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@sdgrumbine
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#MMT @RealProgressUS , @RP_In_Action , @Cheesemacro
Joined July 2009
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Some basics.
The US Dollar is a tax credit.
It is a unit of measure.
You can't run out of inches
You can't run out of numbers
The government can't run out of dollars...
unless it purposely, politically chooses to.
Thread 1/x
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I lost my mom this morning. I am crushed. She was a wonderful person. Til we meet again.
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Activist: "Holy shit, people are dying"
Privileged Person: "Not sure I like your tone"
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Twitter, Snapchat Drop After Facebook Whistleblower's Accusations
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Fevers back. Cough is bad. Gagging choking. Weakness. O2 in the 80s. Never been more ill in my life. The number of shitty decisions ive had to weigh to keep my family taken care of is shameful. My Healthcare sucks & my contracting agency provides no paid leave. Heading to the ER
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Even Keynes knew this. But alas... we keep trying to put band aids on heart attacks.
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Since the US Dollar is a mere tax credit and a unit of measure, it is neither precious nor permanent.
A dollar is an IOU.
When it is spent into existence a debt is born.
When it is taxed out of existence a debt is washed away.
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All money is debt.
So reducing the national debt means reducing the national money supply.
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Why are we always talking about reducing the deficit or lowering the debt?
The National Debt is merely: wait for it...
The sum total, to the penny, of every untaxed dollar in existence since the start of the nation.
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Fuck you if you make a single defense of $1400 instead of $2000. Fuck you hard and fuck you period.
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Congressional spending is simply marking up accounts and taxation is marking them down.
Dollars are constantly created and constantly destroyed daily. DAILY!!!!
There is no such thing as paying for programs.
The government neither has nor doesn't have dollars.
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Why do people think that taxes fund federal programs?
Being the "richest" country in the world is not about dollars... it's about available REAL RESOURCES.
Not $€£¥₩
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Dollars are not reused
A dollar is spent once into existence.
It circulates within the economy
Is destroyed once it is returned as a tax.
More precisely, it drains reserves at the Fed and destroyed.
There is *NO* PRINTING MONEY!!!!
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Dollars are deleted, destroyed, shredded when received as a tax.
Get it?
So why are we always talking about the government going broke?
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The garbage "both sides" crap about Gaza sickens me
If you are trapped in an apartheid open air prison & fight back, you are not a fucking terrorist.
If someone has their boot on your neck and you stab them, you are merely fighting to live.
Stop this bullshit both sides crap.
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To pay off the debt is to DELETE, Destroy EVERY dollar in the economy.
What kind of knuckle head would push that?
What programs are we missing out on because people do not know this?
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Dollars are created every time the government seeks to provision itself and deposits are made into their account for spending... via keystrokes on a keyboard.
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As we watch the deep freeze sweep the nation and people die from exposure... remember the people who claimed we needed to reduce the debt and deficit and who refused to advance a bold progressive agenda.
Remember them all.
The dead have no voice.
We must be their megaphone.
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The lie is so pervasive and systematically reinforced in our sitcoms, magazines, media, churches work place, community associations and political parties, unplugging from economic illiteracy is a herculean task but one that must be destroyed every moment of every day.
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I saw a disturbing comment from someone I don't believe I ever interacted with in my life. Their comment moved me so much I believe I am going to write a series of articles about it.
Let me start with the following:
1/x
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Why do people make up stories about the end of the dollar or make up tales from the bar stool about the end of the world reserve currency? The nonsense about the Petrodollar??? Why do they do it???
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"If state spending is printing money, then federal taxation is unprinting money"
(Thanks
@wbmosler
)
#LearnMMT
#EachOneTeachOne
#federaljobguarantee
#greennewdeal
#nopaygo
#wearetherevolution
#realprogressives
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Heck, in 1946, NY Fed Chair Beardsley Ruml understood this even but the purveyors of the Mont Pelerin Society and later the Powell Memo and libertarian and right-wing think tanks made neoliberalism God. And eradicated knowledge of "the public purse" from the discourse of society
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To make this distinction look at this snippet from a Rodger Malcolm Mitchell article on Monetary Sovereignty
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double entry accounting demands an asset be tallied. So the otherside of the debt is a private sector asset on the balance sheet. The debt Is an IOU and the asset is a tax credit.
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An important distinction exists between the currency issuer & currency users..
The Federal Government is the currency issuer. It has no means to live beyond. It creates money at will when Congress authorizes it.
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States, counties and non sovereign zones such as the Euro adopters are revenue constrained. So pushing for state based initiatives that should be paid for Federally have a very different constraint. States and individuals cannot spend without borrowing, earning or taxing (gov).
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For progressives seeking to organize and expand public purpose spending
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Honestly, Jon Stewart is milquetoast compared to what needs to be said...
Don't you feel visceral disgust for shitlibs protecting Biden?
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Never ever forget those who pushed
@JoeBiden
when
@BernieSanders
had momentum. Remember them. Never allow them a moment of peace. They have forsaken any of the potential redemptive possibilities. They have destroyed any real chance for change.
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How many people do you suppose die every single day from homelessness, diseases, a lack of Healthcare, shelter, food or a safe environment to simply sleep... Compare those deaths to gun deaths and I bet you realize austerity is a killer. A stone cold murderer.
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With the latest shootings... I just have to ask... Whatever happened to the Las Vegas Massacre a few years back? Lots dead and then not a word. It's never referenced. It is almost as if it never happened. Weird shit.
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Just keeping it real since absooutelynawful people refuse to
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Does anyone have any clues of what may have been the cause of inflation? Think hard there fellas...
Corporate profits rose to a new all time high in Q4 of 2023.
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"What if I told you that everything we have been taught about US economics is wrong? Before your eyes start to glaze over in anticipation of boring economic jargon, let me acquaint you with 5 simple facts that might just wake you up.
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NEVER FORGET THAT THE DUMB FUCK DEMOCRATS BELIEVE A PERSON MAKING $80K IS RICH... forget they have no capital, buried in child support, student debt & a host of neoliberal taxes and fees. So they will just keep fucking families to hide the theft of Wall Street 2 keep fucking us.
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Our Federal Government doesn't need revenue. Taxes serve as a gas pedal or brake for an economy. They drive the need for currency. They stave off inflation and can be used to break up pooled concentrations of wealth that are destructive to a functioning democracy and economy.
1/x
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Why is it too much to ask Progressives in Congress to collectively be better than Joe Manchin?
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What kind of waste of a sperm and egg would nominate
@neeratanden
for any position in government?
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There is something that's been eating me inside and out and I have not been able to articulate this until now, but I am gonna try because I think it is very important. At least to me it is. The sickness of our neoliberal world impacts both the middle class and the poor.
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@Jaybefaunt
@The_Acumen
@RealHtownDude
I almost died. My FB memories popped up because 1 year ago this week I was in the hospital in the COVID ward with lights flashing and doctors running... Oxygen in the 70s and a 105° fever. Thank goodness I lived.
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How come a defense bill never "overheats the economy"? Larry Summers????
How come a tax cut for the wealthy didn't bankrupt the nation??? Hey Olivier Blanchard????
Why do these murderers have any platform at all?
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Modern Monetary Theory is a framework to assess the Macro economy. It doesn't impose socialism or capitalism nor does it address issues of class or racial struggle. But what it does do is show that if you support sys of oppression, you can't hide behind "how ya gonna pay for it"?
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5. Reagan and Thatcher dispelled the last vestiges of commonsense declaring there was no money other than taxpayer money and the race to the bottom for the 99% began in earnest while the plunder of the global community was sucked up to the elite .001%.
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1. For 40 plus years, the neoliberal era has reigned.
During that time, people have had little by way of resistance from the lies, deceit and self imposed prisons of ineffectual domestic governance and austerity.
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Conservatives think billionaires are needed to create jobs.
Liberals think billionaires are needed to fund government programs.
MMTers know that billionaires aren't needed for anything.
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Sick and tired of establishment friendly people lecturing and demeaning voters for demanding better from their elected representatives. Biden has failed us on survival checks and his vision is small and clouded by Austerity. Fuck these people.
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2. The lies were baked into the school system, newspapers, sit comms, political debates even cartoons took the ideas of neoliberalism into the hearts and minds of our children...the people.
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8. The lies became bipartisan as Democrats shook whatever vestiges they had of the FDR era and embraced 3rd Way neoliberalism of which Clinton and Obama were key practitioners.
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FYI... The powers that be KNOW taxes do NOT fund Fed spending & they STILL use austerity to discipline the working class. Isn't it sad that it's the illiteracy of the proletariat that they depend on to keep the taxes fund spending myth alive? Doesn't that just sicken you?
#MMT
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Just had a pretty major car accident. Hit a HUGE buck on the way to the grocery store. Air bags deployed. I am ok. Just sad. It's always something.
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3. Inflation and hyperinflation fears were pounded into the heads of the global community, playing off of the works of Milton Friedman and the Chicago School of economic propaganda. The fear was also built on the OPEC oil crisis and geopolitical games of resource scarcity.
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It has to be said. To pretend otherwise is a crime against us all. Our kids. To not call this out loudly and consistently is a failure of character and a spotlight on the blackness of your heart.
#Gaza
#genocide
#Zionists
#GenocideJoeBiden
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Add the full breakdown of the Job Guarantee to this
Did you know that one of the ways our government prevents massive recessions, or mitigates them is with automatic stabilizers?
Thread 1/x
#COVID19
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The idea that you can elect Democrats to save us from fascism has been violently debunked.
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Instead of Hating on
@jimmy_dore
who at least has the understanding that Medicare for All needs to be done nationally, why are so many who have no understanding of
#MMT
advancing state based Healthcare solutions? It's mind blowing that in 2021 people still don't get it.
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No matter how much bitching we do about inactivity from congress, we have so few people that understand the Federal Government can afford anything for sale in US dollars. Period. No additional taxes required to "fund" programs. Period. It is infuriating that we don't get that.
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Pro Tip to Centrist Democrats
Should you in anyway shape or form attempt to derail
@BernieSanders
, the blow back in the general election will be biblical.
Signed
A pissed off father of a special needs child that will not tolerate neoliberal interference to our survival.
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10... Fascism now has a major foothold as austerity has ripped hope from the masses and scapegoating, a key tenet of fascism, has become ever more commonplace.
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The idea of a Federal Budget Surplus is absurd. Tax dollars are deleted. Since a surplus means deleting more dollars from the economy than the government spent into it, the absurdity of calling it a surplus should be even more apparent. The Clinton surplus created a recession.
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4. The people were forced to take on private debt at alarming levels while the government focused on managing interest rates at the Fed and fiscal conservatism in Congress.
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Poverty is the result of our government choosing poverty as a policy choice. Means testing and other evils within the bowels of neoliberalism. That's it. That's the deal. Full stop.
#LearnMMT
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So tell me, how did playing nice with neoliberals and kissing the ring work out for us?
Student Debt?
Medicare for All?
Green New Deal?
Job Guarantee w/ Just Transition?
Pandemic Basic Income?????
Long term Mortgage Relief??????
Kissing the ring got us absolutely nothing!!!
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This is... capitalism and the brainfuck the propagandized advance.
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I am not of the belief that we can vote our way out of this (read your history! Start with Howard Zinn)
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The left is everything the centrists say they want but won't fight for.
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Mass shootings...
Climate crisis...
Education debt bubble...
Housing crises...
Drug War....
All in the name of propping up markets to ensure the financialization of our existence was complete but we felt something was wrong, we just couldn't put our finger on it until now.
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Time is of the essence and the pain is a political choice.
#LearnMMT
Pretend you understand
#MMT
(Modern Monetary Theory) and look down at your child, knowing we have less than 12 years to substantively reduce our carbon footprint massively to stave off some of the more deleterious effects of climate change heading towards us.
1/x
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I am so disappointed that anyone could objectively evaluate any candidate as remotely close to Bernie Sanders. His vision, movement and policies are 100000% better than any ... ANY other candidate and to say otherwise is a key indicator of laziness.
Pure laziness.
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7. The idea that government was inept, incapable and utterly useless was pushed and pushed at every level. It was rendered useless by reducing deficits and fanning national debt fear porn to great precision.
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I don't consider holding elected officials accountable to fighting for the people "divisive", do YOU consider holding their feet to the fire and demanding they serve the people "divisive" ?
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End the FEDish: Redirecting Our Anger and Efforts to Save the World
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Taxing the rich doesn't have anything to do with a living wage. It doesn't have anything to do with affordability of programs. It has no bearing whatsoever in our ability to "pay for" Medicare for All or a Federal Job Guarantee. It's about protecting the many from the few.
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They knew the nation couldnt go broke but allowed us to suffer as they siphoned national GDP and global GDP to the uber elite.
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