Mitchell’s laws: Reduced money growth never stimulates economic growth. To survive long term, a monetarily non-sovereign government must have a positive balance of payments. Economic austerity causes civil disorder. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
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Here is yet another example of how ignorance of Monetary Sovereignty will diminish your life and the lives of your children and grandchildren:

Obama pulls plug on troubled long-term care program in new health law, citing design flaws

By Associated Press, Updated: Friday, October 14, 3:56 PM

WASHINGTON — The Obama administration says it is unable to go forward with a major program in the president’s signature health care overhaul law — a new long-term care insurance plan.

Officials said Friday the long-term care program has critical design flaws that can’t be fixed to make it financially self-sustaining.

“Financially self-sustaining” describes the myth that our Monetarily Sovereign federal government can run out of sovereign dollars.

Health and Human Services Secretary Kathleen Sebelius told Congress in a letter that she does not see a viable path forward at this time. By law, implementation of the program was contingent on Sebelius certifying it financially sound.

Is the Supreme Court “financially sound”? Is Congress “financially sound”? Is the military “financially sound”? What about the Department of Homeland Security? The CIA? The FBI? Are any of the 1,300 federal agencies “financially sound”?

The program was supposed to be a voluntary insurance plan for working adults regardless of age or health. Workers would pay an affordable monthly premium during their careers, and could collect a modest daily cash benefit if they became disabled later in life. The problem all along has been how to ensure enough healthy people would sign up.

This talks about adverse selection, and is based on the belief that healthy people must pay for sick people. It is a real problem for private insurance plans, because insurance companies are not Monetarily Sovereign. It is not a problem if the federal government paid.

CLASS was intended as a voluntary plan, supported by premiums, not taxpayer dollars.

Taxpayers do not pay for federal spending, although they do pay for state and local government spending. That is the difference between Monetary Sovereignty and monetary non-sovereignty.

(The) idea was to give families some financial breathing room. The burden of long-term care is growing. Most families cannot afford to hire a home health aide for a frail elder, let alone pay nursing home bills. Long-term care is usually provided by family members, often a spouse who may also have health problems.

How true. So this unnecessary burden will fall on our spouses or our children. They will be the ones to suffer.

Again and again and again, we find that the ignorance of Monetary Sovereignty diminishes the lives and well being of our children and grandchildren and of us. That is the penalty of ignorance.

I award the President four dunce caps for not understanding the vital need for this easily affordable benefit to American families:

(I now am running a deficit of 39 dunce caps. Dept-hawks would say I “owe” 39 dunce caps, and shouldn’t award any additional, until I levy a dunce cap tax to reduce my deficit. But somehow, I just don’t feel my awarding dunce caps is “unsustainable” or a “ticking time bomb” as the media like to proclaim.)

Rodger Malcolm Mitchell
http://www.rodgermitchell.com

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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. The key equation in economics: Federal Deficits – Net Imports = Net Private Savings

MONETARY SOVEREIGNTY

Mitchell’s laws: Reduced money growth never stimulates economic growth. To survive long term, a monetarily non-sovereign government must have a positive balance of payments. Economic austerity causes civil disorder. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
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Your Congress at work: Updated: October 14, 2011
(From the Wilmette Life)

2010 HEALTH LAW, ABORTION: The House on Oct. 13 voted, 251 for and 172 against, to give hospitals that oppose abortions on religious or moral grounds leeway to turn away a pregnant woman seeking emergency care even if an abortion were necessary to save her life. Additionally, the bill would make it more difficult or impossible for women to use their own money to buy policies covering reproductive services in the law’s state-run insurance exchanges. The bill awaits Senate action.

Gotcha, women. No insurance for you. And if you bleed to death on the doorstep of a hospital emergency room, it’s all perfectly legal. And it’s moral, too. Ask your (male) religious leader.

AIR POLLUTION RULES, JOBS: Voting 275 for and 142 against, the House on Oct. 13 passed a bill (HR 2250) to nullify new Environmental Protection Agency rules that would curb air pollution such as mercury discharges by industrial boilers, incinerators and process heaters. […]Ed Whitfield, R-Ky., said the rules nullified by this bill would impose costs on universities, hospitals, government buildings, large commercial properties and industrial facilities.

Forget our health and our children’s health. We don’t want industry to undergo “costs.”

MERCURY EMISSIONS: Voting 169 for and 249 against, the House on Oct. 11 refused to expand HR 2250 (above) to spotlight the health hazards of mercury emissions, whose regulation the bill would delay. The amendment sought to add a finding that “the American people are exposed to mercury from industrial sources addressed by (this bill) through the consumption of fish containing mercury, and every state … has issued at least one mercury advisory for fish consumption.” […] Ed Whitfield, R-Ky., said that . . . it’s important that the American people also know that there is a lot of mercury coming from natural sources . . . .”

Now if only we could get trees to stop emitting mercury. Someone should find out how much money Ed Whitfield is getting from industry PACs.

OBAMA JOBS BILL: Voting 50 for and 49 against, the Senate on Oct. 11 failed to reach 60 votes for ending GOP blockage of President Obama’s bill (S 1660) to spend $447 billion over ten years on creating jobs. The spending would be paid for by a new 5.6 percent surtax on incomes over $1 million. This vote sustained a Republican filibuster and effectively killed the bill. Three Democrats and all 46 Republicans who voted backed the filibuster.

The bill authorizes $50 billion for highway and transit construction, $44 billion in extended benefits for the long-term jobless, $30 billion to help states keep teachers and first responders on the job, $30 billion for school repairs and $10 billion for an infrastructure bank designed to leverage between $60 billion and $100 billion in public works construction. The bill provides $271 billion in tax relief, achieved by accelerating certain business write-offs and halving employees’ Social Security withholding next year — from 6.2 to 3.1 percent of gross income up to $106,800 in wages.

No need to spend money to create jobs for the #99% so long as the banks and banksters are O.K.

Rodger Malcolm Mitchell
http://www.rodgermitchell.com

==========================================================================================================================================
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. The key equation in economics: Federal Deficits – Net Imports = Net Private Savings

MONETARY SOVEREIGNTY

Mitchell’s laws: Reduced money growth never stimulates economic growth. To survive long term, a monetarily non-sovereign government must have a positive balance of payments. Economic austerity causes civil disorder. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
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In an earlier post, I asked: “Why doesn’t President Obama support #Occupy Wall Street?” The short answer was that he is part of the #1% and beholden to them.

But #Occupy Wall Street is the real deal. It is not a little protest movement by a small bunch of rag-tag, hippie teenagers. It’s America. With the Democrats and the Tea/Republicans under the thumb of the wealthy #1%, the #99% is angry and frustrated, and this anger and frustration will tear America apart, unless the politicians start to understand reality.

Tax increases and spending cuts will not reduce unemployment.
Tax increases and spending cuts will not grow the economy.
Austerity hurts everyone but the rich, and the #99% are justifiably restive.

Watch this video: People arrested for trying to close accounts at Citibank.

This is America?

Watch this video: People arrested for trying to close their accounts at Bank of America

Can you believe this is happening in America?

People see banks and wealthy banksters being bailed out, and ask, “Who will bail out the people?” They are told, “We can bail out the banks, and we can’t punish them, because they are too big to fail. But there isn’t enough money to help you little people, and if you protest, we’ll have the police arrest and beat you.”

This is the American dream?

Cutting Social Security hurts the #99%. Cutting Medicare hurts the #99%. Eliminating the long-term care provisions of “Obamacare” hurts the #99%. Cutting Medicaid hurts the #99%. The establishment’s lies about federal debt hurt the #99%. HAMP was a massive lie, designed to mollify the American poor, while doing nothing to help them.

As I’ve said in the prelude to this and other posts, “ Economic austerity causes civil disorder.” So far, we’ve had a meek form of civil disorder, but it’s growing. Riots in the streets are next. And why? Because the economists, the media and the politicians, in league with the wealthiest, have spread the myth that our Monetarily Sovereign nation doesn’t have sufficient money to bail out the nation.

The #99% knows something is wrong, but they don’t know how to argue the facts. They’ve been fed so many myths, they are confused. All they can do is vent their anger in the streets. The anger is growing, and the #1% had better wise up, or America will be torn to pieces.

Democrats and Tea/Republicans: Stop lying to the people and don’t ignore them. Don’t try to clamp a lid on this pressure cooker. Learn Monetary Sovereignty and spend what is necessary to lift the #99%, or you will lose everything. And you would have only yourselves to blame.

Revolution is in the air.

Rodger Malcolm Mitchell
http://www.rodgermitchell.com

==========================================================================================================================================
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. The key equation in economics: Federal Deficits – Net Imports = Net Private Savings

MONETARY SOVEREIGNTY

Mitchell’s laws: Reduced money growth never stimulates economic growth. To survive long term, a monetarily non-sovereign government must have a positive balance of payments. Economic austerity causes civil disorder. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
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Here is today’s single, most important economic question. Whoever answers it can save our economy. Send it to economists, newspaper and magazine editors, columnists, radio and TV personalities, politicians, bloggers and members of the public.

Please add the answers to the “Reply” section of this post.

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Rodger Malcolm Mitchell
http://www.rodgermitchell.com

==========================================================================================================================================
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. The key equation in economics: Federal Deficits – Net Imports = Net Private Savings

MONETARY SOVEREIGNTY