Content By: The Coming Depression Editorial Staff (dates cited below)
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This entry was posted on Thursday, March 31st, 2011 at 5:21 pm and is filed under All Posts, North America. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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  1. May 3, 2014 @ 7:28 pm

    This article s so silly. The author dismisses the fact that a monetarily sovereign government issuing its own non-convertible, fiat currency with a flexible exchange rate never depends on revenue per se to spend and can never, involuntarily, go broke, therefore, the author ignores the fact that the Federal government can simply destroy its own liabilities reduces its debt by up to 90%. It would not want to eliminate that debt all at once since then it would starve the private sector of net financial assets, i.e., the proceeds from deficit spending. Depriving the private sector of NFA forces it into more debt and could lead to recession.

    Factoring in future safety net costs as a reason to forego present investment is valid in the very short run. But not for the long run. If CBO projections of surpluses, deficits. GDP and other economic indicators after the Clinton Administration we’d be in the worst depression in our history.

    One need only understand the basics of national income accounting and grasp sectoral balance identities to fathom the effects of both monetary and fiscal policy in our three sector, macroeconomic system.

    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

    Nine Steps to Prosperity:
    1. Eliminate FICA
    2. Federally funded Medicare — parts A, B & D plus long term nursing care — for
    3. Provide an Economic Bonus to every man, woman and child in America, and/or
    every state a per capita Economic Bonus. Or institute a reverse income tax.
    4. Free education (including post-grad) for everyone.
    5. Salary for attending school
    6. Eliminate corporate taxes
    7. Increase the standard income tax deduction annually
    8. Increase federal spending on the myriad initiatives that benefit America’s 99%
    9 Federal ownership of all banks

    Posted by The Anarchist

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