Wednesday, January 13, 2021

Unions ask Pelosi and Schumer for $1T in emergency aid for state and local governments — Alex Gangitano

Needs to be top priority item. 

This is a weak link in the chain, since only the federal government can issue currency. Other governments are currency users and must tax or borrow to get funds to spend. Therefore, they face fiscal constraint that the federal government does not as the currency issuer with a monopoly on the currency. Hopefully, the incoming economic advisers will recognize this.

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