#deficitmyth — Public Fediverse posts

Key sentence in a story that is interesting on many levels.

"But the dollar is a fiat currency, which means that its value does not depend on the backing of any assets the government owns."

Failure to understand this is the foundation of the #DeficitMyth, the convenient excuse for destroying the US government.

What's the deficit myth besides being expedient?

See L. Randall Wray's "Making Money Work for Us" or the very compact "Money for Beginners."

#mmt

https://www.theatlantic.com/ideas/archive/2025/03/strategic-cryptocurrency-reserve-swindle/681917/?gift=w2hbEf3JROTUmsXaSUzB4QB9js3cOSlD5Vy40w1Pqf4&utm_source=copy-link&utm_medium=social&utm_campaign=share

#GOP = Government Of Putin

#Russia #Traitors #Republicans #Ukraine #Funding #Congress #DeficitMyth #MMT #Democracy #Freedom

@rbreich
Highly recommend everyone read a couple of books:

The Deficit Myth by Stephanie Kelton @StephanieKelton

Let There Be Money by Scott Santens @scottsantens

#DeficitMyth
#LetThereBeMoney

Taxes do not pay for things, they just take the money out of circulation.

Deficit Myth: Social Security needs to be self funded

This is just the way that Congress has set it up currently - that the trust fund must be self sustaining.

Actually, the US as a sovereign currency country can fully fund Social Security without any associated taxes if it wants to.

Federal Taxes are only needed to deal with inflation and inequality.
State Taxes are only needed because states are not funded by the federal government.

#DeficitMyth #MMT

Planet Money: When The U.S. Paid Off The Entire National Debt

https://www.npr.org/transcripts/575352032

#Deficit #DeficitMyth