Eric Maugendre<p>Sovereign states invest or spend as much as they want by issuing they own money and credit.</p><p><a href="https://mas.to/tags/fiatMoney" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>fiatMoney</span></a> <a href="https://mas.to/tags/moneyIssuance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>moneyIssuance</span></a> <a href="https://mas.to/tags/moneyCreation" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>moneyCreation</span></a> <a href="https://mas.to/tags/monetaryCreation" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>monetaryCreation</span></a> <a href="https://mas.to/tags/money" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>money</span></a> <a href="https://mas.to/tags/slogan" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>slogan</span></a> <a href="https://mas.to/tags/debt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>debt</span></a> <a href="https://mas.to/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> <a href="https://mas.to/tags/Fed" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Fed</span></a> <a href="https://mas.to/tags/CentralBank" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CentralBank</span></a> <a href="https://mas.to/tags/CentralBanks" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CentralBanks</span></a> <a href="https://mas.to/tags/Treasury" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Treasury</span></a> <a href="https://mas.to/tags/currency" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>currency</span></a> <a href="https://mas.to/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mas.to/tags/power" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>power</span></a> <a href="https://mas.to/tags/transactions" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>transactions</span></a> <a href="https://mas.to/tags/policy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>policy</span></a> <a href="https://mas.to/tags/government" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>government</span></a> <a href="https://mas.to/tags/politics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>politics</span></a> <a href="https://mas.to/tags/economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economy</span></a> <a href="https://mas.to/tags/credit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>credit</span></a> <a href="https://mas.to/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics</span></a> <a href="https://mas.to/tags/administration" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>administration</span></a></p>
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#deficit
8 posts · 3 participants · 0 posts today
Eric Maugendre<p><span class="h-card" translate="no"><a href="https://mastodonapp.uk/@keefeglise" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@<span>keefeglise</span></a></span> </p><p>The sovereign state borrows from other financial institutions: the national Treasury offers an "obligation" or a "bond" whereby it <a href="https://mas.to/tags/promises" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>promises</span></a> to later give away its fiat currency in exchange for the actual payment of money or title presented by the rentier.</p><p>It gets more complicated: <a href="https://mas.to/@maugendre/109760408033385603" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">mas.to/@maugendre/109760408033</span><span class="invisible">385603</span></a></p><p><a href="https://mas.to/tags/securities" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>securities</span></a> <a href="https://mas.to/tags/borrowing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>borrowing</span></a> <a href="https://mas.to/tags/debt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>debt</span></a> <a href="https://mas.to/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> <a href="https://mas.to/tags/money" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>money</span></a> <a href="https://mas.to/tags/Treasury" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Treasury</span></a> <a href="https://mas.to/tags/currency" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>currency</span></a> <a href="https://mas.to/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mas.to/tags/policy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>policy</span></a> <a href="https://mas.to/tags/economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economy</span></a> <a href="https://mas.to/tags/credit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>credit</span></a> <a href="https://mas.to/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics</span></a> <a href="https://mas.to/tags/obligations" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>obligations</span></a> <a href="https://mas.to/tags/titles" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>titles</span></a> <a href="https://mas.to/tags/slogan" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>slogan</span></a> <a href="https://mas.to/tags/UK" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>UK</span></a> <a href="https://mas.to/tags/macroEconomics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>macroEconomics</span></a> <a href="https://mas.to/tags/rents" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>rents</span></a> <a href="https://mas.to/tags/bonds" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>bonds</span></a> <a href="https://mas.to/tags/funding" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>funding</span></a></p>
Eric Maugendre<p>“The U.S. government is not like a household. It is the issuer of the currency. It doesn’t need to ‘get’ money from anyone else—not from taxpayers, not from China.”</p><p>– Stephanie Kelton (economist, former US Senate Budget Committee Chief Economist)</p><p><a href="https://mas.to/tags/slogan" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>slogan</span></a> <a href="https://mas.to/tags/quotes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>quotes</span></a> <a href="https://mas.to/tags/debt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>debt</span></a> <a href="https://mas.to/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> <a href="https://mas.to/tags/money" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>money</span></a> <a href="https://mas.to/tags/Fed" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Fed</span></a> <a href="https://mas.to/tags/currency" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>currency</span></a> <a href="https://mas.to/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mas.to/tags/power" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>power</span></a> <a href="https://mas.to/tags/transactions" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>transactions</span></a> <a href="https://mas.to/tags/policy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>policy</span></a> <a href="https://mas.to/tags/government" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>government</span></a> <a href="https://mas.to/tags/politics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>politics</span></a> <a href="https://mas.to/tags/economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economy</span></a> <a href="https://mas.to/tags/credit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>credit</span></a> <a href="https://mas.to/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics</span></a> <a href="https://mas.to/tags/USPol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USPol</span></a> <a href="https://mas.to/tags/USA" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USA</span></a> <a href="https://mas.to/tags/Treasury" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Treasury</span></a> <a href="https://mas.to/tags/Kelton" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Kelton</span></a> <a href="https://mas.to/tags/StephanieKelton" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>StephanieKelton</span></a></p>
Eric Maugendre<p>Is borrowing a burden on future generations?<br>No, it's not: if the borrower is a nation-state, then no person (children or taxpayers) will be asked to repay.</p><p>“Paying off the debt” is just the sovereign swapping Treasury securities (savings) for cash. No burden is passed on to persons.</p><p><a href="https://mas.to/tags/debt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>debt</span></a> <a href="https://mas.to/tags/Treasury" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Treasury</span></a> <a href="https://mas.to/tags/slogan" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>slogan</span></a> <a href="https://mas.to/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> <a href="https://mas.to/tags/money" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>money</span></a> <a href="https://mas.to/tags/liquidity" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>liquidity</span></a> <a href="https://mas.to/tags/liquidities" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>liquidities</span></a> <a href="https://mas.to/tags/currency" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>currency</span></a> <a href="https://mas.to/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mas.to/tags/transactions" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>transactions</span></a> <a href="https://mas.to/tags/economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economy</span></a> <a href="https://mas.to/tags/credit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>credit</span></a> <a href="https://mas.to/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics</span></a> <a href="https://mas.to/tags/administration" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>administration</span></a> <a href="https://mas.to/tags/government" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>government</span></a> <a href="https://mas.to/tags/sovereignty" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>sovereignty</span></a></p>
Eric Maugendre<p>Sovereign states obtain funding by issuing they own money and credit.</p><p><a href="https://mas.to/tags/slogan" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>slogan</span></a> <a href="https://mas.to/tags/quotes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>quotes</span></a> <a href="https://mas.to/tags/debt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>debt</span></a> <a href="https://mas.to/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> <a href="https://mas.to/tags/money" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>money</span></a> <a href="https://mas.to/tags/Fed" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Fed</span></a> <a href="https://mas.to/tags/currency" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>currency</span></a> <a href="https://mas.to/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mas.to/tags/power" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>power</span></a> <a href="https://mas.to/tags/transactions" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>transactions</span></a> <a href="https://mas.to/tags/policy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>policy</span></a> <a href="https://mas.to/tags/government" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>government</span></a> <a href="https://mas.to/tags/politics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>politics</span></a> <a href="https://mas.to/tags/economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economy</span></a> <a href="https://mas.to/tags/credit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>credit</span></a> <a href="https://mas.to/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics</span></a> <a href="https://mas.to/tags/administration" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>administration</span></a></p>
Eric Maugendre<p>“As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e. unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.”</p><p>– St. Louis Fed, in their publication titled “Why Health Care Matters and the Current Debt Does Not”</p><p><a href="https://mas.to/tags/slogan" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>slogan</span></a> <a href="https://mas.to/tags/quotes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>quotes</span></a> <a href="https://mas.to/tags/debt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>debt</span></a> <a href="https://mas.to/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> <a href="https://mas.to/tags/money" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>money</span></a> <a href="https://mas.to/tags/Fed" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Fed</span></a> <a href="https://mas.to/tags/currency" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>currency</span></a> <a href="https://mas.to/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mas.to/tags/power" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>power</span></a> <a href="https://mas.to/tags/transactions" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>transactions</span></a> <a href="https://mas.to/tags/policy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>policy</span></a> <a href="https://mas.to/tags/government" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>government</span></a> <a href="https://mas.to/tags/politics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>politics</span></a> <a href="https://mas.to/tags/economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economy</span></a> <a href="https://mas.to/tags/credit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>credit</span></a> <a href="https://mas.to/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics</span></a> <a href="https://mas.to/tags/publicHealth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>publicHealth</span></a></p>
Eric Maugendre<p>During 1992–2020, the USA had low and stable <a href="https://mas.to/tags/inflation" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>inflation</span></a>.</p><p>Despite massive federal deficit spending, the Fed met its 2% inflation target (or missed below it) for most of this era. </p><p>How come? There were no serious shortage of resources. (Thanks to: no cold war, globalization, bad working conditions, stable commodity supply, increase of greenhouse effect.)</p><p><a href="https://mas.to/tags/money" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>money</span></a> <a href="https://mas.to/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> <a href="https://mas.to/tags/debt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>debt</span></a> <a href="https://mas.to/tags/interestRates" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>interestRates</span></a> <a href="https://mas.to/tags/yields" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>yields</span></a> <a href="https://mas.to/tags/price" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>price</span></a> <a href="https://mas.to/tags/pricing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>pricing</span></a> <a href="https://mas.to/tags/prices" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>prices</span></a> <a href="https://mas.to/tags/value" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>value</span></a> <a href="https://mas.to/tags/markup" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>markup</span></a> <a href="https://mas.to/tags/economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economy</span></a> <a href="https://mas.to/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics</span></a> <a href="https://mas.to/tags/economics101" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics101</span></a> <a href="https://mas.to/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mas.to/tags/CPI" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CPI</span></a> <a href="https://mas.to/tags/commodities" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>commodities</span></a></p>
Eric Maugendre<p>Who can massively spend without obtaining money?</p><p>A currency supplier: any monetarily-sovereign administration.</p><p><a href="https://mas.to/tags/slogan" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>slogan</span></a> <a href="https://mas.to/tags/slogans" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>slogans</span></a> <a href="https://mas.to/tags/quotes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>quotes</span></a> <a href="https://mas.to/tags/debt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>debt</span></a> <a href="https://mas.to/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> <a href="https://mas.to/tags/sovereignty" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>sovereignty</span></a> <a href="https://mas.to/tags/money" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>money</span></a> <a href="https://mas.to/tags/centralBanks" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>centralBanks</span></a> <a href="https://mas.to/tags/currency" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>currency</span></a> <a href="https://mas.to/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mas.to/tags/power" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>power</span></a> <a href="https://mas.to/tags/statehood" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>statehood</span></a> <a href="https://mas.to/tags/settlements" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>settlements</span></a> <a href="https://mas.to/tags/transactions" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>transactions</span></a> <a href="https://mas.to/tags/policy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>policy</span></a> <a href="https://mas.to/tags/government" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>government</span></a> <a href="https://mas.to/tags/politics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>politics</span></a> <a href="https://mas.to/tags/economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economy</span></a> <a href="https://mas.to/tags/policies" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>policies</span></a> <a href="https://mas.to/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics</span></a></p>
Eric Maugendre<p><span class="h-card" translate="no"><a href="https://mastodon.social/@DrALJONES" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@<span>DrALJONES</span></a></span> <span class="h-card" translate="no"><a href="https://mastodon.social/@AndiiB" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@<span>AndiiB</span></a></span> <br>I agree that our language should be plain.</p><p>• Nation-states do not reimburse debt. (They restructure it.)<br>• Nation-states can obtain funding by issuing they own money (or credit).<br>• Nation-states invest or spend as much as they want by issuing they own money (or credit).</p><p><a href="https://mas.to/tags/slogans" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>slogans</span></a> <a href="https://mas.to/tags/debt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>debt</span></a> <a href="https://mas.to/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> <a href="https://mas.to/tags/sovereignty" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>sovereignty</span></a> <a href="https://mas.to/tags/money" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>money</span></a> <a href="https://mas.to/tags/centralBanks" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>centralBanks</span></a> <a href="https://mas.to/tags/currency" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>currency</span></a> <a href="https://mas.to/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mas.to/tags/power" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>power</span></a> <a href="https://mas.to/tags/wealth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>wealth</span></a> <a href="https://mas.to/tags/settlements" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>settlements</span></a> <a href="https://mas.to/tags/transactions" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>transactions</span></a> <a href="https://mas.to/tags/policy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>policy</span></a> <a href="https://mas.to/tags/government" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>government</span></a> <a href="https://mas.to/tags/politics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>politics</span></a> <a href="https://mas.to/tags/economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economy</span></a> <a href="https://mas.to/tags/policies" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>policies</span></a> <a href="https://mas.to/tags/climatePolicies" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>climatePolicies</span></a> <a href="https://mas.to/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics</span></a> <a href="https://mas.to/tags/economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economy</span></a></p>
Power_to_the_People (he/him)<p>Heterodox economist Prof Steve Keen likens the mainstream’s knowledge level to Ptolemaic astronomy (Earth as the center of the solar system). Accounting-aware economists are out there, but they struggle to break through the babel. The Deficit Myth, by Prof Stephanie Kelton, is a good starting point to learn more. (BTW, every major federal budget reduction in US history was followed by a recession or a depression.) 3/3</p><p><a href="https://mastodon.social/tags/TheFederalDeficitIsOurMoney" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheFederalDeficitIsOurMoney</span></a> <a href="https://mastodon.social/tags/TheDeficitMyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheDeficitMyth</span></a> <a href="https://mastodon.social/tags/Deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Deficit</span></a> <a href="https://mastodon.social/tags/Economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Economics</span></a> <a href="https://mastodon.social/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a></p>
Power_to_the_People (he/him)<p>The dominant economics paradigm of our time (the “mainstream”) gets many things wrong; one of the worst is that it ignores double-entry accounting. Meaning what, exactly? Well, the federal budget deficit is only the debit side of the currency-creation ledger; the asset side is the supply of US dollars! And mainstream economics doesn't understand this—or teach it! 2/3</p><p><a href="https://mastodon.social/tags/TheDeficitMyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheDeficitMyth</span></a> <a href="https://mastodon.social/tags/TheFederalDeficitIsOurMoney" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheFederalDeficitIsOurMoney</span></a> <a href="https://mastodon.social/tags/Deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Deficit</span></a> <a href="https://mastodon.social/tags/Economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Economics</span></a> <a href="https://mastodon.social/tags/DoubleEntryAccounting" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>DoubleEntryAccounting</span></a> <a href="https://mastodon.social/tags/BothSidesOfTheStory" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BothSidesOfTheStory</span></a> <a href="https://mastodon.social/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a></p>
Power_to_the_People (he/him)<p>Most people think reducing the federal budget deficit is a good thing. Makes sense, right? I mean, if I’m broke & have bills, that’s bad! But there’s a problem: The analogy between my finances and those of a currency-issuing government is false. Wrong. Illogical. So why do so many people keep getting it wrong? Turns out, they’ve been misled—by economists! 1/3</p><p><a href="https://mastodon.social/tags/TheFederalDeficitIsOurMoney" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheFederalDeficitIsOurMoney</span></a> <a href="https://mastodon.social/tags/TheDeficitMyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheDeficitMyth</span></a> <a href="https://mastodon.social/tags/Deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Deficit</span></a> <a href="https://mastodon.social/tags/Economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Economics</span></a> <a href="https://mastodon.social/tags/DoubleEntryAccounting" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>DoubleEntryAccounting</span></a> <a href="https://mastodon.social/tags/BothSidesOfTheStory" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BothSidesOfTheStory</span></a> <a href="https://mastodon.social/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MMT</span></a> <a href="https://mastodon.social/tags/PostKeynesianEcon" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PostKeynesianEcon</span></a></p>
Estelle Platini<p>Rearmament is an opportunity for capital to obtain reductions in welfare and public services, at the cost of lower profitability.</p><p>Chatham House: “Politicians will have to brace themselves to reclaim money through cuts to sickness benefits, pensions and healthcare.”</p><p>Britain’s finance minister Rachel Reeves, who has been steadily cutting spending on child credits, winter payments for the aged and disability benefits, announced that the remit of the Labour government’s new National Wealth Fund would be changed to let it invest in defence.</p><p>More military spending spurs growth but can damage the ‘health’ of the capitalist accumulation process: <a href="https://thenextrecession.wordpress.com/2025/03/22/from-welfare-to-warfare-military-keynesianism/" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">thenextrecession.wordpress.com</span><span class="invisible">/2025/03/22/from-welfare-to-warfare-military-keynesianism/</span></a></p><p><a href="https://techhub.social/tags/growth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>growth</span></a> <a href="https://techhub.social/tags/policy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>policy</span></a> <a href="https://techhub.social/tags/greyTransition" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>greyTransition</span></a> <a href="https://techhub.social/tags/RearmEurope" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>RearmEurope</span></a> <a href="https://techhub.social/tags/RearmEuropePlan" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>RearmEuropePlan</span></a> <a href="https://techhub.social/tags/rearmament" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>rearmament</span></a> <a href="https://techhub.social/tags/debt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>debt</span></a> <a href="https://techhub.social/tags/money" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>money</span></a> <a href="https://techhub.social/tags/industry" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>industry</span></a> <a href="https://techhub.social/tags/weapons" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>weapons</span></a> <a href="https://techhub.social/tags/armsIndustry" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>armsIndustry</span></a> <a href="https://techhub.social/tags/Europe" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Europe</span></a> <a href="https://techhub.social/tags/EU" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>EU</span></a> <a href="https://techhub.social/tags/LoomingDefeat" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>LoomingDefeat</span></a> <a href="https://techhub.social/tags/defeat" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>defeat</span></a> <a href="https://techhub.social/tags/EuropeanCommission" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>EuropeanCommission</span></a> <a href="https://techhub.social/tags/VonDerLeyen" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>VonDerLeyen</span></a> <a href="https://techhub.social/tags/UvDL" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>UvDL</span></a> <a href="https://techhub.social/tags/EuropeUkraine" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>EuropeUkraine</span></a> <a href="https://techhub.social/tags/UkraineSupport" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>UkraineSupport</span></a> <a href="https://techhub.social/tags/foreignPolicy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>foreignPolicy</span></a> <a href="https://techhub.social/tags/allies" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>allies</span></a> <a href="https://techhub.social/tags/defense" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>defense</span></a> <a href="https://techhub.social/tags/defence" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>defence</span></a> <a href="https://techhub.social/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> <a href="https://techhub.social/tags/stateViolence" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>stateViolence</span></a> <a href="https://techhub.social/tags/UK" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>UK</span></a> <a href="https://techhub.social/tags/Britain" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Britain</span></a> <a href="https://techhub.social/tags/Starmer" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Starmer</span></a> <a href="https://techhub.social/tags/welfare" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>welfare</span></a> <a href="https://techhub.social/tags/publicServices" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>publicServices</span></a> <a href="https://techhub.social/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>economics</span></a></p>
Zhi Zhu 🕸️<p>How DOGE’s Cuts to the IRS Threaten to Cost More Than DOGE Will Ever Save<br><a href="https://www.propublica.org/article/how-doge-irs-cuts-will-cost-more-than-savings-trump-musk-deficit" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">propublica.org/article/how-dog</span><span class="invisible">e-irs-cuts-will-cost-more-than-savings-trump-musk-deficit</span></a></p><p>"cutting the <a href="https://newsie.social/tags/IRS" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>IRS</span></a> means the <a href="https://newsie.social/tags/government" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>government</span></a> collects less <a href="https://newsie.social/tags/taxes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>taxes</span></a>. “If you’re interested in the <a href="https://newsie.social/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> and curbing it, why would you cut back on the revenue side?” one expert asks...</p><p>“By firing us, you’re going to cut down on how much <a href="https://newsie.social/tags/revenue" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>revenue</span></a> the country brings in,” Nershi said in an interview. “This was not about saving <a href="https://newsie.social/tags/money" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>money</span></a>.”"</p><p><a href="https://newsie.social/tags/Musk" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Musk</span></a> <a href="https://newsie.social/tags/Coup" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Coup</span></a> <a href="https://newsie.social/tags/Corruption" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Corruption</span></a> <a href="https://newsie.social/tags/Trump" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Trump</span></a> <a href="https://newsie.social/tags/Fascism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Fascism</span></a> <a href="https://newsie.social/tags/GOP" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>GOP</span></a> <a href="https://newsie.social/tags/USPol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USPol</span></a> <a href="https://newsie.social/tags/News" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>News</span></a> <a href="https://newsie.social/tags/USA" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USA</span></a></p>
Nonilex<p><a href="https://masto.ai/tags/Musk" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Musk</span></a> says the goal is to achieve a $1 trillion <a href="https://masto.ai/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> reduction by 2026. During the 2024 campaign, Musk said “I think we can do at least $2 trillion,” so he has already abandoned half of his promise from the campaign. 🤣</p><p>“Is anybody unhappy with Elon?” <a href="https://masto.ai/tags/Trump" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Trump</span></a> asked. “If you are, we’ll throw him out of here.” Nervous laughter rippled through the room as <a href="https://masto.ai/tags/cabinet" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>cabinet</span></a> members started to clap.</p><p>“President Trump has put together the best cabinet ever,” Musk says.</p><p><a href="https://masto.ai/tags/USpol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USpol</span></a> <a href="https://masto.ai/tags/Cabinet" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Cabinet</span></a> <a href="https://masto.ai/tags/thread" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>thread</span></a></p>
Nonilex<p><a href="https://masto.ai/tags/Musk" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Musk</span></a> said the federal <a href="https://masto.ai/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> challenges America’s stability, which many on both sides of the aisle would agree with. But the cuts he has been making in taking his “chain saw” approach to <a href="https://masto.ai/tags/FederalAgencies" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>FederalAgencies</span></a> would still be a drop in the bucket. The vast majority of federal spending goes to <a href="https://masto.ai/tags/SocialSecurity" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>SocialSecurity</span></a>, <a href="https://masto.ai/tags/Medicare" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Medicare</span></a>, <a href="https://masto.ai/tags/Medicaid" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Medicaid</span></a> & the <a href="https://masto.ai/tags/military" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>military</span></a>, which Trump has *vowed* to protect—though he backed the House budget that cuts Medicaid among other programs including <a href="https://masto.ai/tags/Veterans" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Veterans</span></a> services.</p><p><a href="https://masto.ai/tags/Trump" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Trump</span></a> <a href="https://masto.ai/tags/USpol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USpol</span></a> 🧵</p>
Martin Nutty<p>What it looks like when <a href="https://mastodon.ie/tags/billionaires" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>billionaires</span></a> and their <a href="https://mastodon.ie/tags/GOP" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>GOP</span></a> minions rule. </p><p>Explode the <a href="https://mastodon.ie/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> with a tax cut for the obscenely wealthy while slashing <a href="https://mastodon.ie/tags/Medicaid" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Medicaid</span></a> and <a href="https://mastodon.ie/tags/education" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>education</span></a></p><p>File this under: Let’s pull the ladder up</p><p><a href="https://mastodon.ie/tags/Plutocracy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Plutocracy</span></a> <a href="https://mastodon.ie/tags/Oligarchy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Oligarchy</span></a> <a href="https://mastodon.ie/tags/USPolitics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USPolitics</span></a></p><p><a href="https://www.nytimes.com/interactive/2025/02/21/upshot/house-gop-budget-blueprint.html?smid=nytcore-ios-share&referringSource=articleShare" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">nytimes.com/interactive/2025/0</span><span class="invisible">2/21/upshot/house-gop-budget-blueprint.html?smid=nytcore-ios-share&referringSource=articleShare</span></a></p>
Zhi Zhu 🕸️<p>Acting IRS Commissioner Is Expected to Announce His Retirement</p><p>Doug O’Donnell, a 40-year veteran of the IRS, was elevated last month after the last commissioner stepped down at the beginning of Trump’s term.<br><a href="https://www.nytimes.com/2025/02/24/us/politics/acting-irs-commissioner-retire.html" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">nytimes.com/2025/02/24/us/poli</span><span class="invisible">tics/acting-irs-commissioner-retire.html</span></a></p><p>"departure comes at a turbulent time... w/ore than 6,700 employees dismissed last week. <a href="https://newsie.social/tags/Musk" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Musk</span></a> has suggested the <a href="https://newsie.social/tags/IRS" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>IRS</span></a> should be abolished... deployed a member of his so-called <a href="https://newsie.social/tags/DOGE" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>DOGE</span></a> to the agency</p><p>...moves that <a href="https://newsie.social/tags/tax" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>tax</span></a> experts warn could increase the <a href="https://newsie.social/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a>"</p><p><a href="https://newsie.social/tags/News" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>News</span></a></p>
Nonilex<p>With ~100k staff members before the <a href="https://masto.ai/tags/layoffs" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>layoffs</span></a>, the <a href="https://masto.ai/tags/IRS" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>IRS</span></a> is responsible for collecting >$5T in revenue every year. Pres <a href="https://masto.ai/tags/Biden" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Biden</span></a> provided billions in new funding to the agency in hopes of modernizing its technology & beefing up its ability to go after <a href="https://masto.ai/tags/corporations" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>corporations</span></a> & <a href="https://masto.ai/tags/wealthy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>wealthy</span></a> people who do not pay the <a href="https://masto.ai/tags/taxes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>taxes</span></a> they owe.</p><p><a href="https://masto.ai/tags/Trump" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Trump</span></a> is rapidly reversing those efforts, in moves that experts warn could increase the <a href="https://masto.ai/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> by making it easier for people to avoid paying.</p><p><a href="https://masto.ai/tags/law" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>law</span></a> <a href="https://masto.ai/tags/USpol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USpol</span></a> <br><a href="https://www.nytimes.com/2025/02/24/us/politics/acting-irs-commissioner-retire.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=p&pvid=E1CAACC3-09A0-4865-ACFB-B5BB84A27ED6" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">nytimes.com/2025/02/24/us/poli</span><span class="invisible">tics/acting-irs-commissioner-retire.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=p&pvid=E1CAACC3-09A0-4865-ACFB-B5BB84A27ED6</span></a></p>
Paul Schoe<p>There is no <a href="https://mastodon.world/tags/US" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>US</span></a> <a href="https://mastodon.world/tags/trade" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>trade</span></a> deficit with the European Union.</p><p>There is a deficit in shipped products. </p><p>But trade is more than just shipping items. A lot of the trade is currently for services. Examples are hosting, advertising, software such as Gmail, online consulting + hundreds of other digital services.</p><p>When you consider those, the trade with Europe is not a <a href="https://mastodon.world/tags/deficit" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>deficit</span></a> but a <a href="https://mastodon.world/tags/surplus" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>surplus</span></a>.</p><p>But Trump wants Americans to be angry. Truth doesn't matter. It is about riling up the people.</p><p><span class="h-card" translate="no"><a href="https://mstdn.social/@GottaLaff" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@<span>GottaLaff</span></a></span><br><a href="https://mastodon.world/tags/EU" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>EU</span></a></p>
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