Do you understand how “The Big Lie” affects you and everyone else? The answer is here.

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.”

Quote from Ben Bernanke when, as Fed chief, he was on 60 Minutes: Scott Pelley: Is that tax money that the Fed is spending? Ben Bernanke: It’s not tax money… We simply use the computer to mark up the size of the account.

Statement from the St. Louis Fed: “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.”

Press Conference: Mario Draghi, President of the (Monetarily Sovereign) ECB, Question: I am wondering: can the ECB ever run out of money? Mario Draghi: Technically, no. We cannot run out of money.

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The Big Lie in economics, simply stated is: The U.S. government unintentionally can run short of U.S. dollars.

In 1792, the U.S. government created the first U.S. dollars from thin air. It arbitrarily passed laws that created as many dollars as it wished, and gave those dollars the value it wished. Since then, the U.S. government continues to create U.S. dollars, and it arbitrarily has changed the value of the dollar many times.

Since its founding in 1776, the United States has had a variety of monetary systems including bimetallic systems where the dollar was backed by both gold and silver (1792-1862), a fiat monetary system (1862-1879), a full gold standard (1879-1933), and a partial gold standard (1933-1971).

Each new system changed the value of the dollar.

A Billion Dollars Was Transferred Over Venmo In January | Money cash, Money stacks, Investing — **The federal government has the infinite ability to create dollars, without inflation.**

From 1971 to present the United States has been on a fiat monetary standard.

The U.S. government can create laws from thin air, and those laws can create dollars from thin air. The U.S. government cannot unintentionally run out of laws or dollars. For that reason, no agency of the U.S. government can run out of dollars unless Congress and the President wish it. Any time you hear or read about the U.S. government not being able to “afford’ some expenditure, or about some federal agency running short of funds, or about federal taxes needing to be increased, you are subject to The Big Lie. Being Monetarily Sovereign, the federal government neither needs, nor even uses, tax dollars to fund its spending. It creates dollars by spending; that is its primary dollar-creation method. Similarly, any time you read or hear that the federal “debt” is unsustainable, or the federal deficit is “unaffordable,” you are being told The Big Lie. Here is an article that exemplifies The Big Lie you are expected to believe:

Go-broke dates pushed back for Social Security, Medicare The annual Social Security and Medicare trustees report says Social Security’s trust fund will be exhausted in 2035, instead of last year’s estimate of 2034. By Fatima Hussein and Tom Murphy Associated Press WASHINGTON — A stronger-than-expected economic recovery from the pandemic has pushed back the go-broke dates for Social Security and Medicare, but officials warn that the current economic turbulence is putting additional pressures on the bedrock retirement programs.

The annual Social Security and Medicare trustees report released last week said Social Security’s trust fund will be unable to pay full benefits beginning in 2035, instead of last year’s estimate of 2034.

The year before that it estimated an exhaustion date of 2035. The projected depletion date for Medicare’s trust fundfor inpatient hospital care moved back two years to 2028 from last year’s forecast of 2026.

In the post titled, “’Wolf,’ ‘The sky is falling.’ ‘Social Security and Medicare will be insolvent'” you read why the Medicare and Social Security so-called “trust funds” are not trust funds at all, but rather are mere balance sheet notations on the government’s books — notations that the federal government can change at will. You might ask, “How is it possible for an agency of a government to run short of the dollars the government has the infinite ability to create.” The answer: It isn’t possible unless that is what the government wants. If Congress and the President wanted Medicare and Social Security to pay more benefits, they simply would pass a law mandating Medicare and Social Security to pay more benefits. And, if Congress and the President wanted to reduce or even eliminate the FICA tax, they would pay for the mandate the same way they pay for the military and all other federal expenses: By writing checks. No tax dollars are involved. And if Congress and the President wanted the nation to have free, no-deductible, comprehensive Medicare for every man, woman, and child in America, they could do that by passing laws. No tax dollars necessary. And if Congress and the President wanted every man, woman, and child in America to receive Social Security — even with triple the current benefit levels — they could pass the appropriate law. Again, no tax dollars need to be collected. The article continues:

“Economic recovery from the 2020 recession has been stronger and faster than assumed in last year’s reports, with positive effects on the projected actuarial status of the trust funds in these reports,” the report states.

The “actuarial status” assumes the FICA tax funds Medicare and Social Security “trust funds.” It doesn’t. FICA funds nothing. FICA,indeed all federal taxes are destroyed upon receipt. (This is not true of state/local taxes, which remain in the economy.) The federal government funds Medicare and Social Security by creating new dollars, ad hoc.

President Joe Biden said in a statement that the report “shows that the strong economic recovery driven by my economic and vaccination plans has strengthened programs that millions of Americans rely on and has put our nation in a better fiscal position.”

The U.S. cannot be “in a better fiscal position”; it already is in a perfect fiscal position. The government has zero fiscal need for taxes. Even without taxes, the federal government has the infinite ability to pay any bills it ever receives.

Social Security pays benefits to more than 65 million Americans, mainly retirees as well as disabled people and survivors of deceased workers.

Medicare covers roughly 64 million older and disabled people.

When the Social Security trust fund is depleted, the government will be able to pay 80% of scheduled benefits, the report said.

Medicare will be able to pay 90% of total scheduled benefits when the fund is depleted.

Wrong. The government already pays 100% of benefits and will be able to pay 100% of future benefits, no matter how many people are collecting benefits or how large those benefits prove to be. All dollars sent to the U.S. Treasury are destroyed upon receipt.

Income for Medicare’s hospital insurance fund is projected to be higher than estimates from last year because the number of covered workers who help fund it and their average wages are both expected to be higher.

Income is irrelevant for a government that has the infinite ability to create dollars.

A main source of financing is payroll taxes on earnings paid by employees and employers. About 183 million people paid those taxes in 2021.

Payroll taxes are nothing more than a deduction from the private sector — a net loss for Gross Domestic Product and the economy. They do not finance anything. The sole source of federal financing is the federal government’s Monetary Sovereignty.

The trustees of Social Security and Medicare include the secretaries of Treasury, Health and Human Services, and Labor, as well as the Social Security commissioner.

They are supposed to be joined by two public trustees, however those positions have been vacant since 2015.

The “Trustees” do nothing. They have no power. It’s all just a bookkeeping function, which is handled automatically by computers. That is why trustee positions can be vacant without harm.

A representative from the White House did not respond to an email inquiry about whether the president intends to nominate new public trustees.

Trustees are unnecessary.

The trustees report is an added reminder of the U.S. government’s financial troubles, as it juggles historically high inflation, recovery from a pandemic and Russia’s war in Ukraine.

The economy may have “financial troubles.” It can run short of dollars. But the government cannot have financial troubles. It has infinite dollars with which to pay its bills. And it has the unlimited ability to control inflation.

AARP CEO Jo Ann Jenkins said the reports “send a clear message to Congress: despite the short-term improvement, you must act to protect the benefits people have earned and paid into both now and for the long-term.”

The first step to “protect the benefits” is to stop telling The Big Lie.

“The stakes are too high for the millions of Americans who rely on Medicare and Social Security for their health and financial wellbeing,” she said.

This year, Social Security retirees got a 5.9% boost in benefits, the biggest cost-of-living adjustment, also known as COLA, in 39 years.

You, retirees, could have received a 10% or 100% or greater boost in benefits if Congress and the President wished it. Congress and the President have absolute control over benefits. The destructiveness of The Big Lie, is shown in the following article:

500,000 Floridians could lose health coverage, study says Christopher O’Donnell,Tampa Bay Times More than 500,000 Floridians could lose their health insurance if Congress fails to extend tax credits passed through the American Rescue Plan Act, a new report warns.

The tax credits dramatically lowered premiums for millions of Florida families who this year obtained their health insurance through the Affordable Care Act.

But those subsidies will expire at the end of this year as attempts by Congress to extend them have stalled.

Can you answer this question? Why would a Congress, that has infinite dollars at its fingertips, not be able to lower premiums for millions of families?

If lawmakers cannot reach an agreement, premiums could rise by 53% in 2023, forcing millions of Americans to go without health insurance.

Florida would be one of the states hardest hit, according to a study by the Robert Wood Johnson Foundation and the Urban Institute.

Roughly 96 percent of the 2.7 million Floridians enrolled in the Affordable Care Act were eligible for the tax credits this year. Without them, a household of four with an income of $111,000 will pay hundreds of dollars more in premiums next year.

Families that earn above that limit would no longer be eligible for the program. They could face an average increase of about $2,000 per year in premiums if they have to purchase private insurance.

The likely impact, the study warns, is the number of uninsured in Florida could rise by 25 percent, from 2 million to 2.5 million.

Families without health insurance typically forego critical preventative and early treatment of health issues until their condition forces them to seek emergency room care — the same strain on hospital resources and budgets that the Affordable Care Act was intended to relieve.

“A 53% increase on premiums could be very painful for a whole lot of families in the state of Florida.”
Of course, it’s not just Florida. The unnecessary pain will extend to families all over America. Can you answer this question? Why is this even an issue, for a government having unlimited financial resources?
Opposition to extending the tax credits has focused on the cost.

Extending them would increase the federal deficit by $25.3 billion in 2023 and by $305 billion over 10 years, the study says.

House Democrats can extend the credits via a reconciliation bill to clear Republican opposition.

But the fate of that program and many others depends on negotiations between President Joe Biden and West Virginia Sen. Joe Manchin to get the president’s social spending bill through the Senate.

Can you answer this question? Why are 100% of Republicans plus one Democrat opposed to providing federal financial aid to families?

U.S. Rep. Charlie Crist, D-St. Petersburg was critical of Republican Gov. DeSantis. Florida is one of only 13 states that continues to reject a provision of the Affordable Care Act — passed over a decade ago — that would expand Medicaid eligibility to more than 400,000 of the poorest Floridians.
The federal government pays 90% of the cost. So by expanding Medicaid, Florida will pay only 10 cents to receive each dollar the federal government pumps into its economy. Can you answer this question? Why would Florida refuse those many millions of support dollars? And why does Florida reject federal aid for its poorest residents?
In 2021, Florida lawmakers did pass legislation to make Medicaid available for for mothers and babies, extending their coverage from 60 days to a full year following childbirth.

But Floridians who earn less than the federal poverty level of $13,590 are not eligible for Medicaid as they would be in states that have fully expanded Medicaid.
Can you answer this question? Why are the poorest Floridians not eligible to receive federally supported Medicaid?
Since it took effect in 2014, the Affordable Care Act — often called Obamacare — has made health insurance affordable to more Americans by creating health insurance marketplaces and subsidizing the cost of premiums.

It helped the program add 2.5 million more Americans this year, expanding nationwide enrollment to a record 14.4 million.

“People who previously turned away and looked at alternative options like short term insurance were able to reconsider and saw a really affordable rate,” said Katie Roders Turner, executive director of the Family Healthcare Foundation.

She said a family of four that her group helped find insurance had just been hit with a $6,000 emergency room bill after their child developed a high fever because their short-term insurance policy included a large deductible.

Desperate people were buying junk insurance policies because they couldn’t qualify for federally supported insurance.

A lady named Graciela Lopez said subsidies in the Affordable Care Act enabled her to afford the coverage she needs to cover life-saving treatment. She was diagnosed with breast cancer three years ago and had a double mastectomy.

She sees an oncologist every three months and another specialist twice a year. She is also on daily medication that would cost $1,000 per month without insurance.

Most of the cost is covered through a marketplace plan offered by Blue Cross Blue Shield, which costs her $169 per month.

Insurance also pays for a substantial portion of the daily medication she takes to lower hormone levels that could trigger her cancer.

She is worried she won’t be able to afford a substantial premium hike.

“If I change my insurance, I have to find different oncologists,” she said. “I have to keep my insurance as long as I can.”
Can you answer this question? Why does Gracie Lopez, along with millions of other Americans, not receive free, comprehensive, no-deductible health care insurance paid for by the federal government? The answers to all of the above financial questions are:

The widespread (and false) belief the federal Monetarily Sovereign finances are the same and your personal (monetarily non-sovereign) finances, and that the federal government, like you, can run short of dollars.

The widespread (and false) belief that federal taxpayers fund federal spending or that the federal government borrows dollars.

The widespread (and false) belief that if Monetary Sovereignty were correct “someone” would have done “something” about it, and provided free Medicare, free Social Security, and other financial aids (See “Ten Steps To Prosperity” below) to every man, woman, and child in America.

The widespread (and false) belief that federal spending “overheats the economy” and causes inflation.

Gap Psychology, the desire of the rich who run America, to widen the income/wealth/power Gap beween them and those below them.

Both political parties are responsible for disseminating The Big Lie. The Republican party, being the party of the rich, is somewhat more culpable, but both parties, virtually all media, and most economists are guilty to some degree.

ANY TIME YOU READ OR HEAR . . .
. . . the U.S. government can’t ‘afford’ some expenditure, or about some federal agency running short of funds, or about federal taxes needing to be increased, you are a victim of The Big Lie.” (The federal government can’t unintentionally run short of dollars.)

. . . in reference to some proposed federal expenditure, “Who will pay for it?”, you are a victim of The Big Lie. (The government will create the dollars.)

. . . the phrase “taxpayers’ money” in reference to federal spending, you are a victim of The Big Lie. (Federal taxpayers’ dollars are destroyed, not spent.)

. . . that the federal deficit or debt are “unsustainable,” you are a victim of The Big Lie. (Federal deficits and so-called “debt” are infinitely sustainable.)

. . . concerns that China will stop lending to us, you are a victim of The Big Lie. (The federal government does not borrow dollars.)

. . . that federal spending causes inflation, you are a victim of The Big Lie. (Inflation always is caused by shortages, and actually can be cured by federal spending.)
Congress and the President could repudiate The Big Lie by changing laws, with a few strokes of a pen. We are now heading into midterm elections. Congress and the President care about two things: Money and votes. If you disagree with The Big Lie, contact your political leaders, and tell them how they can receive your money and/or vote.

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

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

The most important problems in economics involve:

Monetary Sovereignty describes money creation and destruction.
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:

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

MONETARY SOVEREIGNTY

The crime rate is way up. What is the best way to prevent crime in America?

Every politician wants to be known as “tough on crime.” No one wants to be seen as “soft on crime.”

The Republicans especially like to rage at crime, especially when the criminals are immigrants, not Christian, poor, and/or black — not so much when the criminals are white, Christian, and Republican.

You don’t hear the same Fox News outrage when it comes to Trumpers Rep. Matt Gaetz, Rudy Giuliani, Sidney Powell, Steve Bannon, and all the other traitors who defended and/or attempted what previously was unthinkable in America –a coup — so inconceivable, that many people still refuse to believe the crime they have seen actually occurred.

We also don’t hear much from Republicans regarding gun control while guns are used in thousands of crimes, annually,

Even a respected judge is not immune to “soft-on-crime” criticism. Here are excerpts from a Fox News article written by none other than Sen. Josh Hawley, who, as a coup encourager and thus a traitor to the U.S., is not the best one to complain about criminals.

Supreme Court nominee Judge Jackson’s soft-on-crime sentences are disturbing By Josh Hawley

“While serving on the Sentencing Commission, she (Judge Jackson) supported eliminating the existing child pornography mandatory-minimum sentence.)

(She opposes all mandatory minimums as being blind to circumstances and substituting generalizations for specifics.)

“Those views carried over to Judge Jackson’s time on the bench. Over and over again, she handed down sentences well below the congressionally endorsed Sentencing Guidelines recommendations.}

(Not to mention the many times all judges do that — it’s the purpose of using human judges rather than robots — and she often handed down sentences above those guidelines, but why quibble about facts when you are a mean-spirited Trumper writing for Fox News?)

“Unfortunately, Jackson is not the first judge to do that.”

Right, judges normally impose a range of punishments.

“But she stands out because she also consistently sentenced child pornography offenders below even what liberal prosecutors in Washington, D.C., were seeking.”

(It wasn’t consistent, and prosecutors always ask for the maximum. In most cases, judges look at circumstances and don’t grant the maximum the prosecutors seek. All of Hawley’s shrieking is about normal judicial procedure. The notion that Judge Jackson encouraged child pornography stretches credulity.)

Hawley knows all this, but he is a renowned liar who writes for Fox,, a proven-to-be-lying network. They are Trumpers, and we expect nothing less from them.

But even the most softhearted, squishy Democrats have no idea what “tough on crime” really means:

The Washington Post
The 5-Minute Fix
By Amber Phillips with Caroline Anders

Crime is looking like it’s going to be a big issue in November’s midterm elections — and that has Democrats on the defensive.

“We must invest in our police departments,“ said Rep. Val Demings (D-Fla.), a former police chief who is running for Senate in Florida.

Ask virtually anyone, winged right or left, about being tough on crime, and you will hear such suggestions as:

More police
More money spent on policing
More laws
Tougher judges
Longer jail sentences
Harsher jail conditions

Everything has to do with increasing the punishment for committing crimes and nothing for reducing the cause of crimes.

Republicans especially are interested in punishment, especially of the aforementioned poor immigrant, brown, non-Christian, blacks:

It (crime) has been fed and fueled in multiple ways by the Democratic Party’s far-left turn,” Senate Minority Leader Mitch McConnell (R-Ky.) has said of the country’s recent crime wave.

Strange, how Mitch suddenly seems unconcerned about a mob of people attacking the nation’s capital, attempting to overthrow the United States government, and even causing deaths and injuries. And for certain, he is not worried about gun crime.

To Mitch, criminals are street, not white-collar, criminals, who are born bad and born black.

Syracuse Police Handling of 8-Year-Old Black Boy Reminds Us How Anti-Black Blue Lives Can Be

From 2019 to 2020, the homicide rate in the United States jumped nearly 30 percent, according to FBI data, marking the largest increase since we started keeping track of those stats.

Third Way, a Democratic think tank, found that cities (run by Democrats and GOP-led) in red states were hit harder by the 2020 murder surge than blue states were.

Democrats who have been recently elected as mayors in liberal cities such as New York and Seattle have campaigned on being tough on crime.

“There is little doubt that the sheer stress and strain of the pandemic, not to mention the economic dislocation, helped to push up homicide rates,” criminologist Richard Rosenfeld told Witte.

Democrats are nervous about getting tagged as anti-police — again. This time, they’re already campaigning on more funding for police departments.

And none of this “tough on crime” blustering addresses the root cause of most street crime: Poverty. Poverty is the mother of crime.

Yes, crime has many parents — that “stress, strain, and economic dislocation” to name three. But walk through any wealthy area, and you will fear street crime far less than in an impoverished area.

Republicans are adamant in their desire to apprehend and punish street criminals. However, while apprehending and punishing after the fact may be their focus, Republicans have no desire to address prevention.

They are adamant in their opposition to gun control, to keep guns out of the hands of potential criminals, and to reduce the lethality of the guns being sold, which would have a significant impact.

Similarly, Republicans vote against anti-poverty benefits, i.e., Social Security for All, Medicare for All, School lunch programs, housing aid, food aid, college for all, and the myriad other easily affordable (by the federal government) programs that would reduce poverty and crime in America.

The right dismisses them all with one word, “socialism,” then blindly continues to chatter about the need for tougher police and harsher sentences.

(White-color crime and political crime are OK, except if found on a Biden laptop)

Even the Democrats have been dragged into the false rhetoric:

“Fund the police,” Biden roared at his State of the Union address this spring, to bipartisan applause.

Yes, fund the police. We do need well-trained, well-paid police. Digging recruits from the bottom of the barrel, and then without training, setting them loose on the public, is no way to be tough on crime.

Fund the police, but also fund the people.

Our Monetarily Sovereign federal government, having the infinite ability to spend dollars, can cure poverty in America without levying one cent in taxes or causing inflation.

There is a reason why poor areas of the country endure more street crime than wealthy areas. It’s not that poor people are innately more dishonest. They simply have less money and less of what money can buy.

They have the same desires the rich have but fewer means of satisfying them. So they steal. It has been the same for time immemorial.

We can curse the darkness by arresting a hungry kid for stealing food from a grocery store and locking him up forever, or we can light a candle by giving him food, shelter, and reasonable hope for his future.

For some reason, we have lately shown a greater desire to beat down than to lift up, and that truly is wrong. It is wrong morally and as an effective solution.

Beating down may satisfy the mob’s bloodlust, but it will not reduce crime, and it will turn on the innocent.

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

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

The most important problems in economics involve:

Monetary Sovereignty describes money creation and destruction.
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.”

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

MONETARY SOVEREIGNTY

Ask your U.S. Senators and Representative this one question

In the unlikely event you don’t already know whether your U.S. Senators and Representative are ignorant about economics, or are liars, or in rare cases, honest and knowledgable, ask each of them this one question:

“Can the U.S. government run short of dollars?”

Their answers will tell you everything you need to know about their knowledge of federal economics and their honesty. If they tell you that, “Yes, the government can run short of dollars,” that indicates they either are shockingly ignorant of federal finances, or they are shockingly dishonest. If they tell you, “No, the government cannot run short of dollars,” then you can follow up with such questions as:

“Why does the government claim Social Security, a federal agency, is running short of dollars?”
“Why does the government collect FICA taxes?”
“Why does the government collect income taxes?”
“Why would Social Security for All be unaffordable?”
“Why would Medicare for All be unaffordable?”
“Why does Medicare have deductibles?”
“Why would free college, for all who want it, be unaffordable?”
“Why does the government lend, rather than give, to college students?”
“Why does America have so many impoverished men, women, and children — people who struggle to find enough to eat and a place to live?”

I recently sent “the one question” to my Senators and my House Representative. If they respond with anything coherent, I will publish their answers.

[Why would any sane person take dollars from the economy and give them to a federal government that has the infinite ability to create dollars?]

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

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

The most important problems in economics involve:

Monetary Sovereignty describes money creation and destruction.
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.”

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

MONETARY SOVEREIGNTY

Ignorance is costing you. It’s what you want.

Ignorance is not stupidity. While stupidity can cause ignorance, ignorance cannot cause stupidity. We all are ignorant about many things. Each of us is ignorant about all but a minuscule fraction of what there is to know. Sadly, most of us are ignorant about federal government financing. Which do you believe:

The purpose of federal government taxes is to help pay the government’s bills.
The federal government borrows dollars to help pay its bills.
The federal government can unintentionally run short of dollars.
The federal debt should be reduced.
Our children and grandchildren will have to pay the federal debt.
Federal spending can cause inflation.
Federal deficits should be reduced.
The federal government should run a balanced budget.
Federal finances are similar to state/local government finances.
The federal debt ceiling is a fiscally prudent limit.

The 20 Most Notorious Con Artists of All-Time — **Even Bernie Madoff couldn’t imagine a con a large as the trillions-of-dollars “debt crisis” con.**

As the smart and fiscally knowledgeable people know, all of the above statements are false. How many did you get right? The federal government, being Monetarily Sovereign has the infinite ability to create dollars. It not only doesn’t use tax dollars; it destroys them upon receipt. The primary purpose of federal taxes is to control the economy by taxing what the government wishes to discourage. The federal “debt” isn’t a debt; it’s deposits, and neither the debt nor the deficit is an obligation of the government, of you, or of your grandchildren. No one ever will pay for the “debt.” The deposited money simply will be returned upon maturity. In short, there is no federal “debt crisis.” It’s a con by the rich that is far bigger than anything Bernie Madoff could imagine. The purpose: To make you accept fewer benefits from the government. Federal deficits are necessary for economic growth. Shortages, not federal spending, cause inflation. A federal balanced budget would cause a recession or a depression. Federal finances are nothing like state/local government finances, nothing like business finances, and nothing like your or my finances. The federal government uniquely is Monetarily Sovereign. It never unintentionally can run short of dollars. Keep these facts in mind as we go through the following article:

America’s giant medical debt Adriel Bettelheim

Americans owe at least $195 billion of medical debt, despite 90% of the population having some kind of health coverage, according to new research from the Peterson Center on Healthcare and the Kaiser Family Foundation.

The fundamental purpose of government is to improve and protect the lives of the people being governed. How does requiring payment to the federal government improve or protect the lives of the people?

Why it matters: People are spending down their savings and skimping on food, clothing and household items to pay their medical bills.

About 16 million people, or 6% of U.S. adults, owe more than $1,000 in medical bills, and 3 million people owe more than $10,000.

The financial burden falls disproportionately on people with disabilities, those in generally poor health, Black Americans and people living in the South or in non-Medicaid expansion states, per the research.

“People living in the South or in non-Medicaid expansion states” live where Republicans govern. This is not a coincidence. The right-wing philosophy is to benefit the rich by widening the income/wealth/power Gap between the rich and he rest. The rich wish to be richer, and widening the Gap makes them richer. The very definition of “rich” involves a wide income/wealth/power Gap. Nor is it a coincidence that these are the same states enacting laws to make voting more difficult for the poor and for people of color. (See “Gap Psychology.”)

16% of privately-insured adults say they would need to take on credit card debt to meet an unexpected $400 medical expense, while 7% would borrow money from friends or family, per the research, which focused on adults who reported having more than $250 in unpaid bills as of December 2019.

It’s not yet clear how much the pandemic and the recession factor into the picture, in part because man people delayed or went without care. There also was a small shift from employer-based coverage to Medicaid, which has little or no cost-sharing.

While the new federal ban on surprise billing limits exposure to some unexpected expenses, it only covers a fraction of the large medical bills many Americans face, the researchers say.

The solution to the medical debt problem is federal support. The federal government should offer comprehensive, no-deductible, generous Medicare coverage to every man, woman, and child in America. The plan should be optional. Those who wish to keep their private insurance should be allowed to do so, though one wonders why anyone would wish to. (Presumably, there may be some anti-government types who would prefer to pay for what they could receive without cost.) This plan should cover everything that could be considered “medical”: Dental, psychiatric, rehabilitation, home rehab for disability, pharmaceuticals, etc. The payments to healthcare workers and hospitals should be generous, to attract people into the profession and to encourage the building of more and better hospitals. There is nothing wrong with doctors, nurses and hospital personnel getting rich. Even if some might get rich for doing little, that is better than Americans being impoverished, through no fault of their own, by the cost of disease. Federal support of medical research should be increased, and rather than trying to cut prescription costs, the government should encourage research by rewarding successful drugs. Federal spending costs you nothing. It is the ultimate free lunch. The reluctance to spend is an artificial limitation placed on the government by the very rich, who do not want the rest of us to receive the same benefits they receive. The rich can afford the best doctor-care, the best nurse-care, the best hospital-care, the best pharmaceuticals, the best rehabilitation. The rich can afford to travel for abortions, while the rest are required to have unwanted and unaffordable babies. The rich also can afford the best schools for their kids. They receive tax breaks on their homes while you pay for your rental. They write off their meals and their transportation, even their clothing and their vacations, all as business expenses. And while the rich go years without paying any taxes because they receive tax breaks of which you can’t even dream, they complain about your receipt of Medicare, Medicaid, Social Security and poverty benefits. Why is this happening? Because they have convinced you that federal deficit spending for your benefits somehow will be bad for you and for America. In short, this is happening because of your ignorance. I’m sorry to put it so bluntly, but there is no other way to say it. You could have the same benefits the rich take for granted, but you have been sold the bill of goods that says, “They deserve the best and you don’t.” Because of your ignorance of the facts, you meekly sit back and accept crumbs. You vote for the people who lie to you. You can’t even visualize having what the federal government easily can provide to you. You are so ignorant you will become enraged at, and ridicule, anyone who tries to tell you the truth. You excuse your ignorance by claiming federal benefits are “socialism” or “communism,” though they are neither. You demand to lead a lesser life, and when you receive that lesser life, you grumble about it. You simply cannot bring yourself to believe that the federal government can afford to give you the same, beautiful life benefits it gives to the rich, without collecting a dime from you in taxes. Because you think of yourself as “lesser,” you receive less and sadly, you deserve what you receive. And to keep those below you on the income/wealth/scale from climbing up, you’ll vote against their benefits, too, because you don’t understand that a vote against the poor rebounds as a vote against you. Ignorance does that. You are the people who buy lottery tickets, hoping for a mathematical miracle, when the federal government has the power to give you the life you pray for, and it wouldn’t require a miracle. All you need do is learn and demand, and if enough of you do that, you will win life’s lottery, courtesy of your government. Or, stay ignorant. Your choice. Rodger Malcolm Mitchell P.S. This doesn’t apply to citizens of France, Italy, Spain, Greece, and the other euro nations. Your government gave away its Monetary Sovereignty many years ago. You might do better buying lottery tickets. Monetary Sovereignty Twitter: @rodgermitchell Search #monetarysovereignty Facebook: Rodger Malcolm Mitchell

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

The most important problems in economics involve:

Monetary Sovereignty describes money creation and destruction.
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.”

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

MONETARY SOVEREIGNTY

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