The
U.S. public debt is about 20 trillion dollars and the budget
perennially runs a deficit. Because the Federal Reserve can issue
zero cost loans to the most rich banks and they in turn can create five e-dollars in loans to friends that can be written off as losses (and
one of the dollars can be given back to the Federal Reserve) the rich
are fundamentally being given free money by the hundreds of billions
or trillions (it is difficult to say how much that was and is) and
they also want vast tax cuts. Deficit hawks used to worry about the
debt, when real economic accountability was considered necessary
before the supply siders of the Reagan administration appeared on the
scene. Plainly that day has been lost through successive
administrations.
Since
a very spacey sort of Federal economic management has become firmly
entrenched in addition to bloated and ineffective defense spending
(while lunar development is shorted and millions of Americans are
actually poor and much could be fixed with a guaranteed minimum
income such as reductions in mass incarceration) I suggest that
Federal Government theorists at least use a new sort of dead
reckoning economic navigation through the severed from traditional
economic value bases era. It would be economic relativism comparable
to Einstein's general relativity surpassing Newton’s mechanics.
Not
that it is overly clever. It just means that instead of
disinformation and disregard for all sorts of CBO examination of
ineffective, unrealistic budget proposals, budget designers use fell
swoop relativism and do what seems reasonable proportionately.
Keep
the poor out of desperation and legal trouble with life-long drug and
prison problems much less courts and lawyers, policemen and probation
officers with a guaranteed minimum income via a 6000 dollar earned
income credit. Then charge those earning more than $400,000 a year a
75% tax, those earning $100,000 to $400,000 a 30% rate, those earning
from $25,000 to $100,000 a 20% flat tax (no deductions for any income
level) and zero tax on those earning fewer than $25,000 annually.
Keep
the inheritance tax. Don’t allow state tax deductions from federal
taxes and set corporate taxes to 25%.
It
just relativism. Don’t worry about the bottom line and confusing
arguments back and forth that don’t coincide with future economic
history much if at all.
