I would enjoy a talk about the U.S. debt and the danger it presents to the U.S. and world economy. The standard answer says the world can’t let the U.S. dollar fail and we are able to simply “print” money with impunity. This seems to simplistic an answer. I’ve been looking for a satisfactory answer to this question since I got my BA in government 30 years ago. Any chance you could discuss and explain this topic. Thanks.
BTW you took the time to “like” a comment I posted. As busy as you are it made you seem genuine and I appreciate it.
They are underfunded with the current tax, or the medical providers are overcharging compared to other developed nations.
Fix the issue from both angles.
15 USC Anti Trust plus a modest bump in taxes.
I would love to see some pharmaceutical CEO perp walks. Also look at companies that actually own the medical properties and lease the facilities to the providers.
I know of one example that owns nearly a dozen hospital chain facilities in multiple States. They can set conditions and many are anticompetitive in the lease agreements. Radiology services for instance. They will not allow an independent Radiology service in a satellite property adjoining or near a large hospital facility that they own. Even manipulate the Dr hospital admission rights. You lease an office from them, you can only admit to a facility owned by them.
Some inside baseball from someone I know who used to work there.
There are even credit agency services directed towards medical facility owners to help them determine where to place facilities based upon income, credit, insurance availability of an area.
You put a cheap walk in clinic in a working class area and the plastic surgery boutique near the wealthy as an example.
It is logical in a way but is also another form of redlining.
Edited to remove the name of the Hedge fund that owns the facilities.
Only on those that aren't paying their fair share of taxes Karl. The filthy rich who free load off the middle class that pays taxes. Corporations, millionaires, billionaires owe their wealth to the roads, airways, water, (the commons) that the middle class pays for with their taxes, while they have subterfuges, written into law by legislatures that they have bought, to minimize or zero out their tax liability.
Trump,. for example, paid no taxes at all for the years before he became President and none as President, he did pay $725 in tax year 2015, when he decided to run for President.
But you know all of that Karl,, don't you.
Your sole purpose here is as a shit disturber to owen the libs, are you getting an orgasm with your posts?
We, and Europe are on a fractional reserve money system, Bryan., in which money is created out of debt, all debt, from credit cards and mortgages, to corporate and federal debt.
No debt means no money. As debts are paid off, then the money created from that debt is wiped off the books (double entry book keeping).
Reduce the national debt, you will reduce personal and corporate debt, and thus reduce the supply of money
Keynes was correct.
The household budget is not the natpinal budget,.
Printed money is the small change of commerce. Treasury prints it then sells it to the Fed at cost of printing. The real money is transferred electronically. I carry a $20 bill, just in case, and haven't had to use it in over a year
This is the stuff I need to learn. Thanks, William. In one of his books, Taibi mentions an 800-page tome that is the Bible on the Fed. Can’t recall title or author. I’ve meant for years to tackle it. I’m not familiar with Keynes but sounds like I need to be. It is the opposite of what people think. 2008, first round of bailouts was Bush but the second round was hung around Obama’s neck like an Albatross. Clinton ran a surplus with the first split house in 30 years. Keep it coming, W
Thanks to William's info just below, I *think* I've found a PDF of the updated book, at the Fed's website, originally published in 1939. I'll be reading it too.
Back in 1984, the Fed (FRBNY) gave away free for the asking a ton of literature including comic books. I ordered all and filled a footlocker, and a box.
Among them is Modern Money Mechanics, which explains how money is created. When I started mentioning it on phorae back in the late 90's and early 2000;s they withdrew it from circulation. The syntax is tough, technical, written for insiders, not the public fortunately someone uploaded it in pdf form to wikimedia https://upload.wikimedia.org/wikipedia/commons/4/4a/Modern_Money_Mechanics.pdf
Thanks so much for the link! I appreciate this and will try to understand it. It sounds useful to also support one of my pet-peeve issues - to argue more effectively against any efforts towards privatizing Social Security.
I noted one of your discussions recently about trying to update the Wiki History on Reagan that they've not allowed your entries, especially about his October Surprise interference. The phrase "October Surprise" doesn't appear on Carters's Wiki either, however, a drop of info appears as Wiki allowed (!!!) a small, recent reference to the issue on their history on Jimmy Carter, "Whistleblowers have alleged, most recently in 2023, that people working on the Reagan campaign's behalf convinced Iran to prolong the crisis to reduce Carter's chance of reelection.[133]"
(citations)...
133. Baker, Peter (March 18, 2023). "A Four-Decade Secret: The Untold Story of Sabotaging Jimmy Carter's Re-election". The New York Times. Archived from the original on March 18, 2023. Retrieved March 19, 2023.
It is not that wiki allows or disallows anything. Wikipedia is staff and edit by volunteers.You too can edit or even start an article page. I started 9 articles, but we don't own the articles, we start them but you need to know and follow the policies and guidelines, before editing or starting an article and be prepared to be criticized by other editors, because a lot of the old timers get notified of new articles.
The same with existing articles, there is a function on ones personal page called a watchlist, and you are notified anytime a person edits a page that you are watching, and if they don't like the edit, they can revert if or challenge it via the talk page.
Problem is that there is an informal heirarchy, old timers who have formed bonds, sometimes even personal bonds, or who know how to play the golicy and guideline game. That is what happened when I tried to edit the articles on Nixon and Reagan.
The Trump articles (more than one) are so long that they spun off into sub articles, and of course have Trump advocates who also know how to play the game.
Back in the 1940's, the Fed published a little Green Book. hardbound, which explains the Fed, it is not 800 pages, more like 100 plus, I found it in a Goodwill actually,and my son, a PhD now has it, as I think it is a rare book and thus worth a lot of money.
The Republicans use Keynes as a whipping boy, as does the media, but in practice they are Keynesians in other worlds hypocrites. But we know that, they yammer about morality and family values, and fornicate freely and let families starve, nay force them to starve and sit back like Scrooge with grins on their faces.
The too big to fail is actually the fault of Bill Clinton, when he signed Newt Gingriche's legislation that repealed Glass Steagall.
Glass Steagall forbid commercial banks from engaging in Investment banking and erected a wall, After Glass Steagall, investment banks bought up Commercial banks, and thus we have the bank failures under Bush, whch Obama, on the urging of Rahm Emanuel and Timothy Geithner, as well as Larry Summers,all agents or former employees of Goldman Sachs and Wall Street, bailed out the banks.
Clinton, because he couldn't keep it in his pants and was a satyr (testosterone and power will do that), was an easy mark. Gingrich as leader of the house was on a mission to destroy Clinton, I remember well, and Clinton obliged by letting a cute intern fellate him.
I know for a fact, but can't prove it, as Bill Maher would say, that Monica Lewinsky, a star struck young girl was placed in Clinton's path to compromise him.
Her room mate, Linda Tripp, I am convinced was a plant, and probably encouraged the half wit Monica to seduce Clinton.
From personal experience, a sad chapter of my life is testimony to the effectiveness of sexual seduction.
Just about every great man has been brought down by sex. Be it Edward II, King James I/V, Charles II, Clinton, Trump, Weiner, Weinglass. Falwell, Epstein, Prince Andrew, I don't have the time and substack the bandwith to type all of the names, needless to say put a fair looking lass in front of a man and he is a goner, and if he occupies a position of power and influence, his testosterone is off the charts.
I've heard the kensyian theory says governments need debt, I'd like to have that and the "Fed" explained, but I'm fairly sure these videos are already "in the can".
Likely right. It’s just frustrating. This can’t continue ad infinitum. Or can it? That’s what I want to know. Most foreign governments banks majority holding is the U.S. Treasury Bond. Some South American countries have simply converted to the U.S. dollar. Faith? I’m never sure I’ll wake up in the morning. It befuddles.
What if the U.S. simply said to its creditors, “Fuck you, come and get it.” The world economy would collapse. No one could come and get it because of our military, I suspect about 2/3 of the world’s population would starve (we feed 1/3 of Earth’s 8 Billion people), we would suffer to be sure. But we are the only country on the planet that is completely self sufficient. We can rock n’ roll for a year at wartime consumption and watch the world starve and die of ordinary disease. Yeah, we’ll hoard all our drugs that we send to other nations.
Dude, you are no longer entertaining you are delusional. I just wanted some honest discussion on my topic. Go crawl under whatever rock from whence you came and chew on vitriol and envy. We don’t need any other country. Every other country needs us.
Alright, you and Chat GPT figure out the world economy. One of the things that helps the U.S. is not AI but those 11 aircraft carrier groups (9 nuclear). 11, dude. China and Russia have one each. So, I guess there’s that.
I would concur that in great times of crisis such as war, hyperinflation, housing bubble, etc. a government must have the ability to float debt so a constitutional amendment requiring a balanced budget or disallowing debt is asinine. But at the rate we’re going? That can’t possibly continue—common sense says.
I can and have explained that GG some of it on this very thread.
The explanation over is TL: DR I can give a short hand version,in addition to what I posted.
Here is an example. A couple of decades ago, Japan went through a nasty depression and they did what FDR did, spent money, and created jobs and industries, build the Hoover Dam and the Tennessee Valley Authority.
Japan, though broke, invested in a major way in education with the result that when they came out of the depression, they had a highly educated work force, and became a leader in the world economy and the standard of living rose by leaps and bounds.
This balance the budget and deficit talk is right wing talking points, to scare the voter and secure their votes, so they can bestow more tax cuts and breaks on their donors.
Actually it is the Republicans that built it. When the Republicans are in office the debt goes up, when Democrats are in they balance the budge. Trump's increase in the national debt is historically high.
But you know that don't you, useless shit disturber.
The massive debt, as Professor Reich had pointed out many times, was caused by Republican tax cuts for the super rich, including Trump, both Bushes, and Reagan.
Thank you for that cogent analysis of my comment. OK I’m being sarcastic. Your namesake is spinning in his grave.
Debt (technically deficit) happens when expenses exceed income. If the government spending stays constant or increases, and revenue decreases (ie, tax cuts), the result is increased deficits & therefore debt.
This is basic arithmetic, not even Econ 101. Explain where I am wrong.
OK, please be more specific (as Ken Jennings says on Jeopardy). What programs should Congress cut? If you mention any social programs that benefit the masses, you do not have the right to call yourself Karl Marx.
Once again I will point out the obvious arithmetic that deficit (& therefore debt) is a COMBINATION of spending exceeding revenue. Congress must both cut spending and restore tax rates on the top 1% to before Republican cuts since 1980.
How can someone who calls himself Karl Marx defend huge tax cuts for the super rich?
Blame Trump and the Republicans if that is your complaint. They raise the debt, Dems balance the budget, but that is not really a complaint is it, just a ruse to distract and attack. Karl
Keep it coming as long as you have the energy. I knew a little about the Fed but that is starting to make perfect sense. I guess you have to figure it yourself, as you did, or have a brave mentor (which given your perspective and study time, you should tutor a young economics student. Or teach a little.
I like Matt Taibi, read Taibi blog, Rolling Stone, a couple of his books. He had a chapter entitled Alan Greenspan: The Biggest Asshole on Earth. When I learned Greenspan, his wife, and his ass clown friends were tight with and disciples of Ayn Rand I was WTF? Those novels are great for an 17-year old alternative guy trying to get laid. To base what is essentially the wold’s economy on that bullshit (and thin, I studied philosophy) philosophical school of objectivism, whose epistemology she couldn’t state in 70 pages, is irresponsible. Criminal, really.
So, William, since L. Ron Hubbard is gone I suggest we do something bold. We start an economic school whose core beliefs will be enumerated by David Miscavage and Tom Cruise. With Maverick on the joystick, what could possibly go wrong?
I know Trump's answer is for the wealthy earners to pay less in taxes. That doesn't pencil out to me. A lot of our national debt is held by wealthy people, and Americans pay them back with interest. I'll be interested to see what Robert has come up with for the next 10 weeks. Medical expenses are too high, but we don't want people to not be covered because they will spread disease to the rest of us. The ones that die will sit around and start to smell badly.
Thanks, Gordon. I was taught in school that a national sales tax is regressive. With just a little tweaking I disagree. It becomes a pure consumption tax. I’m a lawyer with a modest income. I drive a Toyota Camry and buy my suits at the Men’s warehouse. Contrast that with a Manhattan lawyer wearing Boss and Zehra and (I don’t know where you park in that city) a $100K Benz. We pay X% sales tax on what we consumed. It seems to make sense—those who consume and make more take advantage of infrastructure and that awesome military to make their money—pay for it proportionately. To keep it from being regressive issue no tax IDs to minors and those not paying taxes because of credits. Works in Texas with no income tax. Oh, what would we do with that whale of a bureaucracy, the IRS?
Most states exempt food from sales tax, human food, cat and dog food are taxed.
I live in Washington State, a blue state (because of the population west of the Cascades, but red as Alabama east of the cascades, and there is no income tax
Gordon, au contaire, Our national debt is held by mutual funds, retirement funds and universities, not the wealthy, because there is not enough return on investment (interest rates)
Congress authorizes spending, the bill goes to the Treasury which then sells it at discount to the Association of Primary Dealers in Government Securities, (google it) there are 25 of them. They purchase the government securities,then sells them to fhe Fed, retirement funds,mutual funds, and overseas investors,like central banks and sovereign funds, like the Saudi's.
The Treasury holds back a small block, for sale to individuals, who can buy them, minimum order $5,000, or it was when I researched it in 1984.
In TX, “essential food items” are not taxed. Soda and chips are. Can’t say on pet food. All things related to infants are tax free. For school age children there are “tax free weekends” for back to school clothes. There are a few other “tax holidays.” Where it always irritated me was I went to work at a family business at age 15. I payed the same sales tax as everyone. In that way it is regressive and minors should be exempt.
Here’s the other included benefit. Merchants are responsible for keeping up with their sales tax and reporting and paying it to the State Comptroller. Eliminate quite a few bureaucrats. Unintended, however, tax accountants and lawyers go, one of the political reasons it’s probably never passed. With a few tweaks, though, I think it is a pure consumption tax. Drive a $32,000 car, pay your X%, a $87,000 truck, pay for it, etc.
I do not kvetch about taxes, I kvetch that those who have it and should pay their fair share, don't pay the fee for the goods and services they use to acquire their wealth and status.
For instance the US Navy is paid for, not by the corporations and billionaires who profit from it, because it protects the sea lanes that provide them their income and wealth, they don't pay for the roads on which the goods that they sell travel, they don't pay for the regulations, investigators and air traffic control which makes the flight of their personal being and air freight save and reliable.
My taxes pay for my safety, and life, and provides for the ability of the generations after me,to pass it on . I have no complaints, I am thankful, very thankful that I can pay taxes, not like the poor folk sleeping in a cardboad tube under an overpass.
Em, this is exactly why I wanted to talk about this stuff. But why hold T-Bills? Interest is shitty, but guaranteed return. My father switched to selling tax free municipal utility district bonds. Most all AAA, better interest rate, tax free—isn’t that better? There’s a good chart (you’ll have to Google it) that shows what percentage of each country’s reserves are T-Bills. Eye-opening. China at around 85%, some European nations above 50%.
And Wm, I’m not smart enough for a huge Fed discussion. I did study fiscal and monetary policy a bit and understand the manipulation for inflation and employment a bit. But I majored in Government not Economics.
I don’t think I’m an alarmist. Clinton’s plan eliminated the deficit in 10 years, however Bush slashed that to pieces within 100 days. What do you think Trump will do to Biden’s plan. And, despite the jury’s verdict, the narcissistic Cheeto will be elected President. I’m unsure about the insurance benefits you mentioned. I counsel people, especially younger folks (40 and less) to load up on term life and term disability insurance that they can renew after 60 and at about 64-65 get LTC insurance if they can afford it. The “safety net” is about enough to allow a family of 5 at about 150-175% of the poverty line. That’s existing not living. Sure, beats nothing. But you went from a $120K earner to $28K right quick.
Spending. But nothing is that simple. Government bailouts of unregulated greedy capitalism, an on going war for two decades (kept us all safe), a global pandemic. I’m not interested in assigning blame. There’s plenty to go around. I’m asking, very seriously, is this sustainable. If so, what other than global confidence that the U.S. will pay its debts is allowing so much debt? Is it like the housing banks–too big to fail? I would just like to hear from an educated economist and seasoned policy maker whether this continue. If not Reich, who do you suggest I read?
No deficit spending, equals a depression. Modern Money Mechanics, google it and download it. Published by the Fed. It explains how money is created, and the role of debt (public, corporate, private) in it's creation.
Cut Spending and you cut the money supply SBF. And you cut demand for goods and services, and cutting the demand for goods and services leads to unemployment, and business closures.
Don’t I know it. I’m an elder law and estate planning attorney. What most people have never figured out is SS is a straight up Ponzi scheme. And now we have 5,000 Americans turning 65 every day. And they left a smaller, not larger, generation of children behind. Typically how every Ponzi scheme is unveiled. Here’s the problem: it used to be seen as a Democratic issue, but people are so used to it, neither party can cut it without serious electoral consequences. No answers, Karl.
Social security has nothing to do with the national debt, it is self funded, and there is a trust fund, but Presidents, especially Republicans have raided the trust fund,. It is so healthy that Jamie Dimon, Pete Peterson and others are aching to get their hands on it, and our insurance payments (FICA),so they can gin the stock market and rack in commissions.
The movie “Unfit” (a must see if you haven’t) goes through a series of him unabashedly admitting he likes to get even. Here’s where I find solace: that audio of Nanci Pelosi scared to death in her office Jan. 6 calling one of the joint chiefs asking if there is a plan. “Yes, ma’am there’s a plan. We will not follow any illegal orders.” So if worst comes to worst one of a group of serious, brilliant, and dedicated warriors (men and women) will end his delusions with a .45 shell to the head. What’s an illegal order? Hell, I’m a lawyer and don’t know. I reckon whatever the Chiefs believe is illegal.
I recently asked my uncle, a prominent CPA and tax attorney the same question. I said, “Large corporations do it all the time to prevent large lawsuits, meritorious or not. Sign an NDA, pay the potential plaintiff a settlement. Over.”
“Yeah,” he says, “But they don’t write it off. It’s not a legitimate business expense.”
“Sure it is,” I said.
Then I get a lecture in allowable business deductions. They broke the law. Moreover, falsified dox. The IRS is more frightening than the DEA and NSA combined. My motto, “Tax avoidance is good planning, but tax evasion is a crime.”
S.--Either you read up on Capone or you see a similarity in Trump. Both have and had no need for our tax system and as a result they found favor in how the law works. Smile Donnie Boy, your next mug shot will be for real, and in jail they won't let you make that stupid face.
Love it. They never got Capone for gangster activity (RICO now, simple tax evasion). That was actually the motto of my tax professor at Western New England University Law School where I got an LLM in estate planning. And my uncle giving me income tax lectures because I
I’m a federal wealth transfer dude. In our biz it’s KYC (Know Your Client). Don’t inadvertently clean there dirty laundry. BTW, my father was a bond salesman and sold bonds on the casino before both defaults. I don’t think Trump has been in the black since the original loan from his old man. I heard 5 years ago that he was into some Russian oligarchs for $750M. Do you think Vlad cares how they collect?
S.--Not in the least. Trump also approach a very wealthy resort owner who has interests in the Caribbean and asked for a loan, when refused Trump reportedly replied, "If I ever get to become President, I'll ruin you."
MAGA will lose support at the fringes, but better, the conviction should influence some "undecided" and "swing" voters and make it easier for us to reach the unregistered who trend Democratic. Register Democratic and sweep the swing states.
That sounds complicated, and they shouldn't let it get too far, like out of control. I don't like debt. So, some foreign investment - China probably has a bunch. America had a little more fat in years past when wealthy, and corporations, paid in at a higher percentage (I remember that AT&T gave a lot). The liberal side of me hates to see the people left out and living on the street. Thanks for the insights.
The biggest and most corrosive myth in the past half century was that perpetrated most prominently by U of Chicago economist and Nobelist Milton Friedman, with his corporate greed is good ethos famously stated in the NY Times Magazine in Sept. 1970 -- a CEO's job is to serve shareholders only -- and the "free" market will take care of the community. In 2020, NYT ran a full section, in which I believe you are quoted, Dr. Reich. Friedman ignored one huge element of his un-social accounting -- runaway corporate lobbying power -- Link: https://tinyurl.com/4c8cef43 : "A Free Market Manifesto That Changed the World, Reconsidered Milton Friedman’s libertarian economics influenced presidents and inspired “greed is good.” So what did Friedman get right — and wrong? Today’s business leaders and economists weigh in." Well worth revisiting.
oskin who was a George H.W. Bush economic advisor,said computer chips or potato chips,they're the same,economically speaking-that thinking was and is part of the problem-meant to ask you-when they awarded Intel billions,did they know how much Intel spends on stock by-backs?
to begin again...great conversation-but Heather should've asked why don't some people get that Biden is on their side?the pro-unionism,the inflation reduction act,infrastructure,chips act-i recall when a Boskin-...on another note,glad we're going to allow Ukraine to strike inside Russia-limited,but something,tho a year too late-the Brits have a new laser weapon-think the Ukrainians could use that?
Hey Brooks. Those laws are called “Son of Sam Laws” and in fact prohibit a criminal from making money off of their crimes. According to Wikipedia, 42 states have some form of such a law. When I was in law school it was only murder. It has been broadened to many BUT NOT ALL FELONIES and is found in our contraband statute. (TXCCP 59.01).
This is a laundry list of what a convicted felon is prohibited from making a profit from: “a movie, book, magazine article, tape recording,
phonographic record, radio or television presentation, telephone service, electronic media format, including an Internet website, or
live entertainment in which the crime was reenacted.”
Without looking at them all, included are violent crimes, drug crimes, sexual assault crimes and the like. The only crime involving financial institutions that a felon cannot profit from is BANK ROBBERY. Of course we don’t have personal income taxes, but even fraud and forgery are not on the list.
So, it would seem to come down to each state’s laws in the subject. As a starting place for analysis I would point you to the laundry list of prohibited acts. That should be about as uniform as possible.
I would also say this. Trump’s conviction is not considered final for many purposes until his state direct appeals are decided. If I were representing him on charges of the Son of Sam Laws my argument would be something like, “The jury’s verdict in President Trump’s is under review by the (3rd) Court of Appeals. We have always maintained that there was insufficient evidence both factually and legally to support the jury’s decision. We are confident we will prevail in the Court of Appeals. President Trump has no final conviction from which to profit until the appellate process is complete. Furthermore, President Trump is simply appealing to his supporters to inform the of an unjust verdict as both he and his legal team view the trial. Also at issue are the several key rulings that were clearly wrong by Judge Smith. Those rulings are also a part of President Trump’s arguments to the appellate courts.” (Unfortunately, I think I would win that argument).
I just dusted off my trusty, USS Enterprise issue phaser. Set on kill. Put me in, Coach. For backup I’ve got my trusty Jedi light saber.
We should unleash the “Rods of God”; no need to go nuclear. (Those are the telephone pole-sized rods of tungsten we have on satellites. No explosives or propellants. Simple kinetic weapons. No treaties broken and they can be put up a gnats ass).
Gotta be, Brooks. Like the biological weapons we don’t allegedly have or research. Going through that sort of development to “appear” to follow the rules is exhausting.
Reminds me of a ball point pen given to me after my brief tenure as a staffer on the Hill. It was stainless steel from NASA. It could write in any environment: zero gravity, upside down, under water, you get the idea. Thing still works 30-years later.
Do you know how the Russians solved the space-writing problem? They used pencils.
Point, I guess, is what are we doing and who are we fooling. But hey, they are not nuclear weapons.
Good Lord, no. They would take my toys away and keep me under observation at Guantanamo whilst water boarding me to find out how I knew about them. If you’re going to go through such trouble to get around an international treaty not to weaponize space, you’ve got to test drive the things, right?
Spending is greater than revenue, yet our Federal Government has done nothing to make ALL citizens pay their fair share. Properly funded oversight organizations like the SEC, the IRS, or the laughable Consumer Financial Protection Bureau would close the myriad loopholes used by corporations to evade taxes. What the Crony Capitalists don't seem to understand (and maybe I'm being naive) is that a solid middle class takes full advantage of goods and services provided by corporations, thereby increasing profits and creating a normal inflation curve. It is a win-win formula that has been perverted by the Corporate CEO's and their political lackeys to amass ever more wealth without benefit to the society, and creating the death spiral of confidence in government that has led to the likes of tRump and M. Johnson.
Unfortunately one of the things I learned from my tax professor while doing my post doc (brilliant man, clerked at the U.S. Tax Court) was both the IRS and Congress know every loophole. Some have been on the books for 50 years. They don’t close them because of (a) politics and (b) smarter lawyers than me will create a new loophole. He said the government simply got tired of fighting brilliant tax lawyers.
Secretary Reich:
I would enjoy a talk about the U.S. debt and the danger it presents to the U.S. and world economy. The standard answer says the world can’t let the U.S. dollar fail and we are able to simply “print” money with impunity. This seems to simplistic an answer. I’ve been looking for a satisfactory answer to this question since I got my BA in government 30 years ago. Any chance you could discuss and explain this topic. Thanks.
BTW you took the time to “like” a comment I posted. As busy as you are it made you seem genuine and I appreciate it.
Most of the deficit is in medical programs.
They are underfunded with the current tax, or the medical providers are overcharging compared to other developed nations.
Fix the issue from both angles.
15 USC Anti Trust plus a modest bump in taxes.
I would love to see some pharmaceutical CEO perp walks. Also look at companies that actually own the medical properties and lease the facilities to the providers.
I know of one example that owns nearly a dozen hospital chain facilities in multiple States. They can set conditions and many are anticompetitive in the lease agreements. Radiology services for instance. They will not allow an independent Radiology service in a satellite property adjoining or near a large hospital facility that they own. Even manipulate the Dr hospital admission rights. You lease an office from them, you can only admit to a facility owned by them.
Some inside baseball from someone I know who used to work there.
There are even credit agency services directed towards medical facility owners to help them determine where to place facilities based upon income, credit, insurance availability of an area.
You put a cheap walk in clinic in a working class area and the plastic surgery boutique near the wealthy as an example.
It is logical in a way but is also another form of redlining.
Edited to remove the name of the Hedge fund that owns the facilities.
They would sue me.
Really, They're Gangsters
Hint hint
Only on those that aren't paying their fair share of taxes Karl. The filthy rich who free load off the middle class that pays taxes. Corporations, millionaires, billionaires owe their wealth to the roads, airways, water, (the commons) that the middle class pays for with their taxes, while they have subterfuges, written into law by legislatures that they have bought, to minimize or zero out their tax liability.
Trump,. for example, paid no taxes at all for the years before he became President and none as President, he did pay $725 in tax year 2015, when he decided to run for President.
But you know all of that Karl,, don't you.
Your sole purpose here is as a shit disturber to owen the libs, are you getting an orgasm with your posts?
My modest bump will only work if we can use 15 USC to drive prices down by 75%.
Medicaid taxes are barely covering a third of expenditures if that much.
When I was growing up medical and pharmaceutical industries were approximately 5% of GDP.
Now they are 20% of GDP and employ a similar percentage of the population.
The job displacement could be immense but limited if it is mainly profits that are cut.
I would want to see them regulated like a public utility.
You probably would need to take more than one college-level Economics class. (Or, read Economics for Dummies, like I have!)
We, and Europe are on a fractional reserve money system, Bryan., in which money is created out of debt, all debt, from credit cards and mortgages, to corporate and federal debt.
No debt means no money. As debts are paid off, then the money created from that debt is wiped off the books (double entry book keeping).
Reduce the national debt, you will reduce personal and corporate debt, and thus reduce the supply of money
Keynes was correct.
The household budget is not the natpinal budget,.
Printed money is the small change of commerce. Treasury prints it then sells it to the Fed at cost of printing. The real money is transferred electronically. I carry a $20 bill, just in case, and haven't had to use it in over a year
This is the stuff I need to learn. Thanks, William. In one of his books, Taibi mentions an 800-page tome that is the Bible on the Fed. Can’t recall title or author. I’ve meant for years to tackle it. I’m not familiar with Keynes but sounds like I need to be. It is the opposite of what people think. 2008, first round of bailouts was Bush but the second round was hung around Obama’s neck like an Albatross. Clinton ran a surplus with the first split house in 30 years. Keep it coming, W
Thanks to William's info just below, I *think* I've found a PDF of the updated book, at the Fed's website, originally published in 1939. I'll be reading it too.
https://www.federalreserve.gov/aboutthefed/files/the-fed-explained.pdf
ps, if you google the book's codes, ISSN: 0199-9729
DOI: 10.17016/0199-9729.11, you can find what looks like "original format/text".
Back in 1984, the Fed (FRBNY) gave away free for the asking a ton of literature including comic books. I ordered all and filled a footlocker, and a box.
Among them is Modern Money Mechanics, which explains how money is created. When I started mentioning it on phorae back in the late 90's and early 2000;s they withdrew it from circulation. The syntax is tough, technical, written for insiders, not the public fortunately someone uploaded it in pdf form to wikimedia https://upload.wikimedia.org/wikipedia/commons/4/4a/Modern_Money_Mechanics.pdf
Thanks so much for the link! I appreciate this and will try to understand it. It sounds useful to also support one of my pet-peeve issues - to argue more effectively against any efforts towards privatizing Social Security.
I noted one of your discussions recently about trying to update the Wiki History on Reagan that they've not allowed your entries, especially about his October Surprise interference. The phrase "October Surprise" doesn't appear on Carters's Wiki either, however, a drop of info appears as Wiki allowed (!!!) a small, recent reference to the issue on their history on Jimmy Carter, "Whistleblowers have alleged, most recently in 2023, that people working on the Reagan campaign's behalf convinced Iran to prolong the crisis to reduce Carter's chance of reelection.[133]"
(citations)...
133. Baker, Peter (March 18, 2023). "A Four-Decade Secret: The Untold Story of Sabotaging Jimmy Carter's Re-election". The New York Times. Archived from the original on March 18, 2023. Retrieved March 19, 2023.
The link there in is,
https://www.nytimes.com/2023/03/18/us/politics/jimmy-carter-october-surprise-iran-hostages.html
It is not that wiki allows or disallows anything. Wikipedia is staff and edit by volunteers.You too can edit or even start an article page. I started 9 articles, but we don't own the articles, we start them but you need to know and follow the policies and guidelines, before editing or starting an article and be prepared to be criticized by other editors, because a lot of the old timers get notified of new articles.
The same with existing articles, there is a function on ones personal page called a watchlist, and you are notified anytime a person edits a page that you are watching, and if they don't like the edit, they can revert if or challenge it via the talk page.
Problem is that there is an informal heirarchy, old timers who have formed bonds, sometimes even personal bonds, or who know how to play the golicy and guideline game. That is what happened when I tried to edit the articles on Nixon and Reagan.
The Trump articles (more than one) are so long that they spun off into sub articles, and of course have Trump advocates who also know how to play the game.
Back in the 1940's, the Fed published a little Green Book. hardbound, which explains the Fed, it is not 800 pages, more like 100 plus, I found it in a Goodwill actually,and my son, a PhD now has it, as I think it is a rare book and thus worth a lot of money.
The Republicans use Keynes as a whipping boy, as does the media, but in practice they are Keynesians in other worlds hypocrites. But we know that, they yammer about morality and family values, and fornicate freely and let families starve, nay force them to starve and sit back like Scrooge with grins on their faces.
The too big to fail is actually the fault of Bill Clinton, when he signed Newt Gingriche's legislation that repealed Glass Steagall.
Glass Steagall forbid commercial banks from engaging in Investment banking and erected a wall, After Glass Steagall, investment banks bought up Commercial banks, and thus we have the bank failures under Bush, whch Obama, on the urging of Rahm Emanuel and Timothy Geithner, as well as Larry Summers,all agents or former employees of Goldman Sachs and Wall Street, bailed out the banks.
Clinton, because he couldn't keep it in his pants and was a satyr (testosterone and power will do that), was an easy mark. Gingrich as leader of the house was on a mission to destroy Clinton, I remember well, and Clinton obliged by letting a cute intern fellate him.
I know for a fact, but can't prove it, as Bill Maher would say, that Monica Lewinsky, a star struck young girl was placed in Clinton's path to compromise him.
Her room mate, Linda Tripp, I am convinced was a plant, and probably encouraged the half wit Monica to seduce Clinton.
From personal experience, a sad chapter of my life is testimony to the effectiveness of sexual seduction.
Just about every great man has been brought down by sex. Be it Edward II, King James I/V, Charles II, Clinton, Trump, Weiner, Weinglass. Falwell, Epstein, Prince Andrew, I don't have the time and substack the bandwith to type all of the names, needless to say put a fair looking lass in front of a man and he is a goner, and if he occupies a position of power and influence, his testosterone is off the charts.
Hi William, I may have found the book you mentioned, see the info I shared with S. Bryan Frazier just above.
I've heard the kensyian theory says governments need debt, I'd like to have that and the "Fed" explained, but I'm fairly sure these videos are already "in the can".
Likely right. It’s just frustrating. This can’t continue ad infinitum. Or can it? That’s what I want to know. Most foreign governments banks majority holding is the U.S. Treasury Bond. Some South American countries have simply converted to the U.S. dollar. Faith? I’m never sure I’ll wake up in the morning. It befuddles.
What if the U.S. simply said to its creditors, “Fuck you, come and get it.” The world economy would collapse. No one could come and get it because of our military, I suspect about 2/3 of the world’s population would starve (we feed 1/3 of Earth’s 8 Billion people), we would suffer to be sure. But we are the only country on the planet that is completely self sufficient. We can rock n’ roll for a year at wartime consumption and watch the world starve and die of ordinary disease. Yeah, we’ll hoard all our drugs that we send to other nations.
Dude, you are no longer entertaining you are delusional. I just wanted some honest discussion on my topic. Go crawl under whatever rock from whence you came and chew on vitriol and envy. We don’t need any other country. Every other country needs us.
All the Trillions will be settled when the Expanded BRICS take charge of the monetary Reserve Currency !
Could you explain? I’m unfamiliar with the things you mentioned.
Just like what happens in Palestine, anyone can do anything ! Fortunately AI is doing before I could start typing my reply to you !
It is very easy !
You have not explained anything, Try again in plain English.
Alright, you and Chat GPT figure out the world economy. One of the things that helps the U.S. is not AI but those 11 aircraft carrier groups (9 nuclear). 11, dude. China and Russia have one each. So, I guess there’s that.
I would concur that in great times of crisis such as war, hyperinflation, housing bubble, etc. a government must have the ability to float debt so a constitutional amendment requiring a balanced budget or disallowing debt is asinine. But at the rate we’re going? That can’t possibly continue—common sense says.
I can and have explained that GG some of it on this very thread.
The explanation over is TL: DR I can give a short hand version,in addition to what I posted.
Here is an example. A couple of decades ago, Japan went through a nasty depression and they did what FDR did, spent money, and created jobs and industries, build the Hoover Dam and the Tennessee Valley Authority.
Japan, though broke, invested in a major way in education with the result that when they came out of the depression, they had a highly educated work force, and became a leader in the world economy and the standard of living rose by leaps and bounds.
This balance the budget and deficit talk is right wing talking points, to scare the voter and secure their votes, so they can bestow more tax cuts and breaks on their donors.
Actually it is the Republicans that built it. When the Republicans are in office the debt goes up, when Democrats are in they balance the budge. Trump's increase in the national debt is historically high.
But you know that don't you, useless shit disturber.
The massive debt, as Professor Reich had pointed out many times, was caused by Republican tax cuts for the super rich, including Trump, both Bushes, and Reagan.
Thank you for that cogent analysis of my comment. OK I’m being sarcastic. Your namesake is spinning in his grave.
Debt (technically deficit) happens when expenses exceed income. If the government spending stays constant or increases, and revenue decreases (ie, tax cuts), the result is increased deficits & therefore debt.
This is basic arithmetic, not even Econ 101. Explain where I am wrong.
OK, please be more specific (as Ken Jennings says on Jeopardy). What programs should Congress cut? If you mention any social programs that benefit the masses, you do not have the right to call yourself Karl Marx.
Once again I will point out the obvious arithmetic that deficit (& therefore debt) is a COMBINATION of spending exceeding revenue. Congress must both cut spending and restore tax rates on the top 1% to before Republican cuts since 1980.
How can someone who calls himself Karl Marx defend huge tax cuts for the super rich?
Blame Trump and the Republicans if that is your complaint. They raise the debt, Dems balance the budget, but that is not really a complaint is it, just a ruse to distract and attack. Karl
The massive debt is caused by too much federal spending, and I will admit that for a reasonable compensation package.
I would agree that it’s basic arithmetic. Spending is greater than revenue. It’s easy to say that it’s liber
Keep it coming as long as you have the energy. I knew a little about the Fed but that is starting to make perfect sense. I guess you have to figure it yourself, as you did, or have a brave mentor (which given your perspective and study time, you should tutor a young economics student. Or teach a little.
I like Matt Taibi, read Taibi blog, Rolling Stone, a couple of his books. He had a chapter entitled Alan Greenspan: The Biggest Asshole on Earth. When I learned Greenspan, his wife, and his ass clown friends were tight with and disciples of Ayn Rand I was WTF? Those novels are great for an 17-year old alternative guy trying to get laid. To base what is essentially the wold’s economy on that bullshit (and thin, I studied philosophy) philosophical school of objectivism, whose epistemology she couldn’t state in 70 pages, is irresponsible. Criminal, really.
So, William, since L. Ron Hubbard is gone I suggest we do something bold. We start an economic school whose core beliefs will be enumerated by David Miscavage and Tom Cruise. With Maverick on the joystick, what could possibly go wrong?
I know Trump's answer is for the wealthy earners to pay less in taxes. That doesn't pencil out to me. A lot of our national debt is held by wealthy people, and Americans pay them back with interest. I'll be interested to see what Robert has come up with for the next 10 weeks. Medical expenses are too high, but we don't want people to not be covered because they will spread disease to the rest of us. The ones that die will sit around and start to smell badly.
Thanks, Gordon. I was taught in school that a national sales tax is regressive. With just a little tweaking I disagree. It becomes a pure consumption tax. I’m a lawyer with a modest income. I drive a Toyota Camry and buy my suits at the Men’s warehouse. Contrast that with a Manhattan lawyer wearing Boss and Zehra and (I don’t know where you park in that city) a $100K Benz. We pay X% sales tax on what we consumed. It seems to make sense—those who consume and make more take advantage of infrastructure and that awesome military to make their money—pay for it proportionately. To keep it from being regressive issue no tax IDs to minors and those not paying taxes because of credits. Works in Texas with no income tax. Oh, what would we do with that whale of a bureaucracy, the IRS?
Most states exempt food from sales tax, human food, cat and dog food are taxed.
I live in Washington State, a blue state (because of the population west of the Cascades, but red as Alabama east of the cascades, and there is no income tax
Gordon, au contaire, Our national debt is held by mutual funds, retirement funds and universities, not the wealthy, because there is not enough return on investment (interest rates)
Congress authorizes spending, the bill goes to the Treasury which then sells it at discount to the Association of Primary Dealers in Government Securities, (google it) there are 25 of them. They purchase the government securities,then sells them to fhe Fed, retirement funds,mutual funds, and overseas investors,like central banks and sovereign funds, like the Saudi's.
The Treasury holds back a small block, for sale to individuals, who can buy them, minimum order $5,000, or it was when I researched it in 1984.
In TX, “essential food items” are not taxed. Soda and chips are. Can’t say on pet food. All things related to infants are tax free. For school age children there are “tax free weekends” for back to school clothes. There are a few other “tax holidays.” Where it always irritated me was I went to work at a family business at age 15. I payed the same sales tax as everyone. In that way it is regressive and minors should be exempt.
Here’s the other included benefit. Merchants are responsible for keeping up with their sales tax and reporting and paying it to the State Comptroller. Eliminate quite a few bureaucrats. Unintended, however, tax accountants and lawyers go, one of the political reasons it’s probably never passed. With a few tweaks, though, I think it is a pure consumption tax. Drive a $32,000 car, pay your X%, a $87,000 truck, pay for it, etc.
I do not kvetch about taxes, I kvetch that those who have it and should pay their fair share, don't pay the fee for the goods and services they use to acquire their wealth and status.
For instance the US Navy is paid for, not by the corporations and billionaires who profit from it, because it protects the sea lanes that provide them their income and wealth, they don't pay for the roads on which the goods that they sell travel, they don't pay for the regulations, investigators and air traffic control which makes the flight of their personal being and air freight save and reliable.
My taxes pay for my safety, and life, and provides for the ability of the generations after me,to pass it on . I have no complaints, I am thankful, very thankful that I can pay taxes, not like the poor folk sleeping in a cardboad tube under an overpass.
Em, this is exactly why I wanted to talk about this stuff. But why hold T-Bills? Interest is shitty, but guaranteed return. My father switched to selling tax free municipal utility district bonds. Most all AAA, better interest rate, tax free—isn’t that better? There’s a good chart (you’ll have to Google it) that shows what percentage of each country’s reserves are T-Bills. Eye-opening. China at around 85%, some European nations above 50%.
And Wm, I’m not smart enough for a huge Fed discussion. I did study fiscal and monetary policy a bit and understand the manipulation for inflation and employment a bit. But I majored in Government not Economics.
I don’t think I’m an alarmist. Clinton’s plan eliminated the deficit in 10 years, however Bush slashed that to pieces within 100 days. What do you think Trump will do to Biden’s plan. And, despite the jury’s verdict, the narcissistic Cheeto will be elected President. I’m unsure about the insurance benefits you mentioned. I counsel people, especially younger folks (40 and less) to load up on term life and term disability insurance that they can renew after 60 and at about 64-65 get LTC insurance if they can afford it. The “safety net” is about enough to allow a family of 5 at about 150-175% of the poverty line. That’s existing not living. Sure, beats nothing. But you went from a $120K earner to $28K right quick.
Great charts and from OMB so probably accurate. Thank you.
Spending. But nothing is that simple. Government bailouts of unregulated greedy capitalism, an on going war for two decades (kept us all safe), a global pandemic. I’m not interested in assigning blame. There’s plenty to go around. I’m asking, very seriously, is this sustainable. If so, what other than global confidence that the U.S. will pay its debts is allowing so much debt? Is it like the housing banks–too big to fail? I would just like to hear from an educated economist and seasoned policy maker whether this continue. If not Reich, who do you suggest I read?
No deficit spending, equals a depression. Modern Money Mechanics, google it and download it. Published by the Fed. It explains how money is created, and the role of debt (public, corporate, private) in it's creation.
Thanks for the info. To what do you attribute the increase in spending as a percentage of GDP?
Can that spending be cut?
Cut Spending and you cut the money supply SBF. And you cut demand for goods and services, and cutting the demand for goods and services leads to unemployment, and business closures.
Social Security has trust funds. Not part of the general revenue. You are an alarmist. Biden's budget cuts the deficit $ 3 trillion over ten years.https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-the-deficit-by-3-trillion-over-10-years/
Don’t I know it. I’m an elder law and estate planning attorney. What most people have never figured out is SS is a straight up Ponzi scheme. And now we have 5,000 Americans turning 65 every day. And they left a smaller, not larger, generation of children behind. Typically how every Ponzi scheme is unveiled. Here’s the problem: it used to be seen as a Democratic issue, but people are so used to it, neither party can cut it without serious electoral consequences. No answers, Karl.
Social security has nothing to do with the national debt, it is self funded, and there is a trust fund, but Presidents, especially Republicans have raided the trust fund,. It is so healthy that Jamie Dimon, Pete Peterson and others are aching to get their hands on it, and our insurance payments (FICA),so they can gin the stock market and rack in commissions.
Really looking forward to this!!
No matter how you slice it Trump broke the law and now he is being held accountable. Don't do the crime if you can't do the time. Miami vice--
Karl--Do you mean, "What law did he break?" Take your pick, he was charged and found guilty of 34 felonies.
The movie “Unfit” (a must see if you haven’t) goes through a series of him unabashedly admitting he likes to get even. Here’s where I find solace: that audio of Nanci Pelosi scared to death in her office Jan. 6 calling one of the joint chiefs asking if there is a plan. “Yes, ma’am there’s a plan. We will not follow any illegal orders.” So if worst comes to worst one of a group of serious, brilliant, and dedicated warriors (men and women) will end his delusions with a .45 shell to the head. What’s an illegal order? Hell, I’m a lawyer and don’t know. I reckon whatever the Chiefs believe is illegal.
S.-- Why a .45, a nice well placed .22 would suffice. However, if that was the case we would be as bad as they are.
As bad as the generals?
S.--In as many words.
I recently asked my uncle, a prominent CPA and tax attorney the same question. I said, “Large corporations do it all the time to prevent large lawsuits, meritorious or not. Sign an NDA, pay the potential plaintiff a settlement. Over.”
“Yeah,” he says, “But they don’t write it off. It’s not a legitimate business expense.”
“Sure it is,” I said.
Then I get a lecture in allowable business deductions. They broke the law. Moreover, falsified dox. The IRS is more frightening than the DEA and NSA combined. My motto, “Tax avoidance is good planning, but tax evasion is a crime.”
S.--Either you read up on Capone or you see a similarity in Trump. Both have and had no need for our tax system and as a result they found favor in how the law works. Smile Donnie Boy, your next mug shot will be for real, and in jail they won't let you make that stupid face.
Love it. They never got Capone for gangster activity (RICO now, simple tax evasion). That was actually the motto of my tax professor at Western New England University Law School where I got an LLM in estate planning. And my uncle giving me income tax lectures because I
I’m a federal wealth transfer dude. In our biz it’s KYC (Know Your Client). Don’t inadvertently clean there dirty laundry. BTW, my father was a bond salesman and sold bonds on the casino before both defaults. I don’t think Trump has been in the black since the original loan from his old man. I heard 5 years ago that he was into some Russian oligarchs for $750M. Do you think Vlad cares how they collect?
S.--Not in the least. Trump also approach a very wealthy resort owner who has interests in the Caribbean and asked for a loan, when refused Trump reportedly replied, "If I ever get to become President, I'll ruin you."
Karl--Can't you read? they are all posted
The bots and trolls are out in force today.
Daniel--It's nice to know, the ticks will have something to look forward to.
TRUMP CONVICTED.
MAGA will lose support at the fringes, but better, the conviction should influence some "undecided" and "swing" voters and make it easier for us to reach the unregistered who trend Democratic. Register Democratic and sweep the swing states.
https://www.fieldteam6.org/all-volunteer-ops
possibly Nikki Haley voters
Wealthy of the world, unite. You have nothing to lose except your… total domination of world’s economy.
(Possibly to be continued)
That sounds complicated, and they shouldn't let it get too far, like out of control. I don't like debt. So, some foreign investment - China probably has a bunch. America had a little more fat in years past when wealthy, and corporations, paid in at a higher percentage (I remember that AT&T gave a lot). The liberal side of me hates to see the people left out and living on the street. Thanks for the insights.
Looking forward to it.
The biggest and most corrosive myth in the past half century was that perpetrated most prominently by U of Chicago economist and Nobelist Milton Friedman, with his corporate greed is good ethos famously stated in the NY Times Magazine in Sept. 1970 -- a CEO's job is to serve shareholders only -- and the "free" market will take care of the community. In 2020, NYT ran a full section, in which I believe you are quoted, Dr. Reich. Friedman ignored one huge element of his un-social accounting -- runaway corporate lobbying power -- Link: https://tinyurl.com/4c8cef43 : "A Free Market Manifesto That Changed the World, Reconsidered Milton Friedman’s libertarian economics influenced presidents and inspired “greed is good.” So what did Friedman get right — and wrong? Today’s business leaders and economists weigh in." Well worth revisiting.
oskin who was a George H.W. Bush economic advisor,said computer chips or potato chips,they're the same,economically speaking-that thinking was and is part of the problem-meant to ask you-when they awarded Intel billions,did they know how much Intel spends on stock by-backs?
to begin again...great conversation-but Heather should've asked why don't some people get that Biden is on their side?the pro-unionism,the inflation reduction act,infrastructure,chips act-i recall when a Boskin-...on another note,glad we're going to allow Ukraine to strike inside Russia-limited,but something,tho a year too late-the Brits have a new laser weapon-think the Ukrainians could use that?
Hey Brooks. Those laws are called “Son of Sam Laws” and in fact prohibit a criminal from making money off of their crimes. According to Wikipedia, 42 states have some form of such a law. When I was in law school it was only murder. It has been broadened to many BUT NOT ALL FELONIES and is found in our contraband statute. (TXCCP 59.01).
This is a laundry list of what a convicted felon is prohibited from making a profit from: “a movie, book, magazine article, tape recording,
phonographic record, radio or television presentation, telephone service, electronic media format, including an Internet website, or
live entertainment in which the crime was reenacted.”
Without looking at them all, included are violent crimes, drug crimes, sexual assault crimes and the like. The only crime involving financial institutions that a felon cannot profit from is BANK ROBBERY. Of course we don’t have personal income taxes, but even fraud and forgery are not on the list.
So, it would seem to come down to each state’s laws in the subject. As a starting place for analysis I would point you to the laundry list of prohibited acts. That should be about as uniform as possible.
I would also say this. Trump’s conviction is not considered final for many purposes until his state direct appeals are decided. If I were representing him on charges of the Son of Sam Laws my argument would be something like, “The jury’s verdict in President Trump’s is under review by the (3rd) Court of Appeals. We have always maintained that there was insufficient evidence both factually and legally to support the jury’s decision. We are confident we will prevail in the Court of Appeals. President Trump has no final conviction from which to profit until the appellate process is complete. Furthermore, President Trump is simply appealing to his supporters to inform the of an unjust verdict as both he and his legal team view the trial. Also at issue are the several key rulings that were clearly wrong by Judge Smith. Those rulings are also a part of President Trump’s arguments to the appellate courts.” (Unfortunately, I think I would win that argument).
Hope that helps.
Now, this comes with a great caveat
thanks-cut off with caveat-pleas enlighten me further
Sorry, man. That dangling clause originally introduced the paragraph, “I will say this.”
I just dusted off my trusty, USS Enterprise issue phaser. Set on kill. Put me in, Coach. For backup I’ve got my trusty Jedi light saber.
We should unleash the “Rods of God”; no need to go nuclear. (Those are the telephone pole-sized rods of tungsten we have on satellites. No explosives or propellants. Simple kinetic weapons. No treaties broken and they can be put up a gnats ass).
Gotta be, Brooks. Like the biological weapons we don’t allegedly have or research. Going through that sort of development to “appear” to follow the rules is exhausting.
Reminds me of a ball point pen given to me after my brief tenure as a staffer on the Hill. It was stainless steel from NASA. It could write in any environment: zero gravity, upside down, under water, you get the idea. Thing still works 30-years later.
Do you know how the Russians solved the space-writing problem? They used pencils.
Point, I guess, is what are we doing and who are we fooling. But hey, they are not nuclear weapons.
And what sort of laser weapon do the Brits have
have you suggested that to anyone politically connected?
Good Lord, no. They would take my toys away and keep me under observation at Guantanamo whilst water boarding me to find out how I knew about them. If you’re going to go through such trouble to get around an international treaty not to weaponize space, you’ve got to test drive the things, right?
Just being a smart ass, sorry dude.
isn't there a law against felons enriching themselves at public expense-would that apply to last night's money raised
i imagine space is already weaponized,we just don't know about it
Yay! Great idea and fabulous project. Can’t wait—with thanks.
Spending is greater than revenue, yet our Federal Government has done nothing to make ALL citizens pay their fair share. Properly funded oversight organizations like the SEC, the IRS, or the laughable Consumer Financial Protection Bureau would close the myriad loopholes used by corporations to evade taxes. What the Crony Capitalists don't seem to understand (and maybe I'm being naive) is that a solid middle class takes full advantage of goods and services provided by corporations, thereby increasing profits and creating a normal inflation curve. It is a win-win formula that has been perverted by the Corporate CEO's and their political lackeys to amass ever more wealth without benefit to the society, and creating the death spiral of confidence in government that has led to the likes of tRump and M. Johnson.
Unfortunately one of the things I learned from my tax professor while doing my post doc (brilliant man, clerked at the U.S. Tax Court) was both the IRS and Congress know every loophole. Some have been on the books for 50 years. They don’t close them because of (a) politics and (b) smarter lawyers than me will create a new loophole. He said the government simply got tired of fighting brilliant tax lawyers.
And also because those organizations have been starved of resources, so they can’t afford to fight the worst of the worst.
Texas? Cool for a Democrat? Cool state. Mucho conservative.
Cool!
Unfortunately, I live in Texas and can be of no assistance. Two words: Greg Abbot.
I look forward to it!