And every Neo-liberal economist knows that 100 years ago paper dollars were also IOUs. The Gov. promised to give you $1 worth of gold for your paper dollars.
Now, the US is off the gold standard and will not give you $1 worth of gold for your dollars, but it does give you $1 worth of credit toward your tax liability for each $1 you pay them. This is the reason that I say, “The US Gov. promises to redeem your $1 for $1 worth of tax credit. This makes them an IOU.”
. . Why can you think that the IOU dollar bills stopped being IOUs because the Gov. stopped paying them off with gold and instead pays them off with tax credits? Why?
So, can we just agree that all US dollars are still IOUs?
I think I can assume that everyone knows what an IOU is. We sometimes create them in poker games, etc. We don't need our old IOUs to be given to us so we can have them to give to others. We can just create all the IOUs we want.
. . And, we all know that functionally when we get one of our own IOUs back (and pay the amount owed), we just rip the old one up because it might get lost and be redeemed again, right?
So, why can't you-all see that US Dollar IOUs must also be “destroyed” as soon as they are paid into the US Gov account at the Fed. Res. Bank? [Because almost all tax payments are in the form of a check drawn on a bank, there are no paper dollar bills to destroy. It is just an accounting process.]
. . Yes, the US Gov. needs to keep track of how many dollars it received from all sources, because this information is useful. But, it doesn't need old dollars coming in to have dollars to spend. It can only spend newly created dollars because that is part of the nature of all IOUs. And, again almost all Gov. spending is in the form of a check or a direct deposit, so no actual new paper dollars bills are being spent.
Are THE reasons you-all can't see this --- ?
1] Then you could not say,
. . a] “The taxpayers' money should not be spent on this (whatever the 'this' is).
. . b] “I don't want my tax dollars to be spent on abortions.”
. . c] “How can the taxpayers ever pay back the national debt?”
2] Because you hope the US will get back onto the real money standard, i.e. the gold standard?
3] Because you think that the Soc. Sec. Trust Fund is like the assets of a private insurance company, and it isn't enough to pay all the future demands on it. So, you think it is “an unfunded liability”?
4] Some other reason.
Really, I want to hear your reasons.!