Tag: modern monetary theory

–Beating on the poor and weak, a favorite, right-wing amusement

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.
●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.
==================================================================================================================================================================

If you are poor, or really, even middle-income, do not expect help or sympathy from the right-wing. Your lack of money, wealth and power is all your fault for being a lazy cheater.

So goes the right-wing mantra.

We’re All Welfare Queens Now

A Republican state lawmaker in Missouri is pushing for legislation that would severely limit what food stamp recipients can buy.

The bill being proposed would ban the purchase with food stamps of “cookies, chips, energy drinks, soft drinks, seafood or steak.

“The intention of the bill is to get the food stamp program back to its original intent, which is nutrition assistance,” said Rick Brattin, the representative who is sponsoring the proposed legislation. – Washington Post, April 3, 2015

Never mind the fundamental idiocy of a Congressman who believes one can determine what is bought with food stamps vs. what is bought with dollars — in the same store.

(“Here is a $10 bill plus $10 worth of food stamps. Now be sure to charge the steak to the dollars and charge the vegetables to the food stamps, and not the other way around.”)

Instead, let’s move on past idiocy to identifying these “Welfare Queens,” who, unlike us good honest folk, buy (gasp!) cookies, chips, soft drinks, seafood and steak.

As everyone knows, these foods are only for . . . well, just about everybody in America.

SNAP: Frequently Asked Questions

SNAP eligibility rules require that participants be at or below 130% of the Federal Poverty Level. Recent studies show that 49% of all SNAP participants are children (age 18 or younger), with almost two-thirds of SNAP children living in single-parent households.

In total, 76% of SNAP benefits go towards households with children, 16% go to households with disabled persons, and 9% go to households with senior citizens.

Yes, we must protect ourselves against those low income children, disabled persons and senior citizens, so they don’t sit back in the lap of luxury, eating cookies and steak.

In 2013, the average SNAP client received a monthly benefit of $133.07, and the average household received $274.98 monthly.

Wow, a whole $274.98 a month for a household? With those kind of big bucks coming in, no wonder these Welfare Queens are able to gorge themselves on seafood.

All SNAP retailers must sell at least seven varieties of food in each of four basic categories (meat, poultry, or fish; bread or cereal; vegetables or fruits; and dairy products) on a continuous basis.

Obviously, the meat, poultry or fish, etc., are not considered “nutrition assistance” by Rep. Brattin.

There are 15 Thrifty Food Plan market baskets, each formulated to fit the nutritional requirements of specific gender or age groups in the United States.

TFP market baskets include ratios of grains (including whole grains), vegetables, fruits, milk products, meat and beans, and other foods as determined by the Recommended Dietary Allowances and Dietary Guidelines for Americans issued by the USDA.

The baskets are arranged with the goal of obtaining minimal cost for sufficient nutrition.

Being poor, lazy cheaters, they must be told exactly what they are allowed to eat.

But sometimes the poor are not obedient. This disobedience is especially galling to us right-wingers who don’t like the federal government telling us what to do. Uh, wait . . . uh . . . oops.

SNAP has frequently been a target for accusations of fraud and abuse of the system. SNAP beneficiaries are accused of cheating the system by receiving greater benefits than would befit their income status or exchanging SNAP benefits for cash.

In reality, fraud within the SNAP system is extremely low. With the introduction of the EBT cards, most opportunities for fraud have been removed, and an electronic trail now exists to facilitate the tracing of abuses in the system.

According to a recent USDA analysis, SNAP reached a payment accuracy of 96.19% in 2012 (the highest that the program has ever seen). Trafficking rates—the number of benefits exchanged for cash—are at 1%.

Well, we don’t care about facts. We once heard of somebody who bought a steak with food stamps. So there!

Many Americans believe that the majority of SNAP benefits go towards people who could be working. In fact, more than half of SNAP recipients are children or the elderly.

At least forty percent of all SNAP beneficiaries live in a household with earnings. In fact, the majority of SNAP households do not receive cash welfare benefits (around 10% receive cash welfare), with increasing numbers of SNAP beneficiaries obtaining their primary source of income from employment.

AKA known as the “working poor,” people often are stuck with the most difficult, backbreaking, disgusting jobs our society has to offer.

Undocumented immigrants are not (and never have been) eligible for SNAP benefits.

Documented immigrants can only receive SNAP benefits if they have resided within the United States for at least five years (with some exceptions for refugees, children, and individuals receiving asylum).

So, in America, even if you are here legally, you won’t get nutritional help from our government for at least five years.

Right-wingers like Rick Brattin use class-warfare brainwashing to convince you that you are paying for a luxurious lifestyle, by ne’er-do-well, lazy cheaters, who use your money to live like kings.

So, of course you should learn to hate these people, which will justify denying them even the relative pittance they now receive.

Never mind that you and I do not pay for SNAP or any other federal benefit. Federal taxes do not fund federal spending.

And never mind that but for the grace of God, we could find ourselves impoverished and starving, however much we may want to deny it.

Beating on the poor is amusing to the Rick Brattins of the world. He can laugh as he watches the poor jump through hoops, and no matter what they do, it will not be enough to please him.

It’s especially entertaining that we can watch them suffer, and they can’t fight back.

Beating on the poor is exactly like that other, popular pastime we teach our children to enjoy: Hunting.

Rodger Malcolm Mitchell

===================================================================================
The Ten Steps to Prosperity:

1. Eliminate FICA (Click here)
2. Federally funded 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 (.1%) more, with higher, progressive tax rates on all 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
Monetary Sovereignty

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

–Rand Paul: Constitutional scholar, morality judge and linguist

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.
●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.
==================================================================================================================================================================

The right-wing is very much in favor of applying Constitutional law, specifically when it happens to punish the weak and powerless, reward the rich or when it favors guns.

The right-wing also is very much in favor of “getting government off people’s backs.”

Consider, for instance, current right wing darling, Rand Paul, and his opinions about marriage:

Rand Paul: ‘…If You Want to Marry Another Woman That You Can Do That and Have a Contract’

Sen. Rand Paul (R-Ky.) told CNN’s “State of the Union” on Sunday that he believes “what you do in your home is your own business” when asked about his views on gay marriage.

“I do believe people ought to be left alone. I don’t care who you are, what you do at home, or who your friends are, where you hang out, what kind of music you listen to. What you do in your home is your own business.

That’s always been who I am. I am a leave-me-alone kind of guy,” Paul said.

“But not when it comes to marriage?” CNN host Dana Bash asked.

“Well, no, states will end up making the decisions on these things. I think that there’s a religious connotation to marriage. I believe in the “traditional” religious connotation to this.”

You could have both traditional marriage, which I believe in, and you could also have the neutrality of the law that allows people to have contracts with another.”

So let’s get this straight. Sen. Paul does not object to gay people getting married, so long as they don’t dare call it “marriage.”

It should be the identical contract as “traditional” marriage, just don’t use the word “marry.” Use some other words (How about “get hitched” or “plight one’s troth”?)

And the nonsense continues: Rand Paul believes people ought to be left alone — but state governments should make the marriage decision.

You see, to the silly right, the federal government is the evil, dishonest, tyrannical “leviathan,” while state governments are angelic, virtuous, sympathetic cherubs.

For example, in my home state of Illinois, half our governors and many other local politicians are so honest, they are allowed to live free in government residences called “prisons.”

And finally, Sen. Paul thinks marriage laws should be based on religion, though the very first words in the very first Amendment to the Constitution of the United States are: “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof. . . “

But Senator Paul believes the religious connotation should be obeyed, and I suppose, if the religious connotation is Senator Paul’s belief, then the religious connotation should be the nation’s belief, Constitution or not.

But it will get screwier. Wait until you examine the Constitutional scholar’s budget proposals.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
The Ten Steps to Prosperity:

1. Eliminate FICA (Click here)
2. Federally funded 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 (.1%) more, with higher, progressive tax rates on all 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
Monetary Sovereignty

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

–Yet another problem with universal gun ownership and carry

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.
●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.
==================================================================================================================================================================

Does this scenario sound familiar?:

(Innocent) Texas mother Kametra Barbour was pulled over and arrested at gunpoint in front of her children after police mistook her for a suspect on the loose.

“What is going on? Oh my God, you will terrify my children,” Barbour says.

Police Detective Michael Clay later told WFAA that the officer’s actions were justified given “the nature of the call — that a weapon was involved.”

It occurs to me that the police in America must be especially jumpy about contacts with any citizen, because that citizen might very well be carrying a gun. More and more are.

With so many people carrying loaded guns, even an innocent traffic stop or neighborhood call can devolve into a life or death confrontation.

Many years ago, when I was young, if you were pulled over by a police officer, he didn’t feel he had to approach your car cautiously, with his hand on his weapon, and demand that you exit the car with your hands clearly in view and raised.

He didn’t feel he had to tell you to walk backward toward him. He didn’t feel he had to cuff you for his own safety. He wasn’t so tense, that your slightest move, he might interpret to being threatening, could set him off shooting.

Police in America today, are faced with more and more armed citizens, who might or might not be angry, drunk or otherwise aggressive — or merely carrying a cell phone or a wallet that looks like a gun.

If you’re a police officer, you have no idea whether or not that guy you pulled over might just decide he doesn’t like police. Or thinks you are threatening him. Or is high on something.

And start shooting.

Police are human. They have human fears. They have families they love. Some are calm; some are excitable. Some are kind, and some are mean. They have the same foibles we all have.

So, rather than take a chance, the safest thing an officer can do, when in doubt, is to shoot first. That way he knows he will go home to his family rather than be covered with a sheet.

Yes, NRA and all you gun lovers, you think guns make you safer, but one thing you haven’t thought out. What happens when everyone is carrying a loaded gun — and the police know it.

Be ready to read about more and more killings by police.

I don’t have data on this, but I suspect that shootings of innocents by police in Japan and England, where gun ownership is low, are much less frequent than in the U.S., which has the highest gun ownership in the world.

In America, if you see that blue flashing light in your rear view mirror, be afraid. Be very afraid.

The police are.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
The Ten Steps to Prosperity:

1. Eliminate FICA (Click here)
2. Federally funded 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 (.1%) more, with higher, progressive tax rates on all 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
Monetary Sovereignty

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 Motley Fool and its writers, add their names to the fools’ club. Buyer beware!

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.
●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.
==================================================================================================================================================================

I seldom have read The Motley Fool, though I understand that many people do. I don’t know about its success record in predicting stock prices or predicting anything else about our nation’s economy.

Perhaps I shouldn’t be too surprised to read the following article authored by Brian Stoffel, who “has been a Fool since 2008, and a financial journalist for the Motley Fool since 2010.”

Based on the article, I suspect he has been a Fool for much longer than “since 2008,” but you can decide for yourself.

Will the Social Security System Go Broke in the Next 20 Years?
By Brian Stoffel, Dan Dzombak, and Dan Caplinger | April 11, 2015

It’s no secret that Social Security, in its current form, is in trouble. Many young workers today are told to plan for retirement as if Social Security will no longer be around.

And many soon-to-be retirees lose sleep over whether or not their safety net will be in place when their Golden Years begin.

Social Security “in its current form,” is an agency of the Monetarily Sovereign U. S. federal government.

Here is a little secret the politicians and journalists don’t tell you: Unlike the states counties and cities, and business and individuals — all of which are monetarily NON-sovereign — the U.S. government has the unlimited ability to create its own sovereign currency.

The federal government never can run short of dollars.

Even if all taxes fell to $0 and all so-called federal “borrowing” also fell to $0, the U.S. government could continue paying all its bills, forever. It never needs to ask anyone for dollars — not you, not me, not China.

Social Security, being an agency of the U.S. federal government, also cannot run short of dollars, unless Congress wishes it.

The article continues:

The program has current workers pay for the benefits of retirees. If there’s a relative balance between the number of workers and the number of retirees, then the program runs fine.

But with a wave of baby boomers entering retirement — and living longer than any generation before them — the program is out of whack and spending much more than it’s taking in.

This would be true if Social Security were operated and owned by privately-held insurance companies. All such companies are monetarily non-sovereign, so indeed they require incoming dollars to pay for outgoing dollars.

(Republicans want to privatize Social Security, which would guarantee that it would, in fact, run short of dollars.)

Federal agencies require no incoming dollars. The federal government creates dollars from thin air.

You can’t. I can’t. Illinois, Cook County and Chicago can’t. But the federal government can and does.

That is the difference between Monetary Sovereignty and monetary non-sovereignty.

We asked three Motley Fool analysts whether they thought the program would go broke within 20 years. Here’s what they had to say.

Dan Caplinger: [Dan Caplinger is a contract writer for The Motley Fool. In addition to his writing, Dan works as an independent financial consultant and estate-planning attorney.]

No — technically, it can’t (go broke).
Strictly speaking, the Social Security system won’t go broke so long as there’s payroll-tax revenue coming in to fund it.

Wrong, Dan. Contrary to popular myth, payroll tax revenue (aka FICA) does not pay for Social Security. In fact, FICA pays for nothing.

When FICA dollars are received by the Treasury, they no longer are part of the money supply. They cease to exist as money. When Social Security benefits are paid, new dollars are created, like this:

The Treasury sends instructions to each benefit recipients’ bank, telling the bank to increase the balance in the recipient’s checking account. At the moment the bank obeys those instructions, new dollars are added to the money supply.

You may ask, “Why then is FICA collected?” The answer: To give the illusion that people pay for Social Security as though it were an insurance annuity.

It has been said that President Roosevelt knew this, which is why he created FICA. Supposedly, his idea was that so long as people believed they paid for Social Security, the politicians would not have the nerve to cut benefits.

He didn’t reckon with the gall of today’s politicians.

Dan Caplinger is ignorant of Monetary Sovereignty. I personally would be reluctant to take his advice on anything related to the U.S. economy.

Dan Dzombak: [Dan Dzombak joined the Motley Fool through its Analyst Development Program in 2008. After completing the 1-year program, he became the Motley Fool’s Energy Editor, focusing on the oil and natural gas markets.]

Yes, the Social Security system will go broke in the next 20 years.

The current status of the Social Security system is like someone who has a huge savings account but spends more than their paycheck each month and has to draw down their savings.

Dan Dzombak thinks the Monetarily Sovereign federal government’s finances are like monetarily non-sovereign personal finances. Another example of economic ignorance.

Perhaps he should focus his gas on the oil market.

Brian Stoffel: [For six years after graduating from Grinnell College, Brian Stoffel was a middle school teacher. Five of them were spent in inner-city Washington DC at a KIPP charter school that focused getting 100% of students accepted to college.]

No — Congress will eventually figure something out

It’s difficult to understate just how important Social Security is to today’s (and tomorrow’s) retirees. The program’s Office of Policy estimates that “Social Security will account for about two-fifths of projected income for baby-boomer retirees.” That’s an enormous amount.

While I agree with Dan Dzombak that raising taxes to help close the funding gap will be a politically difficult task, I don’t think we should underestimate the political force tomorrow’s retirees will have.

I believe these combined forces will help usher in political leaders who are able to work out some solution to the depletion of Social Security’s Trust Fund.

Another Motley Fool writer — this time a middle school teacher — who seems to know nothing about Monetary Sovereignty and federal financing.

Here is MY advice. If you plan to accept THEIR advice, consider its value in light of their knowledge about the U.S. economy.

Buyer beware!

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
The Ten Steps to Prosperity:

1. Eliminate FICA (Click here)
2. Federally funded 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 (.1%) more, with higher, progressive tax rates on all 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
Monetary Sovereignty

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