The Michigan Democrat's
plan would be financed by having the Federal Reserve create new money on behalf of the Treasury. To skirt the federal debt limit, the U.S. Mint would create two $1 trillion coins, and the Treasury would deposit them in its account at the Fed.
Tlaib, a member of the small group of left-wing freshman House Democrats known as "The Squad," described the plan as a "truly universal relief proposal."
Why yes! That's how wealth is created! We can just conjure it into existence.
But then what happens if someone steals one of the coins? What if there's a fire and they melt? Just mint another?
Why make anyone pay taxes at all if it is that easy to create wealth and pay bills? Repeal the tax code! Disband the IRS!
Fiat money. The answer to every problem. For the simple minded, anyway.
Finally, a solution from a self proclaimed genius that we can believe in.
ReplyDeleteThat's just like raising the minimum wage. It doesn't make what you do more valuable but instead makes the money you're paid for doing it less valuable.
ReplyDeleteExactly. Want to see what the end result looks like? Look at Zimbabwe.
DeleteAbolish the income and payroll taxes. Everyone gets an immediate raise and no make-believe money need be wished into existence (beyond that which we already have anyway).
ReplyDeleteOf course we'd have to pare away a few hundred Federal programs (SS, Medicare, Medicaid, WIC, TANF, SNAP, AFDC, various do-nothing departments, etc). But that's a sacrifice I'm willing to make (and I'm not as far from being SS-eligible as I'd like, so all the money that's been stolen from me over the past 30 years to pay for other people's retirements wouldn't be reimbursed...and I'm ok with that).
Glenn Reynolds has a great idea.....first the setup: https://www.sfexaminer.com/opinion/taxes-could-teach-democrats-to-be-careful-what-they-wished-for/
ReplyDeleteSorry can't find the original article....make due with this one.
http://aconservativelesbian.com/2011/08/09/instapundit-proposes-tax-increases-the-tea-party-can-support/
Steve
All I can do is quote Jack Benny, " Well! ".
ReplyDeleteSquawed is misspelled in the article, para 2, line 2. ;-)). Yes, I know I'm insulting Native Americans and I apologize for that..
ReplyDeleteI just can't help trying to insult that bunch whacked out left wing loons who never knew where money came when growing up and still don't.
Nemo
Nemo
Yesterday I read that Amazon is paying $350 bonuses to their workers to keep them on the job, in the face of the announced $1200 checks everybody's going to get from the gubmint.
ReplyDeleteThis is a harbinger of UBI: when people get paid for not working, you'll have to pay them even more to work.
Hello, massive wage (and price) inflation!
To call her a half wit is to give her too much credit.
ReplyDeleteIt's always interesting watching politicians play with the money they steal from us to buy votes with...
ReplyDeleteI suppose leaving me alone is, entirely, out of the question....sigh.
ReplyDelete