- 01 Jul 2020 07:52
#15104237
The voters of America should be sick and tired of the Repuds aka GOP in Congress using every crisis to give trillions to the 1% while giving crumbs to the bottom 80% of earners.
The latest example is the current covid crisis. Two months ago Congress voted to pass the CARES Act which gave 85% o $1.3T (IIRC) to the 1% or business they own and the other 15% of the $1.3T to everyone else. I got a payment of $1200 one time. Now the Dems passed a bill form the House to help the people more, but the Repuds in the Senate are blocking it.
So, the Repuds increased the already very high deficit by $1.3T and gave $1.105 of that to the 1% and gave $0.195T to all the other people. The people needed it, did the 1% really need it? They have billions and so I doubt they *needed* it. Certainly not as much as the mass of the people did and still do.
I hope the voters remember this on election day.
PS . MMT says that the deficit in these times doesn't matter at all. That the very worst that can happen (and it is very unlikely) is that there will be some inflation that will make people's debts seem smaller. MMT also says that the only way for the US to payoff its currently over $25T national debt would be to create $25T of digital dollars and use it to pat off the bonds as they come due. THERE IS NO OTHER WAY TO PAYOFF THE NATIONAL DEBT. This would be very easy, but might have some consequences. But, we can also just roll the bonds over forever. MMT demands that the experts tell the people that the debt (like all debts) is (at the same time) someone's asset. Taxing away assets to payoff the bonds (=IOUs) with other IOUs (=digital dollars) is stupid because it would destroy the economy.
.
The latest example is the current covid crisis. Two months ago Congress voted to pass the CARES Act which gave 85% o $1.3T (IIRC) to the 1% or business they own and the other 15% of the $1.3T to everyone else. I got a payment of $1200 one time. Now the Dems passed a bill form the House to help the people more, but the Repuds in the Senate are blocking it.
So, the Repuds increased the already very high deficit by $1.3T and gave $1.105 of that to the 1% and gave $0.195T to all the other people. The people needed it, did the 1% really need it? They have billions and so I doubt they *needed* it. Certainly not as much as the mass of the people did and still do.
I hope the voters remember this on election day.
PS . MMT says that the deficit in these times doesn't matter at all. That the very worst that can happen (and it is very unlikely) is that there will be some inflation that will make people's debts seem smaller. MMT also says that the only way for the US to payoff its currently over $25T national debt would be to create $25T of digital dollars and use it to pat off the bonds as they come due. THERE IS NO OTHER WAY TO PAYOFF THE NATIONAL DEBT. This would be very easy, but might have some consequences. But, we can also just roll the bonds over forever. MMT demands that the experts tell the people that the debt (like all debts) is (at the same time) someone's asset. Taxing away assets to payoff the bonds (=IOUs) with other IOUs (=digital dollars) is stupid because it would destroy the economy.
.