Twitter: @rodgermitchell; Search #monetarysovereignty
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Mitchell’s laws:
●The more federal budgets are cut and taxes increased, the weaker an economy becomes.
●Austerity is the government’s method for widening the gap between rich and poor, which ultimately leads to civil disorder.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
●To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The penalty for ignorance is slavery.
●Everything in economics devolves to motive.
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You have too much money and the federal government is running short. So you must send more dollars to Washington, and expect to receive fewer dollars in return.
Your taxes must increase, while your social benefits must decrease.
That is the repeated message of the rich, as exemplified by articles in the Washington Times, that reliable mouthpiece for the moneyed class.
Here are just a few examples:
Orrin Hatch’s op-ed about fiscal responsibility gets real traction
Two days after the ranking member of the Senate Finance Committee published a guest op-ed in the Wall Street Journal, his editorial remained the most popular story on the periodical’s website.
“The national debt, if left unchecked, will eclipse our entire economic output in a mere 25 years, outstripping private investment and threatening the nation’s economic health.”
Sounds awful, huh? Except for one tiny detail. The national (so-called) “debt” is the total of all outstanding T-security accounts ever sold, while the entire economic output (presumably Gross Domestic Product) is a one-year measure.
So Hatch’s “fiscal responsibility” compares a 30 year measure with a one-year measure, and even then, what does it mean for the total of outstanding T-securities to exceed GDP?
Absolutely nothing. GDP doesn’t pay for T-securities. It’s a fake comparison, designed to scare you into sending more of your money to Washington and receiving fewer benefits.
Social Security fix would require big tax increase
Preserving Social Security for the next 75 years without reducing any projected benefits would require an immediate and permanent 3.4 percent payroll tax increase, the Congressional Budget Office said Tuesday in a new report looking at long-term budget challenges that shows there are no easy options left.
“We as a society have a fundamental choice of whether to cut back on [entitlements] or to raise taxes to pay for them. And so far, we’ve chosen to do very little of either,” says Congressional Budget Office Director Douglas Elmendorf.
If there is one thing the upper .1% loves it’s the payroll tax, especially FICA. The rich pay comparatively little of each. The truly rich receive most their income from non-payroll sources, and FICA, the most regressive tax in U.S. history, is capped at a “pocket-change” level for the rich.
So, the barkers for the rich give you, the taxpayer, but two choices: Pay more taxes or receive fewer benefits. Do you want to pay more or receive less? Pick one. The notion that because the federal government is Monetarily Sovereign, you could and should pay less and receive more — that truth never is told to you.
CBO says government finances will be in dire straits by 2038
Federal taxes will go up, but spending will rise even faster over the next 25 years, leaving the national government in dire fiscal straits, according to projections the Congressional Budget Office released Tuesday.
So there it is. The government is running out of money. It soon will be in “dire straits.” Even the CBO says so.
Never mind that it is 100% impossible for the government to run short of dollars — unless it wants to. Being Monetarily Sovereign, the government never has, and never will, run short of dollars (barring incredibly foolish debt ceilings.)
Even if federal taxes fell to $0, the federal government would not run short of dollars. Budget Office Director Douglas Elmendorf knows this. Both political parties know it. The President knows it.
They just hope you don’t know it. Why? To widen the gap between the rich and the rest.
The rich own the politicians. The rich own the Washington Times. The rich want the gap widened, because it is the gap that makes them rich. (Without the gap, no one would be rich.)
EDITORIAL: Budget blarney
President Obama is a master of fiscal discipline, or so he says. “Our deficits are falling at the fastest rate in 60 years,” he told an audience the other day at Knox College in Illinois. It is true that the federal deficit is on track to be the lowest since Mr. Obama took office, but there’s a catch.
Mr. Obama is history’s biggest spender. This year’s deficit is more than the $742 billion in inflation-adjusted dollars that Franklin D. Roosevelt borrowed in 1943 to fight World War II.
Credit for the deficit reduction, such as it is, goes to House Republicans, who have used continuing resolutions to keep government spending in a virtual freeze. That’s a step in the right direction, but it’s not good enough.
The vast majority of federal spending directly benefits the middle- and lower-income groups. So spending freezes widen the gap, exactly what the rich want. That is the “credit” the Republicans should receive.
Government red ink jumps 25% in August
The federal deficit surged nearly 25 percent in August to reach $753 billion through the first 11 months of the fiscal year, but the Congressional Budget Office said Monday it expects the final year-end total to be lower.
In August alone, the government ran a $146 billion deficit, pushing this year’s total up by nearly 25 percent in just one month. But CBO analysts said the picture will look somewhat better in September, the final month of the fiscal year, which will produce a surplus and drive the deficit lower.
Get it? “Red ink” in media-speak means you receive more, and pay less — in short, “black ink” for taxpayers.
“Better” in rich-folks jargon means you pay more taxes and receive less in benefits. “Better” means you have too many dollars, but the federal government is running short, so you will send them some of yours.
This is the BIG LIE in all its glory — the fiction that the federal government’s finances are like your finances. The disgraceful part is that the liars are well aware that their lies hurt America, but lie anyway.
What is the word that best describes someone who intentionally hurts his own country?
GOP-backed delay to Obamacare would save $35 billion, report says
Congressional auditors said Friday the House-passed bill to delay by one year the individual mandate at the heart of President Obama’s new health care law would reduce federal deficits by about $35 billion over the next decade.
The Congressional Budget Office said the government would spend $28 billion less on things like expanded Medicaid enrollment and premium tax credits and see $7.4 billion in revenues from greater taxable income if the mandate requiring most Americans to have health insurance does not start until 2015, instead of 2014 as planned.
“Save $35 billion” means taxpayers would send 7.4 billion more dollars to the government and receive 28 billion fewer dollars. Some “saving” that is.
It goes on and on, the incessant drumbeat of lies, all part of the BIG LIE. So brainwashed are the American people, by lies coming at them from all directions, that they ferociously fight against the truth.
Dare to tell an American the facts — that the federal government does not use his tax dollars, has no need for his tax dollars and in fact, destroys his tax dollars upon receipt, and you will receive in return, not just disbelief but invective.
You will be hated for accurately explaining how taxpayers could spend less and receive more benefits. You will be despised for revealing why it is the rich who want deficit reduction, so the income/wealth gaps can be increased.
You will receive only venom for detailing to an American how his life can be better, freer, healthier and longer at absolutely no cost to him.
As a former marketing/advertising professional, I stand in awe at the magnificent brainwashing job the rich have done, despite all the facts against them. They actually have convinced Americans the federal government needs their dollars more than they do.
It really is remarkable.
Bravo!
Rodger Malcolm Mitchell
Monetary Sovereignty
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Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually
8. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)
9. Federal ownership of all banks (Click here)
10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt
No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.
Two key equations in economics:
1. Federal Deficits – Net Imports = Net Private Savings
2. Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports
THE RECESSION CLOCK
As the federal deficit growth lines drop, we approach recession, which will be cured only when the lines rise.
#MONETARY SOVEREIGNTY
#Monetary Sovereignty - Mitchell 