Here is a question for you. If the government as the power of what is called the currency of account and creates it as needed, why do we have a federal income tax at all?
St. Louis Fed: “As sole manufacturers of dollars, who’s debt
is denominated in dollars, the US government can never become insolvent,
i.e., unable to pay it’s bills. In this sense the government is not dependent on credit markets to remain operational.
Moreover there will always be a market for US government debt at home because "the US government as the only means for creating risk-free dollar denominated assets".
Oh, and I don't smoke anything!
Perhaps something that makes one more compassionate and less gullible?
If the Government and federal reserve did this how would they cover the 85 billion monthly give away to the financial system?
The whole economy is based on debt.
As Greenspan championed Bushes tax cuts in 2001 he was worried the national debt would be paid off too quickly and Government surpluses would become competitive with the business of the private sector. He wasn't concerned with a housing bubble etc.
"At zero debt, the continuing unified budget surpluses currently projected imply a major accumulation of private assets by the federal government. This development should factor materially into the policies you and the Administration choose to pursue." so what did we get who benefited and where are we now?
Not only was "Greenspan not concerned about creating a housing bubble", Greenspan and his bankster cartel have been in the business of creating bubbles that accelerate the transfer of wealth from the 99% into the hands of the 1%.
After a nearly half century of the New Deal hampering the cartel's ability to transfer wealth, in 1978 the cartel kicked off 30 years of financial fraud decriminalization by getting the US Government to allow unregulated securitization of mortgages.
In addition to the "$85 billion monthly give away to the financial system" (euphemistically called "quantitative easing") there are the other corporate welfare programs and bailouts that siphon off ever more "domestic program" money.
Buchhelt is correct in saying "the Kochs and Waltons may not be lining up to collect their checks".
The Kochs, Waltons and other oligarchs own the politicians who make sure that taxpayer funded corporate welfare is directly deposited in the accounts of the oligrachs' choice...oligarchs don't line up for anything.
Perhaps more practical, we could distribute an average of, say $8,000 to each family in the bottom 80-percent, via a sharp increase in the Earned Income Tax Credit. This would be paid for by an even sharper increase in the taxes paid by the top one-percent, who now receive $1 trillion more income each year than they would receive under the income distribution that existed in 1979, and who now pay historically low taxes.
And the extra tax revenue could also go toward making all higher education tuition free.
It depends on how the debt and wealth are distributed.
Check out Q easing
Against the distribution of wealth caused by programs like Q-easing.
I am not going to play the stupid game you know exactly.
Tweak this proposal by making the basic income per adult citizen, and not per family (otherwise people will artificially claim to be in single-person families...).
The suggested amount of $15,000 sounds about right in the US, but you have to add Improved Medicare for All, so that the $15,000 can be used for regular living expenses and not outrageously priced medical services (which could wipe out $15,000 in no time). So in total this would be an outlay of roughly $25,000 per adult citizen.
Not a bad demand for the next round of Occupy activity.
You are a troll.
Uh huh. Actually, it's ludicrous to call this a "$15,000 dividend for every American family." The US has made significant strides in increasing the number of workers who can be paid less than minimum wage. By choice, we created a poverty crisis. Not everyone can work (health, etc.) and there simply aren't jobs for all who desperately need one. The US shipped out a huge number of jobs since the 1980s, then ended actual welfare in the 1990s, and Democrats took the lead on pushing the disabled, seriously ill and dying deeper into poverty. The last I heard, there are 7 jobs for every 10 people who urgently need one, and we don't know how many people have been left destitute. This time, there has been no progressive movement to shine a light on this crisis, so poverty has continued to grow deeper and wider. The longer we ignore, the sooner the US as we knew it will collapse.
That doesn't make sense. We have a poverty crisis. Not everyone can work (health, etc.) and there aren't jobs for all who urgently need one. The US shipped out a huge number of jobs since the 1980s, ended actual welfare in the 1990s. My gosh, even progressives don't call for basic humanitarian aid for our poor.
$15k from the government, 30hr/wk at $15/hr for 50 weeks. I'm quitting whatever i'm doing right now.
Even better, some unionized outfits have so called rubber rooms, where idle employees are stored during working hours as their contract doesn't allow for them to be fired. We should have government sponsored rubber rooms where people who don't feel like working can spend the day studying or doing whatever it is they do. Basically the guaranteed income everyone is talking about. Worker's wages would go up and people who really enjoy what they are doing can do so without interference.
So you were playing stupid yet you still refuse to see.
Money is a FICTION. It does not represent any real wealth. It is an invention of man as is debt. It came about so that people in power could assert control of the worlds real wealth with something THEY controlled,
Real wealth is the forests and trees, the clean air and water, the seas and oceans the mountains and plants and animal species and the labor we as people perform. Nothing more. The concept of Money and debt and private property and "ownership" of resources only came about because a certain small segment of people wished to assert their power over others.
To assert this control and exercise power over the masses they had to seek a means of asserting control over nature itself which gives us our life and is the true source of our well being.
You continue to advance the Libertarian tripe that "markets" and money and debt are natural and inevitable and "laws of nature". They are none of these things. They are mechanisms of power and of control and as such those "markets" are manipulated by those in control. They are the antithesis of freedom and of liberty.
When Thomas Jefferson wanted to steal the land away from the First nations peoples of the Americas and in so doing removing their FREEDOM and LIBERTY he introduced the concepts of private property to them over that of the Commons and introduced the concept of debt so those same lands could be seized. Money and banks and debt and private property were all used to STEAL the commons and the common wealth of both peoples and of the natural world.
To illustrate exactly how bogus the entire argument of wealth based on money is I refer to this very author who is also caught in that trap. He indicates that trillions in dollars of new wealth has been created. How ? Who created it? What does it represent? If the Stock market crashes or all of those trillions and trillions of wealth generated through "fractional reserve banking" (lending out the same money 50 times over) or derivatives all crashed tomorrow where would those TRILLIONS of dollars in wealth and in debt go to? They are just entries on ledgers and computer screens. Nothing more.
Yours is not the voice of reason. Attaching value to something like a baseball card (as the "market" does) wherein the card is claimed to have more value then 5000 acres of land and forest and lakes and all of the LIFE that occupies that space simply because that hallowed "free market" deems that it has more value is NOT the Voice of reason. It is absurdity just as ripping down a forest so as to get the coal underneath because the coal deemed to have more "value" is absurdity.
The Cree proverb "When the Last Tree Is Cut Down, the Last Fish Eaten, and the Last Stream Poisoned, You Will Realize That You Cannot Eat Money" is the voice of reason.