lpnmajor wrote:
Here on OPP. we got to watch the Republicans outrage when Obama was elected President in 2008. There were those who insisted that he was not their President, that massive voter fraud was to blame, etc. The attacks on Obama seen here ran the gambit from- he's really a citizen of Kenya, he's a Muslim, to - he's trying to destroy America as we knew it. Many prominent people outside of OPP either started these attacks, or participated in them, including the current President. Everyone who participated in this endeavor insisted that they were Patriots and were merely trying to defend America, and accused their opponents of being un-Patriotic and worse. There was 8 years of this........then comes 2016.
Here on OPP we got to watch Democrats outrage when Trump was elected President, many insisting that he was not their President, that massive voter fraud or Russian interference was to blame. The attacks on Trump ran the gambit from - he's a Russian plant, he's an Israeli operative to - he's completely unqualified and self absorbed. Many prominent people outside of OPP either started these attacks or participated in them. Everyone who participated in this endeavor insisted that they were Patriots and were merely trying to defend America and accused their opponents of being un-Patriotic or worse.
How many Americans are truly trying to ruin their own country? None, but there are those here who insist on believing this fallacy. Those who castigated Obama for 8 years, insisted that they were justified in those attacks, who now attack those who are doing the exact same thing to Trump for exactly the same reason. Why is it that YOU can do such things, but others may not?
Going back decades, we watched the "losing" side flop like stranded fish, until they were rescued by the cycle switching back in their favor..............and watched the "other" side begin their death throe stranded flopping. To be perfectly clear, the ONLY loser in this cycle..................is America. We now sanction filling our courts with activist partisans, abandoning the Constitutional traditions of law, order and impartiality................all in an attempt to avoid experiencing the stranded fish syndrome. The truth is; there is no way to prevent the cyclic switching of the party in ascendance, so stranded fish syndrome is here to stay.
America stagnates, allowing Her infrastructure to crumble right before Her eyes, Her middle class to disappear, the wealth and gender gap to widen, morals to decay, and civility to disappear, among just a few of the current maladies...................all because we insist on pursuing partisan and ideological goals to the exclusion of all else...................and because we're desperately trying to avoid experiencing the stranded fish syndrome.....................we'd prefer the other side to have that honor.
Here on OPP. we got to watch the Republicans outra... (
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MMT ECONOMY CHART’S SPENDING AND TAXING IMPLICATIONS
Congress spends without income. Acting on Congress’ laws, the US Treasury creates new, fiat money out of thin air and spends it in the marketplace. Likewise, out of thin air, private banks offer to the market credit (to be destroyed by a repayment debit) useful for creating real but not financial private wealth.
In the marketplace, the Treasury wires or sends checks to dependents and pays the private sector to build and manage federal infrastructure: defense, courts, prisons, highways, etc. While performing that service, the private sector creates both real and financial wealth for its households and businesses.
To prevent inflation, federal income taxes destroy1 about 75% of annual Congressional spending. Thus, the tax revenue deficit (aka “deficit spending”) is the private sector’s after-tax bank savings. Due to our trade deficit, about 15% of annual spending enters foreign bank accounts. The rest of the after-tax savings enters domestic banks. If the trade deficit exceeds the tax revenue deficit, we export more cash than we save, draining bank accounts and depressing the economy. Thus, a Constitutional amendment requiring federal budgets to be balanced over any time period would create built-in recessions or worse!
A tax revenue deficit allows credits of deposited Treasury checks to vastly exceed tax payment debits, upsetting the Fed’s bank reserves and the crucial federal funds interest rate anchoring all other interest rates. To even the score, the Treasury sells federal debt: a mere accounting gimmick! (A tax revenue surplus forces the Fed to buy privately-owned federal debt!) To restrict Congress’ spending, deficit hawks excite fears of inflation by citing large federal debt-to-GDP ratios. In fact, Treasury bond sales merely debit private bank accounts, adding nothing to the money supply. And if the money supply is too great, the remedy is to reduce it with higher federal income and estate taxes! Indeed, the debt fears could be quenched by an alternate accounting gimmick: eliminate auctions and have the Fed buy the needed debt directly from the Treasury! That should bring on a demand for more deficit spending!
Maximum prosperity needs maximum money flow into private bank accounts, which needs maximum after-tax savings, which needs maximum Congressional spending (maximizing federal infrastructure!), which needs minimum inflation, which needs maximum taxation of excessive discretionary income but minimum taxation of non-discretionary income, both of which needs high federal income tax rates and steeply progressive tax brackets. Indeed, such brackets have the added benefit of providing negative feedback: larger (smaller) ratios of federal tax revenue to annual spending due to “tax bracket creep” brought by economic expansion (contraction), thus smoothing our money supply’s fluctuations.
Maximum prosperity also needs minimum money outflow from private bank accounts, which needs minimum cost of privately-owned infrastructure. While the chart does not show that the private sector now contributes to Medicare and Social Security, there is no reason that Congress cannot finance all the federal trust funds. Indeed, Congress could also pay for all private infrastructure, down to pot-holes! Since all infrastructure contributes to defense, which is exclusively Congress’ burden, it is necessary and would be proper for Congress to pay for almost all infrastructure. This would greatly reduce the money outflow from private bank accounts and increase domestic private wealth. At a minimum, Congress should eliminate municipal bonds and stop making state taxpayers rent private systems of transportation, communication, energy, water supply, schools, fire/police, courts, prisons, etc.
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