"What if I told you that everything we have been taught about US economics is wrong? Before your eyes start to glaze over in anticipation of boring economic jargon, let me acquaint you with 5 simple facts that might just wake you up.
1. Not a single dollar of those federal income taxes you pay to the government every year go to finance anything. As soon as your taxes are received by the government they are in effect destroyed.
2. The US government can never “go broke” because they are the sole issuer of US dollars and can authorize more money when needed. I can see you shaking your head, thinking “this woman must have a screw loose.
Money doesn’t just grow on trees. Just printing more money will cause runaway inflation!” But you would be wrong, and I will explain why.
3. Because of the above, Congress can choose to fund whatever it wants, including universal health care, tuition-free education, 100% clean renewable energy, universal basic income, etc.
4. We are not “in debt” to any other country. Those countries simply have what can be considered savings accounts in US dollars that earn risk-free interest. The US government can pay that interest at any time because, as mentioned, it cannot go broke.
5. “Balancing the budget” would be disastrous, making us go the way of Greece. Paying back the so-called “debt” we actually owe to nobody would take money out of the economy so it cannot be used, causing economic collapse. What we need is a Federal Job Guarantee."
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