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  1. Sorry profiteers and not proffers

  2. I am quoting this from mythfighter Mitchell: in

    “How the “stinking liars” inadvertently disclosed why the debt is necessary Monday, Aug 3 2015 ”

    To give you an idea of how shameless the lies are, the Campaign to Fix the Debt was founded by the notorious duo of Erskine Bowles and Sen. Alan Simpson. Remember them? Yes, these are the guys who brought you the sequester, the disastrous debt-cutting program that set back our recovery from the Great Recession by many years. We still haven’t recovered.

    And Fix the Debt is bankrolled by the even more notorious Pete Peterson: [ The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation’s “debt problem.”]

    Bush, who favors raising the age at which Americans can draw Social Security, said he also backs a federal hiring freeze and not replacing all retirees.

    “You are not going to get it to balance immediately, but with high (economic) growth and a focused approach to limiting spending, including entitlements over the long haul, you can get it in balance,” Bush said.

    “Without (the economy) growing, it won’t happen. And if we don’t fix the entitlement system, it won’t happen.”

    What gibberish! Can anyone explain how fewer people receiving Social Security payments, fewer people receiving employment from the federal government, and more people paying more taxes (to achieve “balanced revenue”) will achieve “high economic growth”?

    It’s utter nonsense, sort of like scoring fewer runs and giving up more runs, will help the Cubs win more games. What Bush, Bowles, Simpson, Peterson et al propose, is designed to reduce economic growth, and more specifically, to widen the Gap between the rich and the rest.

    And as for balancing revenue (taxes) with spending, that would mean no new dollars entering the economy. If anyone can explain how an economy can grow if its money supply doesn’t’ grow, I’d love to hear it. That would be a miracle of economics, indeed.

    With that frankness, a candidate for president paid his respects to First Budget’s pressure over the existential threat that federal debts and entitlements pose to America as we know it.

    There, in one sentence, the owned-by-the-rich Tribune expresses the Big Lie: The statement that America cannot exist with those big T-security bank accounts, and that rather than stimulating the economy, Social Security and Medicare payments slow the economy.

    Never mind that the bought-and-paid-for media have been saying the federal debt is a “ticking time bomb” for at least 75 years. And here we still are. Still ticking.

    In the Tribune’s “black is white, and up is down” Big Lie, adding money to the economy shrinks the economy, while austerity grows the economy.

    Yeah sure, austerity works. Just ask Greece.

    Looming over these dangers is a current federal debt — that is, a federal taxpayers’ debt — of $18.3 trillion.

    There’s another Big Lie.

    In reality, Not one taxpayer owes one cent of the federal debt, though millions of taxpayers OWN billions of dollars of the federal debt. They own T-security accounts at the Federal Reserve Bank.

    And the bigger the misnamed “federal debt,” the more money taxpayers own in T-security accounts. The more proper name would be “T-security deposits” rather than “debt.” Isn’t “deposits” what you call the money you have in bank accounts?

    The Tribune article ends with this revealing question, in which the “stinking liars” accidentally admit why the so-called federal “debt” is necessary:

    As for candidates always prattling that they want to “invest” more in schools, or defense, or a hundred other needs: At their events or in your talks with their surrogates, ask the questions First Budget volunteers are forcing politicians to confront.

    As two of the group’s officers wrote in a July 19 op-ed for The Cedar Rapids Gazette, “If they promise tax cuts or more spending, how will they pay for them without increasing the debt?

    Exactly right. You cannot pay for all the benefits the world’s wealthiest Monetarily Sovereign government should provide, without increasing the so-called “debt.”

    The rich don’t want you to have those benefits, so they create a straw man: The “unsustainable” debt. It’s a stinking lie but, that’s the whole point, isn’t it?

    Rodger Malcolm Mitchell
    Monetary Sovereignty

    I need not point out that national debt is the same as national wealth and federal deficit is private savings for a $ creating nation! The sooner Europe becomes a monetary sovereign nation ( with political unity) the sooner it will cure all its misery.
    See my plots in
    wordpress.com/pshakkottai
    on various economic empirical relations such as GDP vs. deficit etc.

    • Yes, definitely, those who have money, don’t want others to have it, because money would lose its value. This is called inflation. And the paradox is that inflation is the best time for speculants, brokers and other money out of money proffers, so by itself inflation will prevent equal distribution of the money.
      More of it. If everyone would have the same amount of money, the motivation to earn money would be lost, no one would serve and produce for the others, economy would collapse, exactly as it happened to the communistic countries.

      • Inflation occurs only after incipient labor shortage. It never occurs when there is substantial unemployment. GDP is a maximum at full employment.

        • Yes labor shortage, mainly of professionals is one of the main reasons. But there are others too, like major raw material, lack of capital, or lack of entrepreneurship. Any sort of bottle neck can cause inflation or stagflation, and in this case there still can be inflation together with unemployment.

          • Yes.

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