The Federal Deficit Myth

OR: We Have the Money to Have Good Things

With tax day just having come and gone like a deadly meteorite with countless annual casualties, now may be a good day to discuss the federal deficit (and national debt), so often mentioned to justify federal budget decisions. In connection with this, here is one of Stephanie Kelton’s best (or so I think) interviews:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “There IS Money For Good Things – Professor Stephanie Kelton”)

Gist: As Stephanie Kelton explains, the federal deficit is created when the federal government spends – say, a $100 billion – but collects only – say, $90 billion – in fees and taxes. The resulting $10 billion red ink of the government is someone else’s black ink. Someone else got $10 billion out of it.

Let’s think this through a little: In our current corrupt system, this “someone” who got the $10 billion black ink is mostly a gang consisting of billionaires and their corporations, banks, Wall Street predators, CEOs, and affiliated millionaire shareholders. So, a growing federal deficit doesn’t mean that we all are sinking as a nation. It merely means that the government-created money was spent but not fully circulated back; and that, as a result of where it was left, some parts of the country rose up while others didn’t. If we raise up those who are already floating high in the clouds, while we leave struggling members of our nation in the dust, that is the real problem.

We therefore shouldn’t worry about the federal deficit but about how we invest and distribute wealth and income. In the most prosperous country in human history, we have the prosperity (measured with money) for good things for us all. Unfortunately, and stupidly, we give way too many of the good things to the robber billionaires. That’s why they fly around the globe in gold-plated cloud castles (made from private jumbo jets), have a luxury mega yachts parked in every major harbor in order to one-up each other, have multiple palaces waiting for each of them in every place they might choose to visit on Earth (most of them standing empty when they choose not to visit), have whole fleets of Rolls-Royce and Lamborghini luxury cars parked in all these palaces, own the best pieces of land on Earth where the rest of us may not “trespass” and can only dream of ever visiting, hold in their possession the factories, offices, hotels, banks, shops, construction and transport companies, and such, where we work and are forced to grovel before them and their managers. It’s also why they can pour money into politics to bring it to heel and make the government serve them instead of its people.

Quote (Kelton answering why people should care): “People should care because … the deficit is normally trotted out by policymakers and pundits and others as the reason that we can’t do more for the economy, more for people who are struggling — saying »Oh we’d love to be able to put more money in education or to deal with infrastructure, but we can’t because of the deficit.« So, … it’s just this impediment to allowing better policy to create programs and lift people up, to allow us to have a safer cleaner more prosperous economy. The deficit [myth] is this barrier that prevents us from getting better economic policy.”

This, indeed, is the true nature of the oh-so-scary federal deficit or the national debt it builds up over the years: it’s nothing more than a lame excuse for the corrupt gangsters at the top to justify their cutting of government programs and redirection of that government money into their own pockets, say when they give themselves huge tax breaks or pump up government military spending (which raises the profits of those billionaires who control the arms industry)… Never ever do we hear claims that our government can’t afford those giant expenditures and revenue cuts. Only when we, the people, whom the government should actually serve, ask for government investment in us (such as our schools, healthcare, transportation, career development, jobs, or to help us climb out of poverty), only then the chorus breaks out with two-faced politicians and media pundits howling about the deficit and asking where the money should come from. It’s so hypocritical that all my life I have marveled at people believing this obvious scam.

By the way, yesterday’s publication on The Revolution Continues has lots of awesome graphic memes.

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Ending Note: It takes me at least 100 hours a month to research and write for this site and work on my book. Please widely share links to these articles or help in other ways, so this work is not for naught. Financial support is really helpful, too! Only together can we change this messed-up world. 🙂

Video Weekend 03-24-2018 (10 videos & comments)

This weekend’s video compilation covers various areas:

  1. U.S. Barbarity
  2. Voter Manipulation
  3. Economy
  4. Corrupt Politics
  5. Shamestream Media
  6. Change

 

I. U.S. Barbarity

Finalizing the transformation of the U.S. into a country of 100% barbaric brutality:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Bolton Fabricated Lies that Justified War on Iraq “)

Note: Let’s be careful not to make this only about Trump. Reagan invaded Granada. G.H.W. Bush invaded Iraq. Bill Clinton ravaged flourishing Yugoslavia leaving a clutter of tiny, weak, and poor new nations behind. G.W.-Cheney invaded Afghanistan and Iraq (war for oil). Obama expanded our wars and drone-based from-the-sky terrorism on civil populations in many nations (the kind of horror which breeds violent terrorism coming back at us). Trump is just the latest and possible last step. (Let’s see how much our domestic corporate police state brutality, not discussed in this news video, will also be revved up during his tenure.)

 

II. Voter Manipulation

Twitter, Facebook, Cambridge Analytica…

More on political social media abuse, the corrupt government-corporation marriage, etc.:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “‘Pro-Hillary Bots’ Used Twitter Bots on Sanders Supporters | America’s Lawyer on RT America | “)

More confirmation of the Cambridge Analytica Meddling and also an example of how money can mess with integrity. After all, the oligarchs have their paid foot soldiers:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Brittany Kaiser, former Cambridge Analytica director: ‘I voted for Bernie’“)

If you missed them, here are this week’s articles on electoral rigging via Twitter and Facebook:

  1. Corporate Greed Shredding Democracy — Meet the Twitter Bots
  2. The Cambridge Analytica & Facebook Story — (Spying and Electoral Manipulation)

 

III. Economy

Richard Wolff on creating inequality:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Economic Update: Capitalism Breeds Inequality“)

 

Robert Reich on why are we working harder than ever and getting nowhere. It’s the rigged “Political Economy” which structures the market against us.

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Robert Reich, “Saving Capitalism”“)

Gist: The market vs government debate is a distraction. There is no market without a government (that sets and enforces the market rules, like what is legal tender, what is fraud, contract fulfillments, etc.). So, the real question is whether the market-government system (which is the real economy) works for most of us or merely a small number at the top. The other common myth that is utter nonsense is that (in our current system) people get paid what they are worth. Also, trusts and lobbying create behind-the-scenes pre-distributions which shift wealth and income to the top while they raise our living expenses.

Good point: If we give up on politics, we give up on a good nation and world.

 

More government rigging for the Robber Billionaires:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “On Contact: The New Gig Economy with John McDonagh“)

Note: So, New York’s taxis were limited by number to some 13,000 for umpteen years. Then, Uber comes in, promises the regulators comfy kickback jobs on its board, and suddenly 100,000 more taxi-like Uber cars are allowed into the market, and the taxi drivers – whose earnings have been ruined in one fell swoop – get levied an additional congestion tax to penalize them for all the extra cars. Their garages switch from splitting profits with their drivers to charging them a whopping $120 leasing fee each morning, putting them into a hole they must try to dig themselves out of in the next 16 hours or so of uninterrupted work and customer-hunting, while the garage owners income is thereby secured. And, eventually, a taxi driver who can’t take it anymore drives right up to the front of City Hall and blows off his own head with a shotgun. That’s how our rigged market-government economy is screwing workers and coddling the top and their corrupt political handmaidens until life for the rest of us becomes an agonizing ordeal we prefer not to stay in anymore.

 

IV. Corrupt Politics

The GOP raiders and their Dem enablers committing the latest Wall Street deregulation:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Bernie Sanders Cites “Corruption” as Reason for Wall Street Deregulation Push “)

 

Change on the Outside, Continuity on the Inside (the roll-back of Dodd-Frank by a Repucratic-Dempublican alliance):

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Democrat’s Playbook To Sell You Out Revealed “)

 

V. Shamestream Media

Why we need independent media:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Bernie Sanders Calls Out Media’s Obsession with Stormy Daniels Scandal“)

 

VI. Change

An academic analysis of our flawed world and a suggestion for how to fix it:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Is Another World Possible? – Leo Panitch on RAI (4/4) “)

Notes: Living conditions were actually improving during much of the 20th century under a system of capitalism held to certain limits and socially responsible rules by a political upheaval and lingering political awareness of the citizenry. But when these improved lives led to a slothing off of public political awareness and participation, the plutocrats that had been left in their seats of imbalanced power, started rolling back the societal advances so we ended up in our current mess echoing medieval conditions of autocracy and serfdom. Now we need to think about change, fundamental change, so it won’t be rolled back again. Various ideas are being discussed.

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Ending Note: It takes me at least 100 hours a month to research and write for this site and work on my book. Please widely share links to these articles or help in other ways, so this work is not for naught. Donations are really great, too! Thanks. Only together can we change this messed-up world. 🙂

The Poisonous Duopoly

the-duopoly-snake-06

Here is a simple question for everybody. We all know we are in a horrible mess in the States today. No job security. Disappearing jobs. Growing unemployment, underemployment, and insecure underpaid gigs. Disappearing benefits. Disappearing retirement. Failing health coverage. Home foreclosures and astronomic rents. Crushing student loans and credit card debts. Growing homelessness. Working people sleeping in their cars. Crumbling infrastructure. Disintegrating society. Rising fascism, government surveillance, and criminalization of dissent. Total disregard of our Constitution. The majority of the people being driven closer to or deeper into poverty…

Looking back a generation or two, America was in a Golden Age for about 30 years. Many workers earned enough for a single earner to maintain a family. They had job security. They could build or buy homes, pay their mortgages off during their working lives, and enjoy a financially secure retirement. Healthcare worked for a lot more people then than now. College was affordable or free. We sent men to the moon…  Continue reading “The Poisonous Duopoly”

Reality Check: What is Really Going on in Catalonia? — (And what does this mean for us?)

When we saw the video recordings of police brutalizing supposed pro-secession voters, we all had the knee-jerk reaction of condemning an anti-democratic Spanish government oppressing an occupied people yearning for freedom. However, as large anti-secession demonstrations by CATALONIANS showed last weekend, the situation in Catalonia isn’t as clear-cut as we outsiders thought.

For one thing, Catalans are split on the issue. In fact, the MAJORITY seems to be AGAINST secession, a.k.a. “independence.” What’s going on in Catalonia, may, in fact, represent a kind of coup supported by a noisy, hate-filled, or even violent minority whipped into action by self-serving, manipulative, dishonest politicians who get themselves cozy elected positions of power and high pay that way.  Continue reading “Reality Check: What is Really Going on in Catalonia? — (And what does this mean for us?)”

Fantastic Interview – Oct 24, 2017

Often, when two great people meet to talk, the outcome is awesome. Recently, one of the greatest American reporters (of whom nowadays there exist only a small handful) met with one of our greatest and best known independent media voices. The mix was explosive. In only 18 minutes, a treasure trove of revelations was brought up that otherwise can take months to gather. Don’t miss this one. Even if you have done your homework and know much of this already, you’ll want to share this with others. Without further ado:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “How American Voters Can Start A Revolution NOW!”)

A little raisin from the cake: Who stole our election? The rich!

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Mocking Struggling Americans – One Reason Hillary Lost

131 million working age Americans without full-time jobs, and plutocracy shills like Hillary lauded our economy during their campaigns. Is it any wonder voters turned from them (and her) in disgust? Here is a good article on the subject: Why Hillary Lost

Of course, turning from all-is-fine neoliberals to false-promises neocons is no help. Instead we must fight for betterment. To brush up on the current state of this fight, I’ll point you to my long article State of the Revolution in case you haven’t already read it.

 

Unbelievable: Neoliberal Sell-Outs Painting Themselves as Grassroots

I found you some nice weekend videos again. First watch this:

(Note: if the video linked above gets deleted, you may search the Internet for the title: “Wasserman Schultz to Sanders ‘We Are Already A Grassroots Party’ – 3/29/17”)

Continue reading “Unbelievable: Neoliberal Sell-Outs Painting Themselves as Grassroots”

Warping Democracy Here, There, and Everywhere

Sometimes it is useful to look over our borders to see how things are going in other countries. It can be like looking into a mirror, or it can provide a contrast which illuminates our own defects or foreshadows future developments that might be coming our way. Continue reading “Warping Democracy Here, There, and Everywhere”