JJ — The Economy – One Last Chapter

The following is a pretty comprehensive point by point summary of public misunderstanding of monetary economics. The author has encapsulated just about all the money myths other than the Federal Reserve as a private company.

An Out of Control Economy

We have to do something about our out-of-control borrowing and spending or this time period will mark the real beginning to our troubles instead of the end of a financial downturn.
There are several things on which the vast majority agrees. The problem is there is major disagreement on how to proceed with these agreed upon problems.

(1) The weakened dollar needs strengthened.

(2) The government spends too much and the federal budget needs some common sense control just as a family budget does.

(3) We do not want to borrow so much that our children and grandchildren will become poor debtors.

(4) It is dangerous to borrow so much money from countries that are potential enemies, let alone from friends.

(5) We pay way too much interest on borrowed money, currently around $450,000,000,000 a year and if interest rates or the debt ceiling changes this could go way up. This is an insane situation.

(6) There is far too much waste and fraud with taxpayer’s money.

(7) There is too much frivolous spending and political paybacks that add to the wasted spending.

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The Economy – One Last Chapter
JJ
(h/t Clonal in the comments)