No such thing as a ‘budget monster’
Jim Brock: “If there were any more pork in the latest COVID-19 bill, it would be able to get up and run away.
It would be funny except that our grandchildren will have to pay for our reckless spending.
No worry, crank up the money presses.”
Though that sounds logical, and although such thinking is never applied to military spending, bank rescues, or massive tax reductions for capitalists, the budget deficit monster is a fallacy. Fact is, the federal budget is structurally different than one’s household budget.
People have been led to believe that the monetary macrocosm revolves around taxpayers and, accordingly, that the federal government possesses no money of its own. However, the federal government — the (currency issuer) rather than taxpayers fund all federal spending.
Although the expression “Our grandchildren will be paying for it” is oratorically robust, it carries zero economic reasoning. Consider that, as a share of GDP, the federal debt was 120% in the immediate aftermath of WWII.
But that was the era in which the “middle class” was born. Family income relative to inflation skyrocketed, and Americans realized a much higher standard of living devoid of higher taxation rates.
Per cranking up the printing presses, as Ben Bernanke stated, “We use the computer to mark up the size of the accounts. Taxpayers didn’t bail out Wall Street. The scorekeeper did.”
Recognize, too, that in, say, supplying the military with copies of the boondoggle known as the F-35, the Treasury Department directs the Federal Reserve to execute payment to Lockheed Martin.
The Fed merely marks up the digits in Lockheed’s account, which are paid for by the Fed with “digital dollars” or “bank reserves.” Therefore, congress is not tasked with finding money. It is committed to finding votes.
Indeed, the budget monster is mythology.
The big lie
You just can’t make this stuff up. Now we have former and twice impeached Donald Trump crashing a wedding party at his Mar-a-Lago resort, where he grabs the master of ceremony’s microphone and gives a rambling, incoherent speech where he continued to spread the great lie about how the election was rigged and stolen from him.
Trump being such a pathological liar will more than likely continue his biggest lie, that there was widespread voter fraud. The only voter fraud is where cry-baby Donny asked the Georgia Secretary of State to find 11,000 votes for him.
Because of the big lie we now have 43 states that are led by Republicans, who want to restrict voter access. In fact it is now against the law to provide drink and food to someone standing in long lines at polling places in Georgia.
According to the law, if you are convicted, you can spend a year as their guest in the pokey. My guess is they will put you on a chain gang and make you perform menial physical challenging work as your punishment.
You know how the deep-south loved those chain gangs for free labor since it is one notch above slavery.
Republican talks a lot about protecting children in the womb, but once they are born, they lose interest in them and could care less what happens to them. Just look at how they want to treat the 1000s of Hispanic kids who have crossed over our southern boarder without parents or guardians. They want to push them back over Trump’s wall and have them being subjective to rape, torture, and even death.
Am I happy about the 1000s of people being allowed into the USA? Not really, however, having a moral conscience we need to help people less fortunate.
I trip out on how the majority of Asian hate crimes are committed by african american people.
From what I gather from news anyways. So this is what democrats mean when they talk about Black lives matter? That if you ain’t Black or part their BLM.organization, you are subject to being attacked by black people?
Thank you Black Life Matter organization for making our streets less safe. With your hate and racism.
So who’s really racist? So if the spanish flu came back the would us latinos be at risk too?
Andres Garcia Jr.