Using common terms to facilitate understanding with the general public, the dollars required to pay federal taxes do not come from the private sector. They do not come from the rich, the middle class, the working class, the poor, large corporations, medium-sized businesses, small businesses, nor do they come from foreign entities such as China. All dollars used by the US private sector to pay federal taxes come from the US federal government. In short, you do not fund the US government, the US government funds you....Ellis Winningham — MMT and Modern Macroeconomics
Understanding Money, Federal Spending, and Federal Tax Liabilities
Ellis Winningham
3 comments:
In short, you do not fund the US government, the US government funds you....
True but government privileges for "the banks" allow them to compete for the same real resources as the US Government and thus reduce how much the US Government might spend for a given amount of price inflation.
Thus, price-inflation-wise, the US government is shooting itself in the foot by privileging banks, credit unions, etc.
There's no way around it, regulations or no, government privileges for the banks is welfare for the rich.
Link on ‘Ellis Winningham ― Understanding Money, Federal Spending, and Federal Tax Liabilities’
A clueless MMTer explains macroeconomics to clueless beginners
https://axecorg.blogspot.com/2019/02/a-clueless-mmter-explains.html
Egmont Kakarot-Handtke
Don't feed the troll.
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