4), and has not stood in the way of economic and political progress. (5).

Federal debt has been “sustainable” since WWII, and has not been a “problem.” Numbers don’t lie, but liars lie about numbers (3). Federal debt and GDP have grown together, which would not be the case if the debt were “a problem.”

Federal debt cannot “burden future generations” (4), because taxes do not fund the debt. The federal government pays off the debt every day, simply by returning the dollars that reside in those T-security accounts.

It is the lack of federal deficits that burdens generations:

Recessions come from deficit growth decline, and deficits are cured by deficit growth increases. The reason: Economic growth requires money growth, and deficits pump money into the economy.

Growing debt and has not stood in the way of economic and political progress. (5).  We aren’t sure what “political progress” the CRFB means, but the relationship between debt growth and economic growth is clear.

The country is on “solid fiscal ground” (6) when deficits are growing, because deficits pump more dollars into the economy.

The country is on shaky fiscal ground when deficits are reduced, because a growing economy requires a growing supply of money.

All depressions have been introduced by reductions in federal debt, and most recessions have been introduced by reductions in deficit growth.

Depressions and recessions have been cured by debt growth.

(7) “The situation” is getting better because deficits are increasing, which means the federal government is pumping more dollars into the economy.

Putting federal debt on a downward path repeatedly has proven to cause depressions, by taking dollars out of the economy.

There is no reason to do this, however. The federal government is not like state and local governments, and not like you and me. It uniquely is Monetarily Sovereign.

Unlike state and local governments, and unlike you and me, the federal government cannot run short of its own sovereign currency.

Unlike us, the federal government does not have to “save up” to pay its bills. It does not need to wait for the economy to be strong. The U.S. federal government has the unlimited power to pay all its bills, whether the economy is growing, shrinking, or standing still.

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.”

Image result for bernanke and greenspan

Greenspan: “The CRFB tells people we’re running short of dollars.”  Bernanke: “And people fall for it!”

Alan Greenspan: “Central banks can issue currency, a non-interest-bearing claim on the government, effectively without limit. A government cannot become insolvent with respect to obligations in its own currency.”

St. Louis Federal Reserve: “As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational. 

As always, the CRFB functions mostly as a shill for the very rich, to convince you your federal benefits — Social Security, Medicare, Medicaid, aids to poverty, aids to education, etc.  — are unaffordable and must be reduced.

All the similar talk about the Social Security Trust Fund running short of dollars, and Medicare-for-All being unaffordable are outright lies, meant to keep you down.

If you’re tired of the lies, don’t stand for them. Tell your national representatives that you know the facts.

  • You know: the government cannot run short of dollars
  • You know that growing deficits are necessary to grow the economy
  • You know that the federal debt is not real debt, but rather is the total of deposits into T-security accounts, similar to savings accounts or bank CDs.
  • You know the federal government easily can afford comprehensive Medicare-for-All
  • You know the federal government could provide free education for everyone
  • In short, you know the federal government can afford the Ten Steps to Prosperity (below).

Tell them to cut the crap rather than cutting budgets, because you know the truth and you’re not going to stand for their lies any longer.

Or, just keep accepting their lies. Your choice.

Rodger Malcolm Mitchell
Monetary Sovereignty
Twitter: @rodgermitchell
Search #monetarysovereigntyFacebook: Rodger Malcolm Mitchell

…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..

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

2. Federally funded medicare — parts a, b & d, plus long-term care — for everyone

3. Provide a monthly economic bonus to every man, woman and child in America (similar to 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 you.

MONETARY SOVEREIGNTY

Is this good news or bad news for JPMorgan Chase? Saturday, Jan 5 2019 

Is the following press release good news or bad news for JPMorgan Chase?

JPMorgan Chase Tops Nation in Deposits
Customers add $96 billion in net deposits in last year, bringing the total to $1.3 trillion.

For the first time in 23 years, JPMorgan Chase & Co. led the nation in total deposits as consumers and businesses added $96 billion to their bank accounts in the last year.

The Firm’s U.S. deposits grew 7.9 percent to reach $1.3 trillion on June 30, 2017.

Over the last five years, customers added $447 billion in deposits, a 51 percent increase.

“Customers continue to trust us with their money as we help them bank whenever, wherever, however they want,” said Thasunda Duckett, CEO of Consumer Banking at Chase.

See how proud JPM is.

If the Committee for a Responsible Federal Budget (CRFB), the federal debt worry-warts, had written this article, it would have read like this:

JPMorgan adds $96 billion in debt in last year, bringing the total owed to customers and businesses to $1.3 trillion.

For the first time in 23 years, JPMorgan Chase & Co. led the nation in total debt as it borrowed $96 billion more in the last year.

The Firm’s U.S. debt grew 7.9 percent to reach $1.3 trillion on June 30, 2017. Over the last five years, JPM borrowed an additional $447 billion, a 51 percent increase.

Allow me to assure you, that the above two news releases are identical, except for the substitution of the word “debt” for “deposits.”  In this context, the two words mean the same thing.

Image result for political bull poop

A fresh sample of CRFB “debt” commentary.

The CRFB endlessly tells you that the federal “debt” totals so many trillions, and this is a bad thing. But they really are talking about the total of deposits into T-security (T-bills, T-notes, T-bonds) accounts.

T-security accounts are essentially identical to bank savings accounts and CDs.

When you buy a T-security, that is very much like buying a bank CD, or making a deposit into a bank account. It creates a bank “debt,” but you don’t call it “debt.” do you? You call it “deposits.”

There is are two big differences between deposits with the federal government and deposits with your bank:

  1. The federal government is Monetarily Sovereign. It never can run short of its own sovereign currency, the U.S. dollar. It never can go bankrupt. Your money is 100% safe. Your bank, by contrast, is monetarily non-sovereign. It can run short of dollars. It can go bankrupt.
  2. Because the federal government is Monetarily Sovereign, it has no need for your dollars. So it simply leaves your dollars in your account until maturity, at which time it returns them to you, plus interest. Your bank, by contrast, needs and uses your dollars. So when the time comes to return them, your bank may not have enough.

In short,  JPMorgan Chase & Co. and their CEO of Consumer Banking, bust their buttons boasting about the amount of deposits they hold, while the CRFB wrings its shaky hands about the amount of deposits the much safer federal government holds.

Ironically, the federal government is so much safer than banks that when a bank goes under, it is the federal government’s Federal Deposit Insurance Company that bails out the depositors.

No bank ever is called upon to bail out the government, but you wouldn’t know that by reading the CRFB nonsense

It’s absolute craziness, but the CRFB relies on your not understanding that your purchases of T-securities are deposits in your T-security accounts. The CRFB uses semantic confusion to make its false case, and sadly, your politicians go along with the ruse.

And as long as you keep quiet about it, or believe the “government is in debt” lie, your politicians will continue to tell you the government can’t afford benefits to you, and that you taxpayers are on the hook for federal “debt.”

Bull excrement is hard to wash off when you’ve been covered for years.

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

…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..

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

2. Federally funded medicare — parts a, b & d, plus long-term care — for everyone

3. Provide a monthly economic bonus to every man, woman and child in America (similar to 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 you.

MONETARY SOVEREIGNTY

 

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